Orlando property prices increased in 2010

Thursday, February 17, 2011

Orlando property prices increased in 2010

The average sales price of a home in Orlando, Florida, rose by four per cent during the course of 2010, according to data published by the Orlando Realtors Association (ORA).

ORA figures show that the average price of residential property in Orlando in December 2010 was $146,582 (£90,831), up from $140,422 (£87,029) in January 2010.

Colin Murphy, director of Florida property firm Torcana, believes that the improvement in property price could be a sign that the Orlando property market is finally on the road to recovery, following a turbulent four years, in which prices have tumbled by up to 70 per cent.

Murphy said: "The average sales figures for 2008, 2009 and 2010 clearly show prices decreasing very fast in 2008 and 2009 but holding extremely steady in 2010, apart from a jump in April to June period, when people rushed to take advantage of an expiring tax credit."

The Orlando property market improvement has been supported by a significant reduction in housing stock, according to Murphy.

He reports that Orlando inventory levels are at their lowest level in almost five years. They peaked at 26,330 homes in September 2007 and did not fall below 20,000 until May 2009.

He added: "Throughout 2010 they [housing supply] held steady at between 15,000 and 16,000 which has not happened since early 2006.”

To read our guide on buying in Florida, click here.

Author

A Place In The Sun