Sales slump in Florida: prices continue to rise in Orlando
We know that the real estate market is always unpredictable and often independent of other economic and social phenomena. But this time it is not so, for a very famous city in Florida, defined as the world capital of lightning and cinema: Orlando.
The famous cradle of Universal Studios, is still the protagonist of a phenomenon, unfortunately, not so rosy as one would expect instead from a city so rich in opportunities and cinematographic tradition. In fact, what perplexes the future and potential investors of the real estate sector, is given precisely by the excessive increase in prices parallel to that of the "owned" stocks.
But why is a reality so unique and above all particularly rich in attractiveness experiencing such a dark period?
It is not easy to give a clear and concrete answer, but it is possible to analyze this phenomenon in detail in order to at least be able to give a complete picture of this situation apparently "without form".
According to the Orlando Realtor Association, the real estate market of this city has marked a real surge at historic highs of around 3% on an annual basis last month. This has obviously discouraged investors who have preferred to opt for more advantageous solutions, albeit less touristy.
Sales have fallen by a fraction compared to the month of January and more and more are the lease contacts that are being subscribed (even if in a lower number than in previous years).
It is hoped that in the months of March and April there may be an improvement, given that they mark the beginning of the most fruitful season under all aspects of the economy of this nation.
The average total price of homes sold in February is $ 235,000, about 3% more than last year and even 5% compared to 2017.
And if we talk about accessibility index? Obviously it has shrunk drastically, considering that the target audience becomes increasingly limited to those who enjoy considerable economic stability.
It is taken for granted that in all this, the speed of sales of a property in the Orlando real estate market has also slowed; it has gone from 3 months to 5 months.
What is worrying is also the interest rate that seems to adapt to this general rise and which, perhaps, has a greater impact on the choice of investors than the price of the property itself. (6.98% more than in February).
Now let's see in detail the numbers of the sales present in the individual counties:
- Lake: 16% less sales (compared to 2018)
- Orange: - 6.7%
- Osceola: -21%
- Seminole: -3%
What can we say, we hope that this situation will stabilize and that Orlando will once again be a real star, not only for the film world but also for the real estate market.
The famous cradle of Universal Studios, is still the protagonist of a phenomenon, unfortunately, not so rosy as one would expect instead from a city so rich in opportunities and cinematographic tradition. In fact, what perplexes the future and potential investors of the real estate sector, is given precisely by the excessive increase in prices parallel to that of the "owned" stocks.
But why is a reality so unique and above all particularly rich in attractiveness experiencing such a dark period?
It is not easy to give a clear and concrete answer, but it is possible to analyze this phenomenon in detail in order to at least be able to give a complete picture of this situation apparently "without form".
According to the Orlando Realtor Association, the real estate market of this city has marked a real surge at historic highs of around 3% on an annual basis last month. This has obviously discouraged investors who have preferred to opt for more advantageous solutions, albeit less touristy.
Sales have fallen by a fraction compared to the month of January and more and more are the lease contacts that are being subscribed (even if in a lower number than in previous years).
It is hoped that in the months of March and April there may be an improvement, given that they mark the beginning of the most fruitful season under all aspects of the economy of this nation.
The average total price of homes sold in February is $ 235,000, about 3% more than last year and even 5% compared to 2017.
And if we talk about accessibility index? Obviously it has shrunk drastically, considering that the target audience becomes increasingly limited to those who enjoy considerable economic stability.
It is taken for granted that in all this, the speed of sales of a property in the Orlando real estate market has also slowed; it has gone from 3 months to 5 months.
What is worrying is also the interest rate that seems to adapt to this general rise and which, perhaps, has a greater impact on the choice of investors than the price of the property itself. (6.98% more than in February).
Now let's see in detail the numbers of the sales present in the individual counties:
- Lake: 16% less sales (compared to 2018)
- Orange: - 6.7%
- Osceola: -21%
- Seminole: -3%
What can we say, we hope that this situation will stabilize and that Orlando will once again be a real star, not only for the film world but also for the real estate market.
