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The bookmarks below will take you to Real Estate related news articles, that are recent and pertinent to the metro-Orlando area:
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Orlando Metro
Home Value Levels -- a 10 year History <<<
Orlando Metro
Home Value Levels -- a 10 year History The following are changes in the Orlando MSA "median price"; half of homes selling above, and half selling below price noted. The Orlando MSA includes Orange, Seminole, Osceola and Lake counties: Month/Year Median Price % Increase or Decrease Available Inventory Nov 2001 125,846 -- -- Nov 2002 138,663 11% increase from Nov 2001 7,880 homes Nov 2003 153,567 11% increase from Nov 2002 6,712 homes Nov 2004 182,300 19% increase from Nov 2003 3,681 homes Nov 2005 249,900 37% increase from Nov 2004 9,685 homes (highest level since late 1990s) Nov 2006 250,000 00% decrease from Nov 2005 21,324 homes (new record -- 1yr supply of homes) Nov 2007 234,900 04% decrease from Nov 2006 26,172 homes (new record -- 2yr supply of homes) Nov 2008 166,000 29% decrease from Nov 2007 24,408 homes (total inventory down 7% from peak of Nov 2007) Nov 2009 123,000 26% decrease from Nov 2008 16,002 homes (total inventory down 34% from Nov 2008) Nov 2010 105,000 15% decrease from Nov 2009 15,192 homes (total inventory down 5% from Nov 2009) Nov 2011 115,000 10% increase from Nov 2010 10,136 homes (total inventory down 33% from Nov 2010) The real estate market is generally "slow" to respond to imbalances in the law of supply and demand. There was enormous demand for housing by speculators from 2004 to 2006, causing drastic shortages in available properties, forcing prices sharply upward. When speculators left the market from 2006 to 2007, prices softened a bit. After this time, many buyers who purchased homes via "hybrid loans" with variable interest rates were forced into selling their homes when their loan rates reset to unaffordable levels. In 2008-2009 prices were in free fall due to the huge inventory of available homes, and downward pressure caused by the vast foreclosure and short sale markets. This was amplified by the high un-employment rate in metro-Orlando, varying from 8% to 12%. Some experts believe that metro-Orlando property values will increase again, when the vast foreclosure market lessens, employment rates improve, and when the economy improves in general. The timeframe for this improvement may be several years off however. The fact that the inventory in Orlando is DOWN 33% over last year, and median price is UP 10% bodes well for a continued recovery of home values in 2012.
Article written by Frank Plesko, Watson Realty
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