According to data from Florida Realtors, average Orlando area property prices have risen almost twice as fast as other Florida real estate, for the second year in a row. Metro Orlando’s average annual median price rose 9% year-on-year in 2014, to $180,000, compared to values in other Florida metro areas, which grew 5.3% to $178,000.
Florida Realtors’ chief economist, John Tuccillo, says, “We are seeing the steady and sustainable growth that has characterised the market the entire year continuing as the year ends. Of particular note is the inventory levels in the balanced market range: we’re keeping a close eye on the lack of inventory in the lower price ranges, but by and large, the market is in very good shape.”
Local property developer and owner of a Central Florida Century 21 franchise, Garrett Kenny, says: “Considering the fact that in some cases we’re not even at 50% of boom prices, the property market still has a long way to go, we believe. Orlando now attracts more than 60million tourists. That’s up significantly on recent years and it has now overtaken New York as the most visited metropolitan area in the United States. Central Florida is fast becoming the engine of the Florida economy and a strong real estate market also promotes growth in other industries.”