Orlando near top for home-price gains in Florida
Homes prices grew more throughout Central Florida than prices statewide during 2013, according to a new report released by Florida Realtors.
In the Orlando Metropolitan area, which includes Orange, Seminole, Osceola and Lake counties, the median home price rose 20 percent to a median price of $165,000 – exceeding the 15.9 percent statewide increase and edging the region closer to the statewide median home sales price of $168,000, according to a report released Tuesday by Florida Realtors.
Nearby Orlando, home sales prices in both Volusia and Polk counties outpaced statewide gains for the year. In Volusia, the median price rose 17.2 percent to $124,250. And in Polk County, sales prices rose 16.2 percent to a midpoint of $122,000.
Throughout Orlando and its surrounding areas, only Brevard County showed nominal growth. Prices in the area, which has been hard hit with NASA closings, increased only 6.8 percent and reach a median of $125,000 for the year.
Of about 20 metropolitan areas throughout the state, only Punta Gorda and Destin/Fort Walton Beach showed greater gains in sales prices than Orlando. Price in both of those coastal areas grew about 21 percent during 2013.
The pace of sales was actually slower in Metropolitan Orlando than throughout the state. The four-county area had 27,381 sales of single-family homes last year, a 6.4 percent increase from a year earlier. Statewide, the number of sales increased at double that pace.
Metropolitan Orlando’s condominium and townhome sales prices showed even greater gains than the area’s home prices. The prices for multi-family homes in the metro area rose 25 percent during the year to reach a median of $95,000. Statewide, condo prices increased 20 percent to a midpoint of $128,000 last year.
About five years ago, Orlando condo prices were the lowest in the state. By the end of 2013, about a half dozen other metro areas in the state had condominium prices equal to or lesser than Orlando’s.