Orlando’s Housing Market on the Rise
When it comes to the health of a community’s economy, the local housing market is something to watch. When we see more homes being built or renovated, it is great news as these types of projects bring in new jobs with new income, which everyone can benefit from. In reviewing several recently released reports and articles about Orlando’s housing market, I am happy to say that we are seeing a strong rise in a variety of areas. 2016 is shaping up to be a great year for housing.
One key plus for homeowners, sellers and buyers alike, is the increase in renovation projects being done in the Orlando metro area. According to a report released by Buildfax.com, an organization whose research provides vital information on property markets across the nation shows that Orlando is at the top when it comes to remodeling. Our area was ranked number two in remodeling projects for the entire country. 12% of our homes had some type of renovation done in 2015, with electrical, mechanical, plumbing and roofing being the most common projects completed. All this work brings in new and continued work for contractors and builders, as well as retail suppliers. These projects also mean higher property values all around. If you live next to a remodeled or updated property, this can raise the value on your own home as well. For buyers, you have a greater chance at finding a home with updated features you want, such as energy-efficiency upgrades, a new roof or additional space.
The Orlando Business Journal has reported on some key increases in the housing market for January, showing 2016 is off to a great start. In a recent article citing Core Logic’s latest Home Pricing Index report, the Orlando-Kissimmee metro area saw an increase of 7.8% in home prices compared to the year prior. There was a 1.3% increase in sales comparing January 2016 with December 2015. Another article on housing market data pulled from Florida Realtors showed an increase of 4.3% in homes sold in January compared to the year prior. The median price also increased by 14.4%.
Another big area for growth that has been reported on recently is with new construction. According to an Orlando Business Journal article, a recent report released by Dodge Data & Analytics has shown a 79% increase in money towards new commercial construction within Lake, Orange, Osceola and Seminole counties between December 2015 and January 2016. New residential construction increased by 39% with new single and multifamily homes totaling $343.1 million in January, compared to $247.05 the year prior. New construction is a vital mainstay of our economy and seeing this significant type of growth reflects the strength of our region and the desirability of people wanting to live here.
These articles and reports show how our region’s housing market is growing. I am here to help with all of your real estate needs. If you’re looking for a warm and engaging professional to help you with the purchase or sale of your home, contact me today at 407-234-5313 or by email: Jeff@JeffRoyle.com.