Welcome back to our regular neighborhood update post where we give you an insiders look into the market trends in YOUR neighborhood.
Last entry, we checked in on Audubon Park and, as promised, this week we will dive into another of our favorite Downtown Orlando neighborhoods, Delaney Park.
We currently have a lovely townhome style condominium that is pending contract, is due to close at the end of this month, and is smack dab in the heart of this amazing old Orlando neighborhood. Delaney Park is built around the beautiful and lush park that shares it’s name and acts as the host to Delaney Park Little League, has a large fenced and gated playground, and acres of rolling lawn that are perfect for picnics and Frisbee alike. The homes in the area reflect a broad range of styles with larger, stately homes fronting yet more parks and Lake Cherokee and Lake Davis. There are Spanish, Mediterranean, Modern, and Bungalow homes, most having been beautifully updated since their construction between the 1920’s to the 1950’s. The area is only a 5 minute commute to Orlando Regional Healthcare System which is comprised of ORMC, Arnold Palmer Hospital for Children, and Winnie Palmer Hospital for Women and Babies. The Downtown Orlando business district is within 1 mile. Dining and shopping abound and the mature tree canopy and brick streets offer the perfect setting for both single professionals and families to unwind after a long, tiring day of working indoors. The charm and the convenience of this neighborhood cannot be beat.
Here are the most current statistics for Delaney Park:
There were a total of 248 sales in the past 12 months with the median sales prices steadily increasing. The prior 7-12 months reflect a median sales price of $250,000, the prior 4-6 months reflects improvement with a median sales price of $265,000, and the most current 90 days reflects a continued increase with a median sales price of $277,000. Median list prices have dramatically increased over the year, however so too has the inventory and median comparable sales days on market. The current list/sales price ratio is 98%.
What does all of this mean?
Compared to other older, established Orlando neighborhoods, this is a very busy market. As market conditions appear to improve, it would appear that sellers are coming out from under the dark cloud of the real estate recession. We analyzed the market data for single family and multi family units alike and found a wealth of data. While median list prices are significantly higher than median sales prices, approximately 26% higher, buyers don’t seem to mind. The higher asking prices and increased inventory is likely at the root of the increasing days on market. If you are a seller in a rush (have 90 days or less), you may want to price your property more in line with the most recent sales prices in an attempt to garner a contract earlier and avoid appraisal issues. If you have time, MFR MLXchange indicates 4.6 months of housing supply, go ahead and settle your list price somewhere among the competition, being sure to consider how the appeal of your home fits in with those that are actively listed along side your property. A list/sales price ratio of 98% likely means that sales are negotiated without the threat of bidding wars, and contract prices may or may not include concessions paid by the seller.
This is a great neighborhood to visit on a Spring afternoon or weekend, being careful only of the occasional fly ball. Friday afternoons are often celebrated by neighborhood families with snacks and sips in the park and a regular visit from the Ice Cream Man.
If you’d like to see the market trends for another Central Florida neighborhood, click below or send me a message to let me know where in the world you live, work, and play. We’ll add it! Next time on Neighborhood Update: SoDo.
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