It’s Neighborhood Update Time!!!-Downtown Orlando

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Recently, my friends were sharing Facebook posts boasting that 32801 was the most searched zip code in country (according to one of the big national real estate websites).  I personally think that’s super cool but I do question the validity of the data.  If we were to suppose that those figures were correct, let’s think of why this might be case…
Orlando is a mecca for growth and industry right now.  Forget the fact that Micky, Harry Potter, and Shamu call it home and provide jobs and entertainment a go go, but we also have a HUGE university, a growing medical presence AND a technology field to rival silicone valley.
Why would someone chose to search for homes in 32801 you ask?  Convenience is likely the number 1 answer, followed closely by charm and diversity of housing options.
32801 encompasses the Downtown Orlando area.  Walkability is at it’s peak with restuarants, bars, shopping and employment within blocks of most neighborhoods.  Orlando grew up around Lake Eola in the 30’s, 40’s and 50’s and many of these older homes have beautiful, quality finishes that you don’t find in newer homes.  A second housing boom in the early 2000’s lead to all of the condo development for those who don’t need the stress of a yard but like the energy and convenience of downtown living.  Houses can get expensive and many are small, but they can still be more affordable than some of the larger condo options which can offer incredible views.  There are also several townhome options that are bit of an in-between and are great for couples or even small families.
Here is a breakdown of sales trends of single family homes as of today (4/16/2015), per MLS statistical data.
sfr
As you can see, the numbers are little all over the place.  This happens sometimes and can often be seasonally influenced.  It is interesting to note that the median sale and list prices jumped in the most recent 90 days, however the list/sales price ratio plummeted.  A year ago, it would seem there was a shortage of inventory (30 active listings and 32 actual sales) and at this time, the list/sales price ratio was 103% because people were forced to place aggressive offers ABOVE asking price. The current 90 days reflects a crazy jump in sales and list prices, but an oversupply of available listings for the number of purchases (39 listings but only 11 sales).  This indicates a much softened market with the estimated marketing time shifting from 5.63 months to sell a house to 10.64 months.  That’s almost year, folks and indicates that the jump in asking and sales prices, is likely not market supported.  Pair this with the dramatic dip in list/sales price ratio from 103% (meaning houses sold 3% above asking price) to 92% (indicating that you can expect to receive an offer of 8% less than asking price), it can be reasonably surmised that area realtors got a little ahead of themselves back in February.

Condo figures tell a different story

condo

 In this instance, both median sales prices and listing prices have declined, but the difference is marginal compared to the figures noted in the chart for Single Family Homes (19% decrease vs a 34% increase).  All other figures are indicating a cooling off too, but again, the differences are not as extreme with the number of sales per quarter remaining consistent, and list/sales price ratios varying by only 3 points as opposed to 9 points.
I’d say the overall message to take away from this is that extreme swings in trends tend to result in a quick correction and back swing.  And keep in mind, that everything can change on a dime depending upon educationally or employment related events and based on seasonal patterns as well.  I would hazard to guess that as houses become overpriced, the condo market will begin to more activity and begin to creep back up again.
If you would like to see another area or neighborhood featured, please shoot us a message and tell us where you want to buy or sell a property in the greater Orlando area.

About The Author

Megan Johnson Judd

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Adam Judd

(407) 282-1600 *1

Broker/Owner
Cert Res RD 4142

Megan Judd

(407) 282-1600 *2

President
Cert Res RD 3035