Monday, January 8, 2007

WOW - 2007 - con't

This started as just a comment, but has obviously ended up as much more. Just give me an inch...

Anyway, thanks for all the comments. In regard to the appreciation that Jennifer commented in from the last post, I agree with her. The reason for my stating a higher rate is because this has been typically true in the Greater Orlando market.

Orlando is a destination city & has continually bucked the national trend. Generally, while the nation has normally seen a 6-8% appreciation level, we in Orlando have encountered a typically 10-13% rate.

To make this a little clearer, Orlando was definitely behind in regard to the national median housing price. For many reasons in the past several years this has quickly been adjusted. Unfortunately, we are still mostly a service-oriented area. I won't get on my soapbox here about this rise continually locking more and more people out of purchasing homes.

The powers that be are definitely making efforts to try to change our being a more service-oriented industry market. They are doing so by alluring some high-tech companies to the area and obviously this includes much higher wages.

Another reason for our quick gain, is that many people move to this area from more expensive areas & have been willing to pay more for real estate.

In regard to the median housing price, the Greater Orlando area's median is $250K. Even though this figure see-sawed through 2006, it is still higher than 2005. Maybe not by much, but still more. Many markets cannot say this, unfortunately.

According to FAR (Florida Association of Realtors), "In Sarasota-Bradenton, for example, the median price went to $277,900 from $340,700 during the year-over-year period ended in October." WOW!

Until next time - Marc It Sold!

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