Latest market data proves Florida real estate is still red hot

Two more newly-published market reports show that the Florida and Orlando real estate markets are still red hot.

Prices of single-family homes in Florida rose 11.8% year-over-year in the first Quarter of 2016, according to the latest data from Florida Realtors.

At the same time, data specialist CoreLogic shows home prices, including distressed sales, in the Orlando-Kissimmee-Sanford area rose 8.5% in the year to March 2016.

Garrett Kenny, Chief Executive Officer of experienced Central Florida agent and developer, Feltrim Group, says although the exact figures might differ between market reports, it is undeniable that real estate prices in Florida and Orlando are increasing fast.

“Strong property price rises in the Central Florida show that demand is exceeding supply and with record tourism figures just announced and rising numbers of people moving and retiring into Florida, that trend is unlikely to diminish any time soon.

“It’s one reason why investors, particularly from China, Brazil, the UK, are looking to invest in our newest luxury lakeside development, Balmoral At Waters Edge.”

The luxury lakeside development, south of WaltDisneyWorld, which is ideal for vacation homes and rental property investors, includes a luxury clubhouse, waterpark, lakeside beach, gym and spa, gourmet kitchen, restaurant and more.

Balmoral at Waters Edge features high-end Tuscan-style custom homes set within a 113-acre private gated community with three to eight bedrooms.

According to Florida Realtors, the market across the state in the first three months of 2016 saw higher prices and volumes and sales took fewer days.

Matey H. Veissi, the 2016 Florida Realtors President, says, “In the first three months of 2016, traditional housing sales rose in Florida while distressed property sales continued to decline – which underscores stability in the state’s housing sector.

“Another positive sign: New listings for single-family homes over the three-month-period rose 4.5 per cent year-over-year, while new condo-townhouse listings rose 6.6 per cent.”

The median price for Florida condo-townhouse properties increased 5.5% in the last year.

Florida Realtors Chief Economist Dr Brad O’Connor, says, “This quarter marked the fourth consecutive quarter that the median sale price for single-family homes in Florida experienced an annual growth percentage in the double-digits, but I’d caution that the growth rate in the overall median sale price does not directly equate to the growth rate in the value of all homes. In truth, much of the increase in the median price statistic has been a result of the increasing scarcity of distressed homes and other properties that sell in the most affordable price ranges."

From January-March 2016 the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 53 days for single-family homes and 54 days for condo-townhouse properties.

Inventory was at 4.5-months’ supply for single-family homes and at a 6.3-months’ supply for condo-townhouses.

Feltrim Group began almost 20 years ago with CEO Garrett Kenny's vision of operating a world class, internationally connected real estate firm.

The group is headquartered in the heart of Florida in the city of Davenport and now brings together construction, real estate, management and immigration services for international and local buyers as well as investors.

Feltrim Group constantly strives to embrace new technologies, social media and traditional and non-traditional advertising platforms. Feltrim has evolved with the times and now has a multinational approach to Florida real estate and US-wide immigration services.

For more details, see www.feltrimgroup.com

116 Polo Park East Blvd.
Davenport Florida, USA

Garrett Kenny, CEO

This release was published on openPR.