Orlando, Florida, is not only home to Disney World but also a booming property market with property sales up 25% in the past year.
Sellers are finding that their homes are on the market for less time too.
The average time for a property to be on sale has dropped from 106 days last year to just 79 days this year.
That’s an incredible drop of 25.5% and it’s a figure which hasn’t been seen since the property boom of 2005-06.
A spokesman for the Orlando Regional Realtor Association explained that property prices are rising – and that buyers are buying more of them.
The spokesman added: “We have seen a steady improvement in the number of sales and the median price through this year.
Home prices going up
“Home sales in Orlando jumped by 14% in October, boosted by a near 30% increase in the number of normal sales transactions.”
The news means that Orlando’s median property price has now been posting positive gains for an incredible 16 straight months.
The median price transaction rose 9.24% to £76,650 ($122,900) – up from ££70,150 ($112,500) the year.
The association’s spokesman added: “We believe that Orlando’s property market should continue to recover over the coming years.”
The association says the only potential handicap to their property boom is if there are no ‘further limitations on the availability of mortgage credit’.
Property across the board saw an increase in sale prices – the median price of normal sales increased by 4.61% in October though the number of family homes being offered for sale dropped by a quarter.
Sales up 14%
The association also reports that the median price of foreclosures in the Orlando area increased by nearly 8.5%.. The actual number of foreclosures also increased by 9%.
The figures are underlined with the news that in October there were 2,434 homes sales – an increase of 14% on the same month last year.
The spokesman added: “Another record was set when the realtor registered the lowest interest rate being paid by homebuyers since we began tracking the statistic in 1989.
“The average rate in October was 3.49%, compared to 4.21% for the previous October.”
The drop in interest rates means there are increasing numbers of first time buyers who can now afford a home in the Orlando area.
According to the association, first-time home buyer affordability increased to 183.78% from the previous month’s figure of 178.67%.