Orlando Real Estate

Luxury Orlando Real Estate On the Rise

July 15th, 2010 12:02 PM by David W. Welch

I was looking at homes in the $1 million to $1.8 million price range for customers of mine. There were half a dozen homes that appeared to meet their criteria, so I called to ask a few more questions about them. Three of the six had just accepted contracts, and this made me start thinking that the Orlando luxury real estate market is starting to improve. Recently, a listing of mine in Baldwin Park priced at $699,900 had multiple offers on it in one day back on the market. I have also spoken with other agents that typically sell more expensive properties that are seeing more activity. I went back to 2006 which is when our prices peaked even after activity had begun to wane. Below is the resultof what I found.

Six Months Ended

Number of Sales over $1mm

Median Sales Price

June 30, 2010

119

$1,300,000

Dec 31, 2009

102

$1,300,000

June 30, 2009

75

$1,315,000

Dec 31, 2008

110

$1,367,500

June 30, 2008

172

$1,231,000

Dec 31, 2007

191

$1,300,000

June 30, 2007

242

$1,385,000

Dec 31, 2006

225

$1,300,000

June 30, 2006

247

$1,325,000

The sales of luxury homes appear to lag the overall market by about six months in terms of activity, but seem to be somewhat more insulated from price fluctuations. The Orlando real estate market suffered its biggest slow down in sales activity through the end of 2008, while the luxury segment saw its biggest dip through the first half of 2009. What is really interesting to me is the support for a median sales price of $1.3 million through the entire cycle.

David Welch Real Estate Optimist, Orlando Real Estate 

Posted in:General
Posted by David W. Welch on July 15th, 2010 12:02 PM

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