Orlando Real Estate

Real Estate is Hyper-Local

February 9th, 2011 4:13 PM by David W. Welch

I have said many times that there is no national real estate market - especially when the pundits come out with their negative predictions. I am the Real Estate Optimist afterall. The "national" market is really just a sum of all the local markets, and they do affect each other. I had a few minutes today to catch my breath, and thought I would see what the final numbers were for my own neighborhood Baldwin Park. I had noticed some time ago that we were on track to sell about the same number of homes in 2010 as we did in 2009, and I was curious to see if we kept that pace up at the end of the year. Well, as a matter of fact we had 190 sales in 2009 and 190 sales in 2010. I took a look at prices and found that the median sales price had gone down by 4.6% while the average price had gone up by 4.5%.

Orlando overall had better than a 20% increase in the number of sales between 2009 and 2010. Median sales prices however dropped another 11.7% between January of 2010 and January 2011. The difference between my neighborhood and Orlando overall really made me stop to think a little more about just how local real estate really is. In Orlando, the area just west of downtown Orlando has typically boasted some of the highest crime rates in the area. The area just east of downtown Orlando features two bedroom bungalows for $400,000. There is little more than four or five blocks separating these two areas. Real estate is hyper-local, so make sure you have a professional Realtor, who knows the area, working for you when you buy or sell.

David Welch Real Estate Optimist, Orlando Real Estate

Posted in:General
Posted by David W. Welch on February 9th, 2011 4:13 PM

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