Solaire at the Plaza Real Estate Market Update
Another Record Year for Downtown Orlando Condos!
Do you own a condominium in Downtown Orlando? Odds are, your property has appreciated in value over the last year. Median sale prices have risen from $258,000 to $305,000, an 18.2% increase from 2021 to 2022. The same goes for the sold price per square foot, increasing 20.7% to $315. The main catalyst for the increase is two-fold: The lack of inventory and the number of households relocating to the area.
The active number of listings was down 42% when compared to the 2021 inventory levels. Back in 2021, you could expect around 70 units for sale per month. In 2022, that number dropped to 41. As we’ve mentioned in previous reports, there are no new condominium buildings on the horizon. Potential buyers have a limited number of buildings to choose from, causing prices to rise as long as there’s sustained demand.
In 2022, Florida’s population grew to over 22 million residents, the first time since 1957 the state has led the USA in growth, according to new Census Bureau data. Orlando ranks 8th in the top 10 areas people are moving to, according to Redfin. Over 1,000 households are relocating to Central Florida weekly, many coming from higher priced markets and prepared to purchase housing, including downtown Orlando condominiums.
Where values go from here all comes down to interest rates, inventory and more importantly, the macroeconomic environment. It’s important to note that the sold price per square foot of downtown condos dropped slightly from $332 in Quarter 3 2022 to $318 in Quarter 4. Whether this is due to seasonality or a potential warning sign remains to be seen. Bull or bear market, our team has the experience and knowledge to guide you through 2023.
Median Sales Price
(Condominiums Area Code 32801)
2021: $258,000
2022: $305,000
+18.21% Median Sale Price Increase Sold Price Per SQFT (Condominiums Area Code 32801)
2021: $261
2022: $315
+20.68% Price Per SQFT Increase
Active Number of Listings (Condominiums Area Code 32801)
2021: 864 Units
2022: 494 Units
-42% Decrease in Active Listings
Evan CaulfieldProfessional Real Estate Advisor
407.432.9767
Evan@stockworth.com
