Rick Singh delivers State of Orange County Real Estate

Orange County Property Appraiser Rick Singh delivered the State of Orange County Real Estate Thursday, Aug. 22.

By Tim Freed
| 2:10 p.m. August 29, 2019

Rick Singh spoke before a packed ballroom at the Wyndham Orlando Resort International Drive to give the community the latest real-estate market statistics.

West Orange Times & Observer
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Businesses is booming, Orange County.

Real-estate agents and other members of the community learned the latest local trends and statistics Thursday, Aug. 22, at the Wyndham Orlando Resort International Drive during Orange County Property Appraiser Rick Singh’s 2019 State of Orange County Real Estate.

The presentation provided an in-depth look at the market and where it is headed and the numbers tell a positive story for Realtors looking to do business within the county.

AFFORDABLE HOUSING

“Although our economy is strong and working well for many in our county, we still have challenges to navigate,” Singh said. “For many, our economy’s rapid rise hasn’t benefited them. Our community is facing a housing crisis that’s growing and impacting many of our neighbors and many of our friends and many of our co-workers. According to a recent report, in Orange County there are 13 affordable available homes for every 100 renters. Another report showed that rent in Orlando has increased 6.8% just last year.”

But there is some good news, Singh said.

“We have partners across the region working to meet the housing needs of our growing population,” he said. “For example, Orange County government spent more than $11 million on new construction, rehabilitation and housing units. The city of Orlando played their part and has invested more than $30 million in land for affordable housing.”

Singh announced Orange County has reached a historic overall market value of $208.2 billion as of July 2019, an increase of 10.3% over 2018. That included market values of $970.6 million in Windermere (a 9.3% increase) and $5.3 billion in Winter Garden (an 11.9% increase).

The commercial market value sits at $97.5 billion, while the residential market value sits at $94.9 billion as of July 2019.

“The residential real-estate market in Central Florida is simply impressive,” Singh said. “According to our friends at the Orlando Regional REALTOR Association, the median sale price of a home in Orlando today has risen 164% since 2012. We’ve seen that type of increase all around Orange County. As a matter of fact, the average home price in Orlando today sat at $285,000 this is the first time prices have reached this level since July 2007.”

Orlando homes also are priced $13,000 higher than the national average, Singh said.

“Knowing what I see in the pipeline, this certainly will continue,” he said.

Building overall also is on the rise in 2019, with $4.5 billion in new construction so far, an increase of 4.7% over 2018. That translates to more than $12 million in new construction every day, Singh said.

And much of that is happening in West Orange, according to Singh’s presentation. In 2019, more than 43% of new residences were built on the west side of Orange County in Oakland, Winter Garden, Ocoee and Apopka.

It all translates into an economic boost to the area.

“Based on the strength of the economy, supported by a strong educational system, we’re attracting new businesses on a daily (basis),” Singh said. “The value of commercial property in our county is growing due to new businesses, due to new construction and due to rising property values.”

The numbers mark a stark contrast from seven years ago, Singh said.

“In March of 2012, Orlando was named the worst rated in the country for foreclosures,” he said. “As a matter of fact, 279,000 properties were in foreclosure. Here in Orange County, we had the lion’s share of these properties. The median sale price in 2012 was about $108,000, and the sales back then … only 2,000 homes sold that year. Currently the median sale price is $285,000 (and more than) 26,000 homes sold last year.”

The overall market value of Orange County has seen a rebound, jumping from $115 billion in 2013 to the current value of $208.2 billion, as of July 2019.