Each year the president of Fannie Hillman + Associates, Scott Hillman, releases his annual Hillman Report. This is a comprehensive look at the 2013 Real Estate market in specific areas throughout Orange and parts of Seminole counties. It is a great resource for those interested in evaluating our market’s past performance to truly gain perspective as to where we are headed in 2014. Below is an overview of the report. To read the entire report click here.
Overall a positive year for area existing homes
The 2013 existing homes market in Orange and Seminole counties weathered the worst of a challenging economy over the past five years by posting some very positive numbers, and should continue to see gradual improvement in 2014, according to the just published 2013 Hillman Report.
“I wouldn’t say 2013 was a breakout year, but it certainly was a very good year, unquestionably the best one we’ve had in Orange and Seminole counties since 2007 in terms of transactions and median price increases which were both up in almost every category,” said Scott Hillman, president of Fannie Hillman + Associates, the 33-year-old Winter Park firm that twice a year publishes The Hillman Report which takes a comprehensive look at Winter Park, Maitland, College Park, Baldwin Park, and downtown Orlando housing and condominium markets.
“I think we can expect to see an appreciation of 4-6 percent in home values this year while prices will remain relatively stable through the first quarter before gathering some momentum in the second and third quarters,” Hillman noted.
The Hillman Report showed 2013 transactions for all single family homes up 5.7 percent over 2012, with biggest gainers in the $500,001-$750,000 price range, up 49 percent, followed by sales of homes in the $300,001-$500,000 million price category, up 43 percent.
The best performing neighborhood for single-family home transactions was Baldwin Park (32814) which saw sales jump 305 percent, while transactions for lakefront homes in Winter Park (32789) were up a collective 147 percent. Non-lakefront homes in the same zip code were up a healthy 21 percent.
Transactions for homes on and off area lakes also performed well in Orlando (32801 and 32806), increasing a combined 37.3 percent, while sales of lakefront and non-lakefront homes in Orlando (32803) were up a collective 27 percent.
Median prices for single-family homes were up anywhere from one percent for homes in the $300,001-$500,000 category to as much as16 percent for homes priced $300,000 and under.
Condominium sales, while down slightly overall, did post appreciable gains in the mid- and higher-priced ranges. Transactions were up 80 percent for condos in the $200,001-$500,000 price range, and climbed 10 percent for units priced over $500,001, even though the median price for those condos was up six percent over the previous year.
College Park (32804) was the pacesetter in condo transactions with an increase of 31 percent, despite a median price increase of 43 percent. The biggest jump in median price was 105 percent for condos in Winter Park (32792).
To learn more about The 2013 Hillman Report, or to download a copy, log onto the company’s website at fanniehillman.com.