Which Orlando Neighborhoods are Drawing the Most Buyers in 2014?
Recently, the real estate research firm Zillow released their report detailing the Orlando neighborhoods which are attracting the most buyers for the first portion of 2014. Home prices in the area continued their upward climb last month, but there are still plenty of buyers who are looking for a good home in Central Florida.
Topping out Zillow’s list of the most active housing markets in Metropolitan Orlando was Winter Park and four neighborhoods in Lake County. Their report had three primary metrics by which they ranked these Orlando area neighborhoods:
- Average time homes were listed on the market
- Running inventory of homes for sale
- Amount of price cuts in the market
Winter Park Tops the List
Winter Park is well renowned as one of the more beautiful and sought after neighborhoods in Central Florida. It’s been growing rapidly in recent years, and its housing market topped out at No.1 for attracting homebuyers in the area.
This news was not too surprising for Orlando real estate professionals since Winter Park has established itself as a potent real estate submarket in the greater Orlando area. The real news this year was four Lake County communities breaking into the top five spots in the rankings.
Zillow’s Top 5 Housing Markets in the Orlando Metro area included:
- Winter Park
- Mount Dora
- Lady Lake
Real estate professionals from Mount Dora and these other Lake County cities agree that their markets are not what you’d call the stereotypical florida subdivision. The housing markets that broke into Zillow’s top five all had a few factors in common:
- Architecture that was at least 100 years old
- A higher concentration of local businesses than franchises
- Some fluctuations in elevation
“People think of Florida as being flat, sunny and the oldest homes built in 1972,” stated Larry Pierce, a broker for Pierce Realty in Mount Dora. “People from the small towns in the Northeast and Midwest connect with these places. They all have their own sense of community.”
A separate sales report released this week by the Orlando Regional Realtor Association provided additional evidence that real estate in Lake County is in demand. February sales were lower in Osceola, Seminole and Orange County compared to last year, but Lake County sales have increased.
What Makes Lake County so Attractive to Potential Buyers?
Settling down in one of these Lake County communities has proven to be more affordable than anywhere else in the Orlando Metro area. The Orlando Regional Realtor Association has a breakdown of median sales prices for February by county:
- Median asking price in Orange County was $165,375
- Median asking price in Osceola County was $143,000
- Median asking price in Lake County was $141,500
Zillow’s report also detailed the Orlando markets that had the greatest number of homeowners looking to sell. The city of Ocoee in Orange County took the No. 1 spot in this list. Other notable communities in that list included Altamonte Springs, St. Cloud and Meadow Woods.