Inventory of homes available for sale in Central Florida continues to drop to unprecedented levels with only 8550 homes available for sale. Foreclosures are also down by 42% and rates remain steady at 4.3%. Not enough homes are coming up for sale in the market and builders are not meeting the high demand of Buyers. These factors influenced the median price jump to by 11% in January.
Florida’s economy and tourism continues to be very strong and historically Orlando has always been a very significant contributor to Florida’s overall success. Tourists spent an estimated $109 billion in 2016, up from $108.8 billion the year before and tourism jobs in the state also hit a record high in 2016, with 1.4 million jobs up from the 1.2 million in 2015. 113 million tourists visited Florida in 2016.