Once again, it's time for another Monthly Housing Market Update.  This update features the latest market information on Orlando, Oviedo, Heathrow, Lake Mary and Winter Park, Florida.

Monthly Market Conditions - Winter Park, Florida

Unfortunately, Winter Park is also falling victim to the stagnant real estate market. It has an oversupply of homes and sluggish buyer demand. A strong buyer market is in place. There is no short term improvement forecast for market conditions. A huge supply of inventory needs to be sold off. As of the end of July, there were 976 homes for sale with 14 months of unsold inventory supply. The average sale price for Winter Park for July was $462,639 ($28 per sq. ft.). The high sale price was $2,295,000, the low was $114,140, and the average price is $462,639. The active inventory has a high price of $8.5M, a low price of $64,000, and the average price of $570,754 ($894 per sq. ft.)

Winter Park is an old and distinguished address in Central Florida, located on the North East side of Orlando. Minutes from downtown, it is convenient to all of downtown amenities while maintaining a peaceful atmosphere. Winter Park offers some of the most picturesque areas and some of the best window shopping opportunities in greater Orlando.

Founded in the late 19th century as a winter retreat for northerners, Winter Park is known for its natural beauty and numerous lakes. It has also nurtured an arts and cultural community, much of which is centered around Rollins College. The first higher education institute in Florida, Rollins is a small liberal arts school located on Lake Virginia. Some of its historical buildings can be found in the National Register of Historic Sites.

In addition to historical buildings, Winter Park is also home to the Cornell Fine Arts Museum, one of the top art museums in the country with over 6,000 pieces. The community also boasts having the largest collection of Tiffany glass on the planet, located at the Charles Homer Morse Museum of American Art.

Another institution of note located in Winter Park is the Full Sail Academy. Catering to those who wish to pursue a career in entertainment, music, broadcasting, creative design and internet technology find specialized courses and professional training.

Winter Park consists of over 70 parks, and recreational opportunities abound. There are a number of yearly festivals and activities, as well as golf courses, a train station, country club, boat tours, shopping, and dining. There is enough to keep anyone active.

ZIP Codes: 32789, 32790, 32792, 32793

Approximate Location Boundaries: East of I4 to West of Semoran Blvd. North of colonial Dr and South of Howell Branch Road.

Location Characteristics: Winter Park is a city of about 25,000 residents located just north of Orlando in Orange County, Florida. One of Florida's finest cities, it is famous for its bricked streets, vibrant lakes, abundant parks, fine shops, Rollins College, The Winter Park Farmer's Market and two unique and impressive Art Festivals.

Monthly Market Conditions - Oviedo, Florida

Oviedo, like surrounding areas, is having huge oversupply of homes. The market currently has 10 months of unsold inventory. It also suffers from sluggish buyer demand. There is no short term forecast for improvement in market conditions. As of the end of July, there were 737 homes for sale. Only 72 have been sold over the past 30 days. The high price active listing is $727,000, with the low price at $149,000 and the average listed price at $339,612 ($156 per sq. ft.). In the sold category, the high price is $1,985,000, with the low price at $139,000 and the average sold price at $381,173 ($174 per sq. ft.).

Oviedo bases its roots in history and heritage, first settled by a group of Native Americans that were part of the Seminole tribe. However, Oviedo has emerged as a modern community with beautiful neighborhoods, high-caliber schools, notable shopping and dining establishments (Oviedo Marketplace Mall), and its major component, the University of Central Florida.

Originally named Florida Technological University when established in 1963, the university has since flourished and evolved into a major Florida university.

Oviedo's name is also tied to Spanish roots, associated with a city of the same name established in northern Spain in the 8th century.

Located just to the east of Orlando, it consists of a number of public parks and recreational facilities. Amenities include tennis, racquetball, softball, baseball, soccer, football, skating, fishing, nature trails, a gymnasium, an equestrian center, and an aquatics center. With several annual festivals, it is a popular destination for many area residents.

The city is currently planning to build a new downtown area adjacent to the current downtown location. It will be a mixed-use development with new apartments, single-family homes, townhomes, restaurants, and other retail establishments.

ZIP Code: 32765

Approximate Location Boundaries: West of 417 to North of Hwy 419 to East of Hwy 419 to South of Hwy 50

Location Characteristics: The story of Oviedo's history goes that it was first settled because of its accessibility to Solary's Wharf, a landing on Lake Jessup that provided merchants an opportunity to distribute the products of a year-round growing season. With merchants came settlers who recognized the natural beauty of Oviedo's lakes, rivers, and subtropical climate. Doctors offered convalescence on the shores of Lake Charm.
Today, Oviedo's beginnings are reborn. The arrival of a multitude of shopping, medical and retirement services supports the arrival of new "settlers" to Oviedo each day. Families enthusiastically enjoy Oviedo's noted beauty and charm exhibited along the Cross Seminole Trail.

The Greater Oviedo Chamber of Commerce supports the area's growth with a special merging of both new and old within the community. Here in Oviedo, you'll find capable city management insuring planned growth, expanding recreational facilities, fire and police services and diligent protection of Oviedo's natural resources. You'll also find friendly neighbors raising families in an excellent school system, which enables a person to go from preschool to post graduate degree, all within five miles of Oviedo.

High tech and professional jobs are mainstream for Oviedo, where income demographics are tops in Central Florida. Churches, civic and social groups round out Oviedo in a way that allows a hometown atmosphere to prevail in an ever-growing environment.

We invite you to join our merchants, professionals and manufacturers who are anxious to meet you and share with you that which has made Oviedo a special community for over 100 years.

Monthly Market Conditions - Lake Mary, Florida

The Lake Mary market is suffering from an oversupply of homes and a sluggish buyer demand. A strong buyers market is in place. There is no short term improvement forecast for market conditions. A huge supply of inventory needs to be sold off. As of the end of May, there are 537 homes for sale. At present, there are 11.9 months of inventory supply. The average sale price for Lake Mary is $362,122. This is the median between a high sale of $1,400,000 and a low sale of $103,200.

Lake Mary, incorporated in 1973, is located in Seminole County and is a popular area for businesses. It is located near the rapidly expanding high tech business center near Heathrow. As well, it's a sought-after location for families with children, as the area boasts some of the best public schools in Florida.

Property types include a variety of gated golf communities, apartments, luxury condos, rentals, and single-family homes. One of its premiere shopping and dining destinations is Colonial Town Park. With its proximity to the Orlando area, attractions and beaches, it is well-received by many.

Lake Mary is also the home to a number of parks and recreational facilities, a sports complex, and more. Its crime rate is one of the lowest in the state of Florida.

However, Lake Mary, just like many other Central Florida communities, is struggling with the stagnant real estate market.

ZIP Code: 32746

Approximate Location Boundaries: West of I-4 to Country Club Road to East of Country Club Rd, to South of Ronald Reagan Blvd to North of 46A.

Location Characteristics: The City of Lake Mary takes pride in its strong sense of community and its commitment to high standards of quality living. That's part of the reason Lake Mary is one of the fastest growing areas in Central Florida!

We are located near Interstate 4, along the fast growing high tech business center near Heathrow. The City offers well planned residential communities, excellent schools, prominent businesses, and a variety of shopping. It's a friendly place to live and work and few places are more attractive.

The crime rate is one of the lowest in Florida thanks to our pro-active, community based police department. Our fire department is skilled in rapid response and emergency rescue. Our parks and recreation facilities are beautifully maintained. Lake Mary has all the conveniences of Orlando without the traffic.

Monthly Market Conditions - Heathrow, Florida

As of the end of July, Heathrow has 174 active homes for sale. The high price is $4,650,000 and the low price is $190,000, while the average listed price is $699,236. Only 17 homes sold in the past 30 days which creates 10 months of unsold inventory. The average selling price is $536,873, with the low price at $185,000, the high price at $996,000 and the average price at $536,873 ($204 per sq. ft.).

There is no short term improvement forecast for market conditions. A huge supply of inventory needs to be sold before the listing time returns to a more manageable level. As of the end of June we have 116 homes for sale. Heathrow is a beautiful gated community with a golf course and homes priced from the low $300,000s to over $5,000,000. The community is part of the Lake Mary Market and is conveniently located near Lake Mary Blvd. and Interstate 4. Heathrow boasts a variety of single family homes, townhomes and condos, with some having the added bonus of lake or golf course frontage.

Heathrow was born from a 3,000 acre plot in 1985. It includes a Ron Garl designed championship golf course and a racquet club. Amenities include golf, tennis, swimming, walking/jogging paths, volleyball, basketball, playgrounds, fishing docks, a park, a clubhouse and restaurant. It is also conveniently located near several schools.

Drive time to Downtown Orlando is around 30 minutes, with around 45 minutes to the attractions area, nearby beaches, and the Orlando International Airport. It also a perfect business location, situated next to the Heathrow International Business Center. It is home to several companies including BankOne, Symantec, AAA and others.

ZIP Code: 32746

Approximate Location Boundaries: East of Markham Woods Rd to West of I4. North of Lake Mary Blvd to south of Markham Rd

Location Characteristics: Heathrow is located in Central Florida, about 17 miles north of Orlando and just east of the city of Lake Mary.
Heathrow is home to several companies including BankOne, Symantec, The American Automobile Association (AAA) and others.

Monthly Market Conditions - Orlando, Florida

The Orlando market is suffering form a huge oversupply of unsold inventory and a sluggish buyer demand. However, with all of the bio-research companies entering into the market, it will strengthen in the long-term. Meanwhile, over the next 24 months, we will see some definite erosion of home values while we go through this adjustment period.

Orlando has 11808 homes for sale, 607 homes sold during the past 30 days, which projects out to 19 months of unsold inventory. The highest sale price was $2.9M, the low price was $29,000 and the average sales price is $316,540 ($167.00 per sq. ft.). On the average, sold homes spend 131 days on the market. Sales compared to last year are down by 51%, but the average price per sold home for June is up by 10% in Orlando. Last year, it took 84 days to sell a home compared to 131 days this year.

Orlando is a thriving major city located in Orange County, Florida. The city is in the top 20 media markets in the country and is home to plenty of tourist attractions. Of these, most notable are Disney, Epcot, SeaWorld, and Universal, just to name a few. It is also centrally located. Just a 45-minute drive is all it takes to reach the east coast of Florida, including its beautiful beaches and most notably, Cape Canaveral. Home of NASA's Kennedy Space Center, residents and visitors alike can experience tours and frequent Space Shuttle launches. Around 60 minutes in the opposite direction and you'll find yourself on the west coast, with its equally beautiful beaches and the city of Tampa.

The Orlando metro is huge in terms of a population area. Its downtown district is also going through a facelift, seeing new sky-rises and developments go up frequently. There is also a future redevelopment plan in the works that includes a new sports arena, a performing arts center, and renovations to the Citrus Bowl. Sports fans can enjoy professional NBA basketball as Orlando is home to the Orlando Magic. Orlando is also home to arena football, soccer, and occasional nationally recognized bowl games.

Orlando is also serviced by the largest International airport in Florida, and is sprawling with businesses and developments. However, the current housing market is taking a painful hit. As a result, there is a strong buyer market in place. Those who used to balk at previous jumps in home prices are now seeing a downturn back to more affordable levels. There is no short term improvement forecast for market conditions. A huge supply of inventory needs to be sold before an improvement of market conditions can be expected.

ZIP Codes: 32801, 32802, 32803, 32804, 32805, 32806, 32807, 32808, 32809, 32810, 32811, 32812, 32814, 32815, 32816, 32817, 32818, 32819, 32820, 32821, 32822, 32824, 32825, 32826, 32827, 32828, 32829, 32830, 32831, 32832, 32833, 32834, 32835, 32836, 32837, 32839, 32853, 32854, 32855, 32856, 32857, 32858, 32859, 32960, 32861, 32862, 32867, 32868, 32869, 32872, 32877, 32878, 32886, 32887, 32890, 32891, 32893, 32896, 32897, 32898, 32899

Approximate Location Boundaries: North of Central Florida Greenway and South of Winter Park. East of the Florida Turnpike and West of Central Florida Greenway.

Location Characteristics: Today, Orlando incorporates outlying neighboring towns such as Winter Park (developed as a winter home in the 1860's for wealthy northerners), Kissimmee, Altamonte and Winter Gardens.

Walt Disney wasn't the first person to build a tourist attraction. Dick Pope, Sr. is credited with that with the opening of his 1936 Cypress Gardens. (reopened in 2003 as the Cypress Gardens Adventure Park).

Disney's Magic Kingdom Park opened in 1971, followed by Sea World in 1973, and then Universal Studios in 1990.

Central Florida continues to grow, attracting families to enjoy its warm climate, attractions, shopping and dining venues and hotels. It's also become a center for business conventions and meetings that allow attendees to bring their families, combining business and pleasure. Disney also features cruises from Port Canaveral in conjunction with its land-based attractions.

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