Real estate sales for homes and condos within a two mile radius of downtown Orlando increased 37% from March to April and 15% from April to May. Overall the market was up 9.9% and 3.7% respectively. Earlier this year, the urban segment lagged behind the overall growth trends. Experts believe the switch is likely due to the increase in gas prices in combination with an attractive urban lifestyle.
Commuters are looking to save on daily gas costs by walking, car-pooling, scootering or cycling to work. The average Orlando area commute is 23.4 minutes – which equates to approximately $500/month in gas.
Price reductions in the downtown center are helping to fuel interest. Properties once priced at over $1 million are now selling for much less.
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