In late August, I had the honor of hosting the 2019 State of Orange County Real Estate (SOCRE). Now in its sixth year, this year’s event was the best yet. With more than 1,000 guests in attendance, SOCRE continues to offer a wonderful opportunity for homeowners, entrepreneurs, [email protected], and industry leaders to come together and discuss Orange County’s current market. The event, which offers an informational presentation followed by a lively discussion panel, focuses on our community’s growth and challenges.
As Orange County continues to grow, it remains the most unique county in the world to appraise. Every year, the Orange County Property Appraiser’s office (OCPA) must appraise seven major theme parks, four waterparks, over 16,000 timeshare units, more than 87,000 hotel rooms, over 53,000 condos, more than 134,000 apartment units, and over 318,000 single family homes. While the county’s real estate market may be complex, OCPA has proudly been at the forefront of valuing, reporting, and managing its growth. In fact, since I took office in 2013, OCPA has assessed a combined total of $1.1 trillion in market value.
On the evening of SOCRE, the program kicked-off with a multi-media presentation that focused on 2019 data about Orange County. When comparing today’s numbers to statistics from 2012, which was during the economy’s recovery from the recession, it is easy to see just how well Orange County has rebounded into a healthy, thriving market with limitless potential.
New construction leads the charge in our valuation increases. We’ve seen $4.5 billion in new construction in 2019 alone — a number that equates to a staggering $12.3 million per day. In addition to new commercial construction, more than 6,500 homes were built in 2019, representing an 8.6% increase over the year before. Orange County’s residential market value also continues to demonstrate healthy gains. According to a recent report from the Orlando Regional [email protected] Association, the median sales price of a home in Orlando has risen 164% since 2012. Average home prices in Orlando now stand at $285,000, which is the first time prices have o reached that level since July of 2007. In total, the residential market value in Orange County has reached a historic $94.9 billion.
In addition, the commercial market in Orange County has experienced a record breaking year. Because of the strength of z o our economy, we’re attracting new businesses to our region daily. Overall, com- z mercial property in Orange County makes o up an impressive 46.8% of our tax roll, and o has reached a historic $94.9 billion in market value.
By Rick Singh, CFA Orange County Property Appraiser