Last week we had the opportunity to attend an event that David Johnson (the Seminole County Property Appraiser) was speaking about Seminole County property values and what the property appraiser’s office is observing in real time and where values are headed.
Real Estate is local… Let’s start with some quick Seminole County Facts:
- 344 square miles; 3rd smallest geographically in Florida
- Population = 422,000
- 7 municipalities (Lake Mary, Sanford, Altamonte Springs, Winter Springs, Casselberry, Oviedo, Longwood)
- Total Real Estate Market Value – 2011 $32.3 Billion, 2007 $49 Billion
- Taxable Value – 2011 $24 Billion, 2007 33.7 Billion
The graphic above includes market values and taxable values of all real estate property in Seminole County from the last 20 years. It’s easy to see the huge spike that occurred in the mid 2000’s and the current decline. What is really interesting to see is the value trend and where we would have been if the housing bubble had never happened.
What these statistics lead me to believe:
- Time and an economic recovery is the only way turn the housing market around.
- It could take more than a decade for homeowners who purchased at the height of the market to recover lost equity
If you have questions about the current value of your property, please contact me to learn about your options.
*Statistics and Graphs provided by David Johnson, CFA – Seminole County, Florida Property Appraiser