Broker says housing supply slim as 2,000 Disney workers plan to move to Nona Lake
ORANGE COUNTY, Florida. – A day after Walt Disney World announced it was relocating 2,000 well-paying jobs from Southern California to Lake Nona, it prompted the question: where will they live?
It comes as the Orlando housing market is posting one of the lowest available home supply in history, with demand at an all time high.
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The Orlando Realtors Association’s latest market report for June shows the supply of housing is down 53% from June 2020, with demand pushing the median price of a home up to $ 315,000, with an average of $ 300,000 last month.
Also in May, a house was on the market for 36 days on average. In June, that fell to just 19 days.
“We are delighted that they are coming here, we are delighted with the growth,” said broker Rob Rahter, of real estate company Stockworth. “But we need more inventory, we need more homes on the market.”
After Disney’s announcement on Thursday, and out of curiosity on Friday, Rahter researched how many homes are for sale within a 5-mile radius of the heart of Nona Lake and Rahter found only 59 homes for sale for those 2,000 employees who should be here within 18 months.
Disney has yet to announce the location of the campus.
“We need more inventory, we need builders to catch up and we need more sellers to decide to sell,” he said. “The good news is that Lake Nona is the place to be. They have the growth, they have the structure, and the development is happening. “
In a statement to News 6, Tavistock Development said it is confident it will have enough housing to handle not only the 2,000 employees who are expected to move with their families, but also the more than 1,000 people who are still moving. in Orange County every week.
“Nona Lake is well positioned to meet growing demand with thousands of future residential units available in our 17 square mile community, in addition to the tens of thousands of residential units licensed on the road in our community of Sunbridge,” wrote Jessi. Blakely, Vice President of Tavistock Development Company.
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