The Orlando Market
On December 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando home sales experienced a 7% year-over-year jump in November, along with a 9% increase in median price.” And, “The Orlando median home price has now experienced year-over-year increases for the past 64 consecutive months; as of November the median price is 73% higher than it was in July 2011.” Inventory sits at 3.7 months supply, a fairly strong sellers’ market and about where it’s been for the last few months. (A market balanced between buyers and sellers is considered to be 5-7 months of supply).
The affordability index* for November 2016 remained essentially steady at 160% as compared October. Home buyers, who reported a median income of $57,494 were qualified to purchase any one of the 3,540 homes listed in the My Florida Regional MLS in Orange and Seminole counties for $320,700 or less. *(An affordability index of 101% means a family with median income earns 1% more than they need to be able to purchase a median priced home).
In November, Orlando area home buyers paid an average interest rate of 3.82%, a jump of 25 basis points from October. It’s the highest so far for 2016. See 30-Year Fixed-Rate Mortgages Since 1971 as reported by Freddie Mac for historical, national ,average mortgage interest rates.
For the complete ORRA report, including all the statistics and an excellent analysis, see ORRA Real Estate Market Report.
The Oviedo Market
According to the My Florida Regional MLS (MFR MLS), there are currently 186 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $386,950. To see all the homes currently for sale in Oviedo priced between $200,000 and $500,000, see http://OviedoHomes.JeanScottHomes.com.
Per MFR MLS, 250 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. Inventory for the Oviedo real estate market, including homes in 32766 in Chuluota, is down a little to 2.2 months, a very strong sellers’ market. Homes that are priced correctly and in good condition are going under contract quickly, especially in the $200,000 – $300,000 price range.
The median sale price for homes sold was $293,250. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics. Median days to contract and close was 24 and 71, respectively, virtually unchanged over the last several months. Contract-to-close time also remains relatively steady at 48 days. For the same period last year, 254 single family homes were bought and sold for a median price of $270,950. The median sale price for homes in Oviedo is up 8.2% over last year.
Of the 250 homes sold, 223 (89.2%) were “normal” sales (neither short sales nor bank owned) with a median price of $297,000. They took 24 days to go under contract and 68 days to close.
There were only 12 (4.8%) short sales. Median sale price was $259,500 and median days to contract and close, from the day they were put on the market, was 126 and 235, respectively. Contract-to-close time was 3.6 months, a metric that seems to be trending downward as the number of short sales continue to decline nationwide.
There were 15 (6.0%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $205,000 and median days to contract and close back was 62 and 111, respectively.
Are you thinking about selling your home and moving? We believe that making that decision for you and your family is your job. Giving you all the information you need to make the best one is ours, and we do it for you without cost or obligation. Just visit http://Sell.JeanScottHomes.com to learn more, or give us a call at 407-765-2912.