On September 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “Sales of homes in Orlando experienced a year-over-year increase of 7.3% for the month of August. The jump occurred amid yet another double-digit decrease in inventory, which continues to contribute to the area’s sustained rise in median price.” Limited inventory, low interest rates, and high affordability continue to be factors that are driving this market.
The affordability index* for August 2016 remained essentially steady at 162% as compared July. Home buyers, who reported a median income of $57,323 were qualified to purchase any one of the 4,490 homes listed in the My Florida Regional MLS in Orange and Seminole counties for $332,900 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 August, Orlando area home buyers paid an average interest rate of 3.49%, up only 4 basis points from July. This rate is among the lowest reported in decades according to Freddie Mac, 30-Year Fixed-Rate Mortgages Since 1971.
For the complete ORRA report, including all the statistics and an excellent analysis, see ORRA Real Estate Market Report.
According to the My Florida Regional MLS (MFR MLS), there are currently 208 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $392,500. 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, 360 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The Oviedo real estate market, including homes in the 32766 ZIP Code in Chuluota, continues to have a very tight 1.7 months of inventory, a very strong sellers’ market. The best-priced homes in the best condition continue to go under contract quickly, especially in the $200,000 – $300,000 price range.
The median sale price for homes sold was $308,385, up 17.3% over August of 2015. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics noted above. Median days to contract and close was 18 and 65, respectively, virtually unchanged over the last several months. Contract-to-close time also remains relatively steady at 47 days.
For the same period last year, 412 single family homes were bought and sold for a median price of $269,000. The median sale price for homes in Oviedo is up 17.0% over last year.
Of the 360 homes sold, 334 (92.8%) were “normal” sales (neither short sales nor bank owned) with a median price of $314,950. They took 17 days to go under contract and 63 days to close.
There were only 8 (2.2%) short sales. Median sale price was $254,000 and median days to contract and close, from the day they were put on the market, was 106 and 212, respectively. Contract-to-close time was 3.5 months, a metric that seems to be trending downward. Historically, that’s been in the range of 4-5 months since the market downturn and short sales started hitting the market.
There were 18 (5.0%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $219,000 and median days to contract and close back to the normal range of 21 and 74, respectively.
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