On April 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported that for March 2015, Orlando median home prices increased 10.9% over March 2014. Year-over-year price increases have continued every month since July 2011, which is 45 months in a row. Inventory decreased to 3.8 months of supply, back into solid sellers’ market territory. (Inventory less than 5 months supply is considered a sellers’ market and more than 7 months is a buyers’ market).
The affordability index* for March 2015 decreased to 178% due to increased median home price which interest rates remained steady. Home buyers, who reported a median income of $56,354, were qualified to purchase any one of the 5,587 homes listed in the My Florida Regional MLS for $315,300 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.
The average mortgage interest rate Orlando area home buyers paid in March 2015 was essentially unchanged from February at 3.78%, still historically low. In 2012 and early 2013, interest rates were in the 3.25% – 3.50% range, the lowest in more than 40 years. 30-Year Fixed-Rate Mortgages Since 1971. With the Federal Reserve hinting at a looming interest rate hike, it’s just a matter of time before this once-in-a-lifetime opportunity is history.
See ORRA Real Estate Market Report for complete data and analysis.
The Oviedo real estate market, including homes in the 32766 ZIP Code in Chuluota, remains strong with 2.4 months of inventory. Median home prices are down 5.9% in Oviedo year-over-year. Even though Oviedo homes prices are higher than Central Florida as a whole, they remain affordable with a median sale price of $240,000 over the last 90 days.
There are currently 208 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $309,700. To see all the homes currently for sale in Oviedo priced between $200,000 and $500,000, see http://OviedoHomes.JeanScottHomes.com.
In Oviedo and Chuluota, ZIP Codes 32765 and 32766, 259 single family homes were bought and sold in the most recent 90 days as reported by the My Florida Regional MLS (MFR MLS). The median sale price was $240,000. Median days to contract and close was 42 and 4, respectively. For the same period last year, 223 single family homes sold for a median price of $255,000. The median home price in Oviedo is actually down 5.9% per these stats.
Of the 203 homes sold, 189 (73.0%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $266,250. They took 31 days to go under contract and 70 days to close.
Short sales accounted for 15 (5.8%) homes sold. Median sale price was $197,000 and median days to contract and close, from the day they were put on the market was 59 and 202, respectively. The median contract to close time frame for short sales is holding steady in the 4-5 month range at 4.8 months. It’s clear short sales are no longer have a significant effect on our market.
Bank owned home sales, also known as foreclosures or REOs have been holding strong and even increasing some. There were 55 (21.2%) bank owned homes sold in the last 90 days. The median sold price was $164,900 and median days to contract and close was 71 and 119, respectively.
For all our current listings, see Our Listings. Home sellers, just click the link above, “SELL MY HOME” to learn more about us, including seeing the listings we sold since 2012.