On April 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The traditional start to Orlando’s home-buying season – April 1 – finds buyers continuing to grapple with a dwindling inventory that in March pushed home prices up 10 percent and restrained sales by 4 percent”. There is only 2.2 months of non-distressed inventory in the first-time home buyer price range.
The affordability index* for March 2016 was down from February to 165%. Home buyers, who reported a median income of $57,038 were qualified to purchase any one of the 4,391 homes listed in the My Florida Regional MLS for $322,500 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 2016 was 3.70%, down 5 basis points from February. In 2012 and early 2013, interest rates were in the 3.25% – 3.50% range, the lowest in more than 40 years according to Freddie Mac, 30-Year Fixed-Rate Mortgages Since 1971.
For the complete ORRA report, including all the statistics and an excellent analysis, please see ORRA Real Estate Market Report.
According to data as reported in the My Florida Regional MLS (MFR MLS), there are currently 177 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $419,000. 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, 242 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, has 2.2 months of inventory, a very strong sellers’ market. The best-priced homes in the best condition are going under contract quickly, especially in the $200,000 – $300,000 price range.
The median sale price was $255,000 down from last month. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics noted above. Median days to contract and close was 27 and 75, respectively, unchanged from last month.
For the same period last year, 267 single family homes were bought and sold for a median price of $240,000. The median sale price for homes in Oviedo is up 6.3% over last year.
Of the 206 homes sold, 191 (80.1%) were “normal” sales (neither short sales nor bank owned) with a median price of $275,000. They took 17 days to go under contract and 68 days to close.
There were only 8 (3.9%) short sales. Median sale price was $225,500 and median days to contract and close, from the day they were put on the market, was 110 and 211, respectively. Contract-to-close is down to 3.3 months, on average and significantly below the historical 4-5 month time frame.
There were 43 (16.0%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $215,569 and median days to contract and close was down to 61 and 106, respectively.
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