On August 17, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando’s summertime sales stampede continued through July, which saw closings of existing homes increase more than 33 percent. In addition, the area’s median price experienced yet another rise in July, marking 48 consecutive months of year-to-year increases. The July 2015 median price is now 59.20 percent higher than in July 2011.”
The affordability index* for July held steady at 168%. Home buyers, who reported a median income of $56,582 were qualified to purchase any one of the 5,506 homes listed in the My Florida Regional MLS for $309,400. *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 July 2015 was 3.98%, down 10 basis points from June. 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. The consensus on Wall Street seems to indicate that it’s not a matter of if The Federal Reserve will raise interest rates in the foreseeable future, but when.
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 1.7 months of inventory. The median home price in Oviedo is even year-over-year at a median sale price of $260,000. Homes in Oviedo and Chuluota are still very affordable according to ORRA affordability statistics.
There are currently 234 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $334,950. To see all the homes currently for sale in Oviedo priced between $200,000 and $500,000, see http://OviedoHomes.JeanScottHomes.com.
According to data as reported in the My Florida Regional MLS (MFR MLS), 403 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $260,000. Median days to contract and close was 27 and 68, respectively. For the same period last year, 293 single family homes were bought and sold for a median price of $260,000.
Of the 403 homes sold, 317 (78.7%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $271,500. They took 21 days to go under contract and 63 days to close.
Short sales accounted for 17 (4.2%) homes sold. Median sale price was $235,000 and median days to contract and close, from the day they were put on the market, was 167 and 308, respectively. That is a contract-to-close time of 4.7 months, very much in line with the 4-5 months it had been for several years.
There were 69 (17.1%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $210,000 and median days to contract and close was 51 and 87, respectively.
Try our Market Snapshot to get the market stats for you specific community and even narrow it down to homes most like yours. We would be glad to help you get it set up by calling us at 407-765-2912. There is no cost or obligation, we totally promise not to spam you, and you may unsubscribe anytime.
Are you thinking about selling? Learn more about us, see what we have to offer, and all the homes we sold since 2012. Just click the link above, “SELL MY HOME”. Or give us a call at 407-765-2912. Never any pressure. Promise.