The Orlando Regional Realtors’ Association (ORRA) reported on August 15, 2016, “The inventory of homes available for purchase in the Orlando area dropped by 9.9% in July 2016, contributing to a 12% increase in median price when compared to July 2015. Inventory has experienced 13 consecutive months of year-over-year declines”. High demand, limited supply, and low interest rates is a recipe for this strong sellers’ market to continue. The current inventory of homes is 3.2 months’ supply. A balanced market is considered to be in the 5-7 months of inventory range.
The affordability index* for July 2016 remained essentially steady at 163% as compared to June. Home buyers, who reported a median income of $57,266 were qualified to purchase any one of the 4,657 homes listed in the My Florida Regional MLS in Orange and Seminole counties for $334,300 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).
In July, Orlando area home buyers paid an average interest rate of 3.45%, unchanged from June. This is the lowest reported in the last two years. 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, see ORRA Real Estate Market Report.
According to data as reported in the My Florida Regional MLS (MFR MLS), there are currently 212 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $380,000. 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, 410 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 a very tight 1.6 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 $300,000, up 5.0% 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 19 and 66, respectively, virtually unchanged over the last few months.
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 410 homes sold, 375 (91.5%) were “normal” sales (neither short sales nor bank owned) with a median price of $316,000. They took 17 days to go under contract and 64 days to close.
There were only 12 (2.9%) short sales. Median sale price was $252,500 and median days to contract and close, from the day they were put on the market, was 106 and 184, respectively. Contract-to-close time was 2.6 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 23 (5.6%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $235,100 and median days to contract and close was up a couple weeks to 48 and 102, respectively.
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