On December 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Home sales in the Orlando area slipped 3% in November, as the inventory of available properties dropped for the fifth consecutive month. At the same time, the median home price rose 10.3% in November compared to November 2014.” Overall, the good news for the Orlando real estate market continues.
The affordability index* for November was down 5 percentage points to 170% based largely on higher interest rates. Home buyers, who reported a median income of $56,810 were qualified to purchase any one of the 4,885 homes listed in the My Florida Regional MLS for $309,600 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 November 2015 was 4.01%, up 15 basis points from October 2015. Interest rates are still on the low end of the historic range. 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.
For the complete ORRA report, including a all the statistics and excellent analysis, please see ORRA Real Estate Market Report.
The Oviedo real estate market, including homes in the 32766 ZIP Code in Chuluota, remains strong with 2.5 months of inventory. The median home sale price in Oviedo at $269,900 is up 8.0% year-over-year. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics.
There are currently 206 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $368,200. 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), 243 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $269,900. Median days to contract and close was 27 and 72, respectively. For the same period last year, 239 single family homes were bought and sold for a median price of $250,000.
Of the 243 homes sold, 199 (81.9%) were “normal” sales (neither short sales nor bank owned) with a median price of $273,000. They took 26 days to go under contract and 70 days to close.
There were only 9 (3.7%) short sales. Median sale price was $215,000 and median days to contract and close, from the day they were put on the market, was 35 and 190, respectively. That is a contract-to-close time of 5.2 months, just a little higher than the historical 4-5 months it had been over the last several years.
There were 35 (14.4%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $240,000 and median days to contract and close was 30 and 74, respectively.
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