On February 16, 2015, The Orlando Regional Realtors’ Association (ORRA) reported that for January 2015, median home prices increased over January 2014. Year-over-year price increases have occurred every month since July 2011. Inventory increased to 5.6 months of supply, a healthy, balanced market. (Inventory less than 5 months is considered a sellers’ market and more than 7 months is a buyers’ market).
The affordability index* for January 2015 jumped to 206% in large part due to a significant decrease in interest rates. Orange and Seminole County home buyers who reported a median income of $56,240 were qualified to purchase any one of the 5,927 home listed in the MLS for $319,400 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 was 3.67%, the lowest its been since May of 2013. 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.
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 3.9 months of inventory. Median home prices are up 6.9% year-over-year and remain affordable with a median sale price of $247,900 over the last 90 days.
There are currently 242 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $294,900. 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, 184 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 $247,900. Median days to contract and close was 60 and 103, respectively. In January 2014, 195 single family homes sold for a median price of $232,000.
Of the 184 homes sold, 137 (74.5%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $272,500. They took 50 days to go under contract and 93 days to close.
Short sales accounted for 12 (6.5%) homes sold. Median sale price was $190,000 and median days to contract and close, from the day they were put on the market was 98 and 237, respectively, same as reported last month. The median contract to close time frame for short sales was 4.6 months.
There were 35 (19.0%) bank owned homes, sometimes called REO or foreclosures, sold in the last 90 days. The median sold price was $179,949 and median days to contract and close was 75 and 125, respectively.
For all our current listings, see Our Listings. Home sellers, just click the link above, “HOME SELLERS” to learn more about us, including seeing the listings we sold since 2012.