On February 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The median price of Orlando homes sold in January increased nearly 14% over January of 2015, amid an inventory level that has seen year-over-year decreases for the last seven months.” The Orlando real estate market continues to bode well amid an historic, low interest rate environment.
The affordability index* for January was up 10 percentage points to 177% based largely on interest rates having inched down. Home buyers, who reported a median income of $56,924 were qualified to purchase any one of the 4,512 homes listed in the My Florida Regional MLS for $313,000 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 January 2016 was 3.93%, down 9 basis points from December 2015. 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.
There are currently 186 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $369,450.
According to data as reported in the My Florida Regional MLS (MFR MLS), 220 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, remains strong with 2.5 months of inventory. The best-priced homes in the best condition are going under contract quickly.
The median sale price was $276,500, same as reported last month. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics noted above. Median days to contract and close was 34 and 81, respectively.
For the same period last year, 191 single family homes were bought and sold for a median price of $243,900. The median home, sale price in Oviedo is up 13.2% over last year.
Of the 220 homes sold, 181 (82.3%) were “normal” sales (neither short sales nor bank owned) with a median price of $285,500. They took 25 days to go under contract and 73 days to close.
There were only 12 (5.5%) short sales. Median sale price was $272,500 and median days to contract and close, from the day they were put on the market, was 55 and 171, respectively. That is a contract-to-close time of 3.9 months, very close to the historical 4-5 months it had been over the last several years.
There were 27 (12.2%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $215,000 and median days to contract and close was 83 and 119, respectively.
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