The Orlando Regional Realtors’ Association (ORRA) reported on January 15, 2015 “Orlando’s 2014 annual median home price ($164,000) finished a healthy 9.61 percent higher than the 2013 annual median price ($149,627), thanks to a full 12 months of price increases.” Inventory decreased to 4.3 months of supply. (5-7 months of inventory is considered a market balanced between buyers and sellers).
The affordability index* for December 2014 was 183%, essentially unchanged for most of the year. Central Florida home buyers, reporting a median income of $56,183 qualified to purchase 5,2914 homes priced up to $311,800.
The average mortgage interest rate was 3.86%, the lowest its been since April 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 4.1 months of inventory. Median home prices are up 3.5% year-over-year and remain affordable with a median sale price of $248,500 over the last 90 days.
There are currently 257 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $289,900. To see all the homes currently for sale in Oviedo, see http://OviedoHomes.JeanScottHomes.com.
In Oviedo and Chuluota, ZIP Codes 32765 and 32766, 190 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 $248,500. Median days to contract and close was 52 and 98, respectively. During the same period of 2013, 203 single family homes sold for a median price of $240,000.
Of the 190 homes sold, 138 (72.6%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $265,000. They took 42 days to go under contract and 88 days to close.
Short sales accounted for 15 (7.9%) of homes sold. Median sale price was $225,000 and median days to contract and close, from the day they were put on the market was 98 and 237, respectively. The median contract to close time frame for short sales was 4.6 months.
There were 37 (19.5%) bank owned homes, sometimes called REO or foreclosures, sold in the last 90 days. The median sold price was $188,000 and median days to contract and close was 71 and 107, respectively.
For all our current listings, see Our Listings.
For homes under contract and sold since 2012, see TomScottPhotography.com/RealEstate.
*An affordability Index of 99% means a family with median income earns 1% less than they need to be able to purchase a median priced home.