On January 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando’s 2015 median price ($178,788) finished a healthy 9.0% higher than the 2014 annual median price of $164,000, thanks to a full 12 months of year-over-year price increases. Sales for 2015 finished 15.5% above the cumulative total sales for 2014.”Overall, the Orlando real estate market fared very well for 2015.
The affordability index* for December was down 3 percentage points to 167% based mostly on increased, median home prices. Home buyers, who reported a median income of $56,867 were qualified to purchase any one of the 4,530 homes listed in the My Florida Regional MLS for $309,400 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 in December 2015 was 4.02%, up only 1 basis point from November 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.
There are currently 206 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $349,950. 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), 238 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $276,500. Median days to contract and close was 34 and 76, respectively. For the same period last year, 206 single family homes were bought and sold for a median price of $249,500.
The Oviedo real estate market, including homes in the 32766 ZIP Code in Chuluota, remains strong with 2.6 months of inventory. The median home sale price in Oviedo at $276,500 is up 10.2% year-over-year. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics noted above.
Of the 238 homes sold, 198 (83.2%) 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 71 days to close.
There were only 10 (4.2%) short sales. Median sale price was $285,000 and median days to contract and close, from the day they were put on the market, was 55 and 180, respectively. That is a contract-to-close time of 4.2 months, right in the pocket with the historical 4-5 months it had been over the last several years.
There were 30 (12.6%) 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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