On July 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “A leap in ‘normal’ transactions has boosted Orlando area home sales more than 21 percent over June 2014 and to its highest number (3,435) since the Orlando Regional REALTOR® Association began recording sales. In addition to skyrocketing sales, the median price for existing homes sold in June increased 7.8%.”
The affordability index* for June decreased to 168%. Home buyers, who reported a median income of $56,525 were qualified to purchase any one of the 5,515 homes listed in the My Florida Regional MLS for $305,300 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 June 2015 was 4.08%, up 16 basis points from May. 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 1.9 months of inventory. The median home price in Oviedo is up 4.7% year-over-year. Homes are still affordable with a median sale price of $256,453 over the last 90 days.
There are currently 227 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $339,900. 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), 366 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $256,453. Median days to contract and close was 25 and 68, respectively. For the same period last year, 283 single family homes were bought and sold for a median price of $245,000.
Of the 366 homes sold, 285 (77.9%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $270.000. They took 17 days to go under contract and 62 days to close.
Short sales accounted for 17 (4.6%) homes sold. Median sale price was $235,000 and median days to contract and close, from the day they were put on the market, was 224 and 320, respectively. That is a contract-to-close time of 3.2 months, improved for the second month in a row over the 4-5 months it had been for several years.
There were 64 (17.5%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $206,650 and median days to contract and close was 52 and 94, respectively.
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