The Orlando Regional Realtors’ Association (ORRA) reported on July 15, 2016, “The median price of Orlando homes sold during the month of June increased 15 percent compared to June of last year, the result in part of yet another double-digit decline in inventory”. In addition, home inventory has now declined for 12 consecutive months, adding to the already strong, sellers’ market. The current inventory of homes is 3.0 months supply. A balanced market is considered to be in the 5-7 months of inventory range.
The affordability index* for June 2016 remained steady at 161% as compared to May. Home buyers, who reported a median income of $57,209 were qualified to purchase any one of the 4,571 homes listed in the My Florida Regional MLS for $333,900 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).
Orlando area home buyers paid an average interest rate of 3.45%, down 17 basis points from the 3.62% rate reported for May, saving the average homebuyer about $40 per month in interest payments. In 2012 and early 2013, interest rates were in the 3.25% – 3.50% range, the lowest in more than 40 years according to Freddie Mac, 30-Year Fixed-Rate Mortgages Since 1971.
For the complete ORRA report, including all the statistics and an excellent analysis, please see ORRA Real Estate Market Report.
According to data as reported in the My Florida Regional MLS (MFR MLS), there are currently 195 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $385,000. To see all the homes currently for sale in Oviedo priced between $200,000 and $500,000, see http://OviedoHomes.JeanScottHomes.com.
Per MFR MLS, 368 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, has a very tight 1.6 months of inventory, a very strong sellers’ market. The best-priced homes in the best condition continue to go under contract quickly, especially in the $200,000 – $300,000 price range.
The median sale price for homes sold was $315,000, up 8.6% from last month. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics noted above. Median days to contract and close was 18 and 68, respectively, virtually unchanged over the last few months.
For the same period last year, 379 single family homes were bought and sold for a median price of $257,000. The median sale price for homes in Oviedo is up 22.6% over last year.
Of the 368 homes sold, 335 (91.0%) were “normal” sales (neither short sales nor bank owned) with a median price of $320,000. They took 16 days to go under contract and 64 days to close.
There were only 11 (3.0%) short sales. Median sale price was $211,000 and median days to contract and close, from the day they were put on the market, was 92 and 208, respectively. Contract-to-close time was about 3.9 months. Historically, that’s been in the 4-5 months range since the market downturn and short sales started hitting the market.
There were 22 (6.0%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $240,350 and median days to contract and close was fairly steady at 38 and 95, respectively.
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