On June 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Sales of existing homes increased 10 percent while the median price also increased 10 percent when compared to May of 2014.” Inventory continues to stay in sellers’ market territory with 4.0 months of supply in the Greater Orlando area. (Inventory less than 5 months supply is considered a sellers’ market and more than 7 months is a buyers’ market).
The affordability index* for May 2015 decreased to 171%. Home buyers, who reported a median income of $56,468 were qualified to purchase any one of the 5,523 homes listed in the My Florida Regional MLS for $310,900 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.
The average mortgage interest rate Orlando area home buyers paid in May 2015 was up 23 basis points from the month prior to 3.92%, still historically low. 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 2.2 months of inventory. The median home price in Oviedo is flat year-over-year and still very affordable with a median sale price of $240,000 over the last 90 days.
There are currently 228 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $344,950. To see all the homes currently for sale in Oviedo priced between $200,000 and $500,000, see http://OviedoHomes.JeanScottHomes.com.
In Oviedo and Chuluota, ZIP Codes 32765 and 32766, 353 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 $253,250. Median days to contract and close was 27 and 70, respectively. For the same period last year, 269 single family homes sold for a median price of $252,500.
Of the 353 homes sold, 270 (76.5%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $271,250. They took 18 days to go under contract and 63 days to close.
Short sales accounted for 20 (5.7%) homes sold. They are no longer the significant part of the market they once were. Median sale price was $235,000 and median days to contract and close, from the day they were put on the market was 232 and 322, respectively, which is a contract-to-close time of 3.3 months. The median contract to close time frame for short sales has historically been in the 4-5 month range.
The number of bank owned home sales, also known as foreclosures or REOs is down some as a percentage of the total. There were 63 (17.8%) bank owned homes sold in the last 90 days. The median sold price was $203,000 and median days to contract and close was 58 and 99, respectively.
Are you thinking about selling? Learn more about us, see what we have to offer, and all the homes we sold since 2012. Just click the link above, “SELL MY HOME”. Or give us a call at 407-765-2912. Never any pressure. Promise.