On June 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The median price of Orlando homes sold during the month of May increased more than 12 percent compared to May 2015 and crossed the $200,000 mark for the first time since August 2008. In addition, sales showed a year-over-year increase of nearly 7 percent despite a continuing slide in inventory.” The current inventory of homes is 3.2 months supply, still a strong sellers’ market.
The affordability index* for May 2016 remained steady at 170% as compared to April 2016. Home buyers, who reported a median income of $57,152 were qualified to purchase any one of the 4,423 homes listed in the My Florida Regional MLS for $326,800 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 3.62%, virtually unchanged from the 3.63% rate reported for April. 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 211 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $378,900. 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, 351 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 1.8 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 $290,000, up 5.5% 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 19 and 69, respectively, a couple fewer days on that market than last month.
For the same period last year, 340 single family homes were bought and sold for a median price of $255,000. The median sale price for homes in Oviedo is up 13.7% over last year.
Of the 351 homes sold, 304 (86.6%) were “normal” sales (neither short sales nor bank owned) with a median price of $300,000. They took 14 days to go under contract and 64 days to close.
There were only 13 (3.7%) short sales. Median sale price was $214,000 and median days to contract and close, from the day they were put on the market, was 143 and 208, respectively. Contract-to-close time was about 2.2 months, about the fastest since the market downturn that started in 2006. The historical time frame has been 4-5 months.
There were 34 (9.7%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $235,500 and median days to contract and close was down to 47 and 113, respectively.
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