On March 16, 2015, The Orlando Regional Realtors’ Association (ORRA) reported that for February 2015, Orlando median home prices increased 4.4% over February 2014. Year-over-year price increases have continued now for 44 consecutive months, going back to July 2011. Inventory decreased to 4.8 months of supply, just barely into sellers’ market territory. (Inventory less than 5 months is considered a sellers’ market and more than 7 months is a buyers’ market).
The affordability index* for February 2015 inched down to 191% due to increased median home price and interest rates moving back up. Orange and Seminole County home buyers who reported a median income of $56,297 were qualified to purchase any one of the 5,676 home listed in the My Florida Regional MLS for $314,700 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 February 2015 was 3.80%, up 13 basis points from January. 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 3.1 months of inventory. Median home prices are up 1.5% year-over-year and remain affordable with a median sale price of $240,000 over the last 90 days.
There are currently 208 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $299,900. 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, 203 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 $239,970. Median days to contract and close was 45 and 94, respectively. For the same period last year, 198 single family homes sold for a median price of $236,500.
Of the 203 homes sold, 150 (73.9%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $260,000. They took 37 days to go under contract and 72 days to close.
Short sales accounted for 15 (7.4%) homes sold. Median sale price was $190,000 and median days to contract and close, from the day they were put on the market was 72 and 217, respectively. The median contract to close time frame for short sales was 4.8 months.
There were 38 (18.7%) bank owned homes, sometimes called REO or foreclosures, sold in the last 90 days. The median sold price was $174,900 and median days to contract and close was 70 and 105, respectively.
For all our current listings, see Our Listings. Home sellers, just click the link above, “HOME SELLERS” to learn more about us, including seeing the listings we sold since 2012.