On March 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The Orlando median home price has now experienced year-over-year increases for the past 55 consecutive months; as of February the median price is 60.17 percent higher than it was in July 2011.” While prices are continuing upward, the number of sales and inventory decreased in February 2016.
The affordability index* for February 2016 was almost unchanged from January at 173%. Home buyers, who reported a median income of $56,981 were qualified to purchase any one of the 4,471 homes listed in the My Florida Regional MLS for $320,600 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 2016 was 3.75%, down 18 basis points from the prior month. 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 188 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $389,950. 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, 206 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 2.7 months of inventory, a strong sellers’ market. The best-priced homes in the best condition are going under contract quickly.
The median sale price was $258,950, down 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 34 and 81, respectively, unchanged from last month.
For the same period last year, 211 single family homes were bought and sold for a median price of $245,000. The median sale price for homes in Oviedo is up 5.7% over last year.
Of the 206 homes sold, 165 (80.1%) were “normal” sales (neither short sales nor bank owned) with a median price of $270,000. They took 24 days to go under contract and 73 days to close.
There were only 8 (3.9%) short sales. Median sale price was $272,500 and median days to contract and close, from the day they were put on the market, was 56 and 161, respectively. Contract-to-close is almost 4 months, on average and very close to the historical 4-5 month time frame.
There were 33 (16.0%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $212,000 and median days to contract and close remained unchanged at 83 and 119, respectively.
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