April of 2015 marks the 46th consecutive month in which the median home price in Central Florida has shown a year-over-year increase. On May 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando’s housing market posted positive numbers for the month of April, with the sales of existing homes showing a 12 percent rise and the median price showing an 8 percent rise when compared to April of 2014”. Inventory continues to tighten again and more towards a strong sellers’ market with 3.7 months of supply. (Inventory less than 5 months supply is considered a sellers’ market and more than 7 months is a buyers’ market).
The affordability index* for April 2015 increased to 183%. Interest rates are down slightly while median income had inched up. Home buyers, who reported a median income of $56,411 were qualified to purchase any one of the 5,620 homes listed in the My Florida Regional MLS for $319,700. (*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 April 2015 was down 9 from the month prior to 3.69%, 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 216 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $314,900. 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, 290 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 $240,000. Median days to contract and close was 35 and 77, respectively. For the same period last year, 256 single family homes sold for a median price of $259,000.
Of the 290 homes sold, 218 (75.2%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $257,600. They took 21 days to go under contract and 64 days to close.
Short sales accounted for 14 (4.8%) homes sold. They are no longer the significant part of the market they once were. Median sale price was $236,000 and median days to contract and close, from the day they were put on the market was 88 and 192, respectively, which is a contract-to-close time of 3.4 months. The median contract to close time frame for short sales is historically solidly in the 4-5 month range.
The number of bank owned home sales, also known as foreclosures or REOs have been increasing. There were 58 (20.0%) bank owned homes sold in the last 90 days. The median sold price was $175,000 and median days to contract and close was 64 and 114, respectively.
For all our current listings, see Our Listings. Home sellers, just click the link above, “Sell My Home” to learn more about us, including seeing the listings we sold since 2012.