On May 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The median price of Orlando homes shot up nearly 10 percent in April compared to April 2015, while sales increased about two percent. Both the rise in values and the sluggish movement in sales continue be influenced by the area’s ever-declining inventory.” There is currently a 3.3 month supply of inventory, a strong sellers’ market.
The affordability index* for April 2016 was up slightly from March to 170%. Home buyers, who reported a median income of $57,095 were qualified to purchase any one of the 4,287 homes listed in the My Florida Regional MLS for $326,000 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 April 2016 was 3.63%, down 7 basis points from March. 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 205 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $399,000. 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, 283 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 2.2 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 $275,000, up 7.8% from 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 21 and 69, respectively, a little faster than last month by a handful of days.
For the same period last year, 300 single family homes were bought and sold for a median price of $240,000. The median sale price for homes in Oviedo is up 14.6% over last year.
Of the 283 homes sold, 235 (83.0%) were “normal” sales (neither short sales nor bank owned) with a median price of $292,000. They took 14 days to go under contract and 64 days to close.
There were only 8 (2.9%) short sales. Median sale price was $211,000 and median days to contract and close, from the day they were put on the market, was 117 and 243, respectively. Contract-to-close is back to 4.2 months, right in the pocket of the historical 4-5 month time frame we have seen since the real estate market crash that started in 2006.
There were 40 (14.1%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $218,785 and median days to contract and close was down to 54 and 105, respectively.
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