On November 16, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando home sales slipped 3 percent in October and marked the first time since August 2014 that the market has posted a year-over-year decline in the number of residential real estate closings.” Good news is that median home prices in Orlando are up 12.5% over October 2014.
The affordability index* for October was up slightly to 175%. Home buyers, who reported a median income of $56,753 were qualified to purchase any one of the 5,097 homes listed in the My Florida Regional MLS for $314,910 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 October 2015 was 3.86%, up just 10 basis points from September 2015. 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.
For the complete ORRA report, including a all the statistics and excellent analysis, please see ORRA Real Estate Market Report.
The Oviedo real estate market, including homes in the 32766 ZIP Code in Chuluota, remains strong with 2.4 months of inventory. The median home price in Oviedo at $269,000 is up 7.6% year-over-year. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics.
There are currently 213 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $349,900. To see all the homes currently for sale in Oviedo priced between $200,000 and $500,000, see http://OviedoHomes.JeanScottHomes.com.
According to data as reported in the My Florida Regional MLS (MFR MLS), 267 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $260,000. Median days to contract and close was 25 and 70, respectively. For the same period last year, 246 single family homes were bought and sold for a median price of $249,950.
Of the 267 homes sold, 217 (81.3%) were “normal” sales (neither short sales nor bank owned) with a median price of $270,000. They took 23 days to go under contract and 66 days to close.
Short sales accounted for 10 (3.7%) homes sold. Median sale price was $229,000 and median days to contract and close, from the day they were put on the market, was 34 and 206, respectively. That is a contract-to-close time of 5.7 months, higher than the historical 4-5 months it had been over the last several years.
There were 40 (15.0%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $215,288 and median days to contract and close was 34 and 71, respectively.
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