On November 15, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The median price of Orlando area homes rose 14 percent year-over-year in October. Meanwhile, sales decreased 8 percent as inventory took its greatest year-over-year tumble in 2016 and dropped by 12 percent.” Much of the market’s decrease in inventory and sales is attributed to the disruption caused by Hurricane Matthew and uncertainty of the election. Supply for October in Orlando was 3.8 months.
The affordability index* for September 2016 remained essentially steady at 161% as compared September. Home buyers, who reported a median income of $57,437 were qualified to purchase any one of the 4,212 homes listed in the My Florida Regional MLS in Orange and Seminole counties for $330,200 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).
In October, Orlando area home buyers paid an average interest rate of 3.57%, up only 4 basis points from September. This rate remains among the lowest reported in decades according to Freddie Mac, 30-Year Fixed-Rate Mortgages Since 1971, as has been for most of 2016.
For the complete ORRA report, including all the statistics and an excellent analysis, see ORRA Real Estate Market Report.
According to the My Florida Regional MLS (MFR MLS), there are currently 214 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $398,500. 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, 265 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. Inventory for the Oviedo real estate market, including homes in 32766 in Chuluota, is up a little to 2.3 months, though still a very strong sellers’ market. We are finding that homes that are priced correctly and in good condition are going under contract quickly, especially in the $200,000 – $300,000 price range.
The median sale price for homes sold was $298,000. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics. Median days to contract and close was 24 and 71, respectively, virtually unchanged over the last several months. Contract-to-close time also remains relatively steady at 47 days. For the same period last year, 275 single family homes were bought and sold for a median price of $260,000. The median sale price for homes in Oviedo is up 14.6% over last year.
Of the 265 homes sold, 237 (89.4%) were “normal” sales (neither short sales nor bank owned) with a median price of $305,000. They took 22 days to go under contract and 68 days to close.
There were only 11 (4.2%) short sales. Median sale price was $264,000 and median days to contract and close, from the day they were put on the market, was 127 and 235, respectively. Contract-to-close time was 3.6 months, a metric that seems to be trending downward. Historically, that’s been in the range of 4-5 months since the market downturn and short sales started hitting the market around 2007.
There were 17 (6.4%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $217,500 and median days to contract and close back to the normal range of 44 and 103, respectively.
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