On October 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Following a record-breaking summer of home sales and with school now back in session, Orlando’s housing market took its traditional August-to-September breather. Regardless, sales in September were more than 3 percent higher than in September of last year.”
The affordability index* for September was unchanged at 171%. Home buyers, who reported a median income of $56,696 were qualified to purchase any one of the 5,259 homes listed in the My Florida Regional MLS for $310,760 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 September 2015 was 3.96%, exactly the same as it was the month before. 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. The current, ultra-low interest rate environment is not expected to continue past this coming winter.
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 2.2 months of inventory. The median home price in Oviedo at $269,000 is up 3.8% year-over-year. Homes in Oviedo and Chuluota are still very affordable according to ORRA affordability statistics.
There are currently 230 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $350,000.
According to data as reported in the My Florida Regional MLS (MFR MLS), 314 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $265,000. Median days to contract and close was 27 and 70, respectively. For the same period last year, 264 single family homes were bought and sold for a median price of $259,500.
Of the 314 homes sold, 254 (81.0%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $272,400. They took 25 days to go under contract and 64 days to close.
Short sales accounted for 14 (4.4%) homes sold. Median sale price was $244,000 and median days to contract and close, from the day they were put on the market, was 17 and 190, respectively. That is a contract-to-close time of 5.8 months, a little over the historical 4-5 months it had been since the aftermath of the real estate market crash.
There were 46 (14.6%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $223,875 and median days to contract and close was 51 and 86, respectively.
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