On October 17, 2016, The Orlando Regional Realtors’ Association (ORRA) reported, “The median price of Orlando homes rose 12 percent year-over-year in September, while sales increased by 3 percent. The supply of homes available for purchase in the Orlando area slid downward by 10 percent”. With inventory reported at 3.4 months, limited inventory, low interest rates, and high affordability continue to drive home prices higher.
The affordability index* for September 2016 remained essentially steady at 162% as compared August. Home buyers, who reported a median income of $57,380 were qualified to purchase any one of the 4,357 homes listed in the My Florida Regional MLS in Orange and Seminole counties for $331,570. *(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 September, Orlando area home buyers paid an average interest rate of 3.53%, up only 4 basis points from August. This rate is among the lowest reported in decades according to Freddie Mac, 30-Year Fixed-Rate Mortgages Since 1971.
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, 326 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 2.0 month, 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 $289,000. Homes in Oviedo and Chuluota are still affordable according to ORRA affordability statistics. Median days to contract and close was 19 and 65, respectively, virtually unchanged over the last several months. Contract-to-close time also remains relatively steady at 46 days.
For the same period last year, 307 single family homes were bought and sold for a median price of $260,500. The median sale price for homes in Oviedo is up 7.1% over last year.
Of the 326 homes sold, 292 (89.6%) were “normal” sales (neither short sales nor bank owned) with a median price of $300,000. They took 16 days to go under contract and 62 days to close.
There were only 13 (4.0%) short sales. Median sale price was $255,000 and median days to contract and close, from the day they were put on the market, was 110 and 186, respectively. Contract-to-close time was 2.5 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 21 (6.4%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $235,100 and median days to contract and close back to the normal range of 23 and 74, respectively.
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