On September 15, 2015, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando consumers chased the traditional summertime home buying wave to its tail end and racked up 22 percent more home sales in August of 2015 than in August of 2014. Buyer demand also helped swell the median home price by 11 percent, which marks the greatest month-over-month percentage increase this year.”
The affordability index* for August was essentially unchanged at 171%. Home buyers, who reported a median income of $56,639 were qualified to purchase any one of the 5,339 homes listed in the My Florida Regional MLS for $310,448. *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 August 2015 was 3.96%, down only 2 basis points from June. 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 consensus in the investment community is that it’s not a matter of if The Federal Reserve will raise interest rates in the foreseeable future, but when.
See ORRA Real Estate Market Report for complete data and analysis.
The Oviedo real estate market, including homes in the 32766 ZIP Code in Chuluota, remains strong with 2.0 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 242 single family homes listed for sale in Oviedo and Chuluota, listed at a median price of $339,450.
According to data as reported in the My Florida Regional MLS (MFR MLS), 362 single family homes were bought and sold in Oviedo and Chuluota (32765 & 32766) in the most recent 90 days. The median sale price was $269,900. Median days to contract and close was 26 and 69, respectively. For the same period last year, 270 single family homes were bought and sold for a median price of $260,000.
Of the 362 homes sold, 293 (81.0%) of them were “normal” sales (neither short sales nor bank owned) with a median price of $276,900. They took 21 days to go under contract and 64 days to close.
Short sales accounted for 16 (4.4%) homes sold. Median sale price was $240,000 and median days to contract and close, from the day they were put on the market, was 34 and 173, respectively. That is a contract-to-close time of 4.7 months, very much in line with the 4-5 months it had been since the aftermath of the real estate market crash.
There were 53 (14.6%) bank owned home sales, also known as foreclosures or REOs in the last 90 days. The median sold price was $218,900 and median days to contract and close was 54 and 85, respectively.
Try our Market Snapshot to get the market stats for you specific community and even narrow it down to homes most like yours. We would be glad to help you get it set up by calling us at 407-765-2912. There is no cost or obligation, we totally promise not to spam you, and you may unsubscribe anytime.
Are you thinking about selling? Learn more about us, see what we have to offer, and all the homes we sold since 2012. Just click the link above, “SELL MY HOME”. Or give us a call at 407-765-2912. Never any pressure. Promise.