Buying a Home in Oviedo, FL
You are writing an offer in one of the hottest small towns in one of the hottest real estate markets in the country, Oviedo, Florida. We know there are multiple, multiple offers and it’s competitive. As a Realtor working with buyers, I would give them my back-of-the napkin, gut feel about how strong their offer is and their odds of it getting accepted. That was based on my years of experience, my read of the situation, and how I see offers coming in for the listing on our own team. I never had solid numbers. Until now.
I did a little data mining in Stellar MLS and got some solid numbers! I looked at all closed sales reported from January 1 thru March 31, 2022 in Oviedo, FL and exported the data to Excel. I was interested in knowing the final sale price, list price at the time of the contract, how many transactions there were, and the type of financing. With the final sale price and list price, I was able to calculate what’s known as the sale price to list price (SP/LP) ratio. Historically, this has been in the 98% – 99% range.
I then sorted all the data, high to low, based on SP/LP ratio and ranked each by percentile. Here’s what I found.
185 single family and townhomes sold in the first quarter of 2022
- One home, 0.5% of homes sold, sold for more than 20% over list. It was 26%
- Three homes, 1.6%, sold for more than 15% over list price.
- Eight homes, 4.3%, sold for 10% or more over list price.
- 40 homes, 21.1%, sold for 5% or more over list price.
- 64 homes, 34.6%, sold for 3% or more over list price.
- 136 homes, 73.5%, sold for list price or more.
What does this mean?