Posted October 10, 2013 by Thomas Scott, Realtor®
The supply-demand in Oviedo real estate is starting to slowly move from a strong seller’s market towards a balanced market. With 2.1 months of inventory, we are still in a solid sellers’ market. Homes in the best condition and priced well are going under contract quickly. Even though interest rates are off their historic lows, affordability index indicates a family with median income can well afford the median priced home.
On September 16, 2013 The Orlando Regional Realtors’ Association reported, “The median price of existing homes sold in the Orlando area during August leaped nearly 29 percent over the median price in August of 2012.” (See http://goo.gl/lav6EC for complete details and analysis). The average mortgage in August 2013 increase a modest 13 basis points, up from 4.51% in July. Affordability index* for all of Orange and Seminole County stayed steady at 180% for August 2013. ORRA will report September 2013 numbers in mid-October.
*An Affordability Index of 101% means a family with median income earns 1% more than necessary to afford a median priced home.
In Oviedo and Chuluota, 271 single family homes sold in the three months from July 1 thru September 30, 2013. 282 homes sold in the same period a year earlier, a decrease of 3.9%. Median sold price for the three months this year was $243,500, an increase of 16.0% over the same period in 2012, when the median home price was $210,000. Median days to contract and close this year is 19 and 70 respectively, for the most recent 90 days, an small increase over last months’ reported over 15 and 60, respectively.
There are currently 191 single family homes listed for sale for a median price of $294,900. That is 2.1 months of inventory, slightly higher than the 1.9 months reported last month. A balanced market is considered between 5 and 7 months of inventory.
Of the 271 homes sold June thru August, 189 (69.8%) were “normal” sales with a median price of $269,250, 15 days to contract, up from the reported 10 days last month, and 53 days to close.
During the same period, there were only 41 (15.1%) short sales that sold for a median price of $195,000. They took 23 days to go under contract and 149 days to close (median values) from the day the home was put on the market. That’s 126 days or about 4 months to get from contract to close.
There were, 41 (15.1%) foreclosures, also called REO or bank owned homes sold with a median price of $178,000, 35 days to contract and 84 days to close.
The number of short sales and foreclosure / bank owned homes continue to slowly decrease each month. This is helping propel home values. Affordability index and the continued shortage of inventory seems to indicate we still have a lot of runway left for the housing market to continue to appreciate.
Please call or send me an email anytime with questions about the real estate market in your neighborhood or your home’s value, provided without cost or obligation. Or just go to our website, http://www.jeanscottteam.com/sell/
Thank you,
Thomas Scott, Realtor®, GRI® Operations and Marketing Manager Jean Scott Team
407-760-3639 Tom@JeanScottHomes.com
Realtors® Jean Scott & Joann Harbour Lead Listing and Buyer Specialists.