Gainesville FL Condominium Market Report Jan 2017
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The January 2017 market report shows a big jump up in pending sales. The new listings coming on the market are also up from the last month. The closed sales in January are reported at 43 sales.
This chart below shows the stats for November, December and January. The last three months of data are displayed below of new active listings, new pending sales, and closed sales. This data is compiled from the Gainesville Multiple Listing Service & Florida Realtors® research and statistical reports. Each month we compile these posts, we plan to publish these monthly reports after the 23rd of each month. Bookmark this site for Gainesville real estate information!
This next table compares Jan 2017 to Jan 2016. Condominium sales compared to last year are consistent for a typically slow month in our market. There were 43 closed sales in Jan 2017 and 25 of those sales were cash transactions. Available inventory is DOWN 43% and this is an indicator that the available condos for sale less than last year. The Average sales price is up 14% from last year. The Median time to contract is reduced by 12%. Good indication is Median Sales prices are UP by 14%.
The Gainesville condominium real estate market continues to be good for buyers. The biggest obstacle for condominium sales is a buyer’s ability to obtain a mortgage. Each condominium complex will be analyzed by the mortgage lender & underwriters for loan approval. Call me to find out which condo complexes will qualify for FHA Financing. Finding any lender on a Florida condo has been tough, so be prepared when shopping for a lender on your condo purchase. Ask your Realtor if a unit you are considering is a true condo or a PUD (Planned Unit Development). Lenders and their underwriters are scrutinizing the condo association’s budget and ownership ratios to determine if they will offer financing.Your lender will want to know if the condominium you are interested in is a “true condo” or a PUD (Planned Unit Development).
Cash Buyers and Investors have excellent opportunities in the Gainesville market.