Condo Sales History in Gainesville Florida

Condo Sales in Gainesville FL

There are many condo owners in our area curious about the sales history of condos in Gainesville.  Some of my current sellers are frustrated by the slowness of the condo market here in Gainesville. Here is the Condo Sales in Gainesville FL Report.

Our biggest lag on condo sales now is directly related to the fact that it very hard for any buyer to obtain financing.  Cash buyers have access to bargain basement pricing, and there is high inventory to choose from.   Buyers needing FHA financing are frustrated with changes to the “FHA Approved Condo Community” List and new underwriting issues.  Conventional loan underwriting rules also limit a buyers ability to secure a loan on a condo in a condo-conversion community.   There are some lenders that will NOT offer financing for any condo in our area for “investment” purposes.

Using our MLS database I have compiled these stats.

Here is the History of annual sales of condos in the Gainesville-Alachua County MLS from 2005 through 2009.

 

YEAR            # of CLOSED SALES

2005                      1,293

2006                      1,433

2007                        992

2008                        615

2009                        366

As of this date January 21, 2010 – Our MLS shows 609 ACTIVE LISTINGS (Condos and Townhomes).

Of those 609 units currently for sale, 94 are short sales.

If you are looking for income producing properties in the Gainesville FL area, you should consider condos for sale near the University of Florida and Shands Hospital.