Gainesville FL Condominium Market Report December 2016
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. Our December 2016 stats shows a steady stat in pending sales. The new listings coming on the market are up from the last month. The closed sales in December are down this month to 42 units.
This chart below shows the stats for October, November & December of 2016. New Active Listings, Pending Sales, and Closed Sales are displayed for comparison. 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 December 2016 to December 2015. Condominium sales compared to last year are IMPROVED!! There were 42 Closed sales in 2016 and 23 of those sales were cash transactions. Available inventory is DOWN 39% and this is an indicator that the available condos for sale less than last year. The Average sales price is up 18% from last year. The Median time to contract is reduced by 28%. Good indication is Median Sales prices are UP by 19%.
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.