Gainesville Florida Condominium Market Report for February 2016.
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The February 2016 stats shows new growth in pending sales, which is a good sign for the upcoming Spring season. The new listings coming on the market is up also, and this will be good for this season’s buyers.
This chart below shows the stats for December of 2015, January and February of 2016. New Active Listings, Pending Sales, and Closed Sales are displays 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 February 2016 to February 2015. Cash Sales percentage of total sales has become a significant issue. In the display below, you can see the large percentage of cash sales in our local Condo & Town Home market. There were 42 Closed sales in February, and 34 of those sales were Cash Buyers. The Average sales price is up 8.7%. PENDING transaction are up to 81 in Feb. Finding any lender on a Florida condo is 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.
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. Your lender will want to know if the condominium you are interested in is a “true condo” or a PUD (Planned Unit Development). Condominiums could be a good real estate investment for the Gainesville market.
Cash Buyers and Investors have excellent opportunities in the Gainesville market.