Gainesville FL Condominium Market Report July 2017
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. This July 2017 market report shows a steady high level of pending sales. The new listings coming on the market are down from last month and could be an indicator reduced homes coming on our summer market. The closed sales in July are reported at 87 with 98 now pending to close. It’s a HOT summer condo market!
This chart below shows the stats for May, June and July. 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 the GainesvilleRealEstateTalk blog!
This next table compares July 2017 to July 2016. Condominium sales compared to last month are up which is a sign of our strong summer market. Yet our number of sales compared to last year is down 12%. There were 87 closed sales in July 2017 and 54 of those sales were cash transactions. Available inventory is down 26% this month and this is an indicator that the available condos for sale less than we had last year. The Average sales price is up 7%. The medium time to contract shows 35 days, and during the summer, the condos sell quickly. The full detailed report is available here in our library.
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).
Condominiums could be a good real estate investment for the Gainesville market.
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