Gainesville Florida Condominium Market Report for March 2016.
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The March 2016 stats shows new growth in pending sales, which is proof of a strong Spring season. The new listings coming on the market is up also, and this will be good for our spring/summer buyers.
This chart below shows the stats for January, February and March 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 March 2016 to March 2015. Condominium sales compared to last year are STRONG!! Dollar volume alone is 100% improvement from 2015. There were 70 Closed sales in March, and 45 of those sales were cash sales. The Average sales price has jumped up from last year by 45.8%. PENDING transaction are up to 108 in March. 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.