Gainesville FL Condominium Market Report March 2018
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The stats for March 2018 market report shows factual data March. The new listings coming on the market are up with 132 units. The closed sales for March are reported at 81 units. Pending sales are also up for March at 121 units. We’re swinging into the spring market!
This chart below shows the stats for January, February & March. 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 March 2018 to March 2017. Condominium sales compared to last month are stable. There were 81 closed sales in March 2018 and 39 of those sales were cash transactions. It shows that more buyers are getting loans for condos in our area. The Average sales are UP 8% from last year. Our median sales prices have also gone up and this is good news for our Gainesville condo market. The medium time to contract shows 25 days. 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).
Cash Buyers and Investors have excellent opportunities in the Gainesville market.