Gainesville Florida Condominium Market Report for May 2016.
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The May 2016 stats shows an increase in pending sales, which is proof of a strong summer season. The new listings coming on the market are slightly down compared to last month and closing are UP.
This chart below shows the stats for March, April and May 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 MAY 2016 to MAY 2015. Condominium sales compared to last year are IMPROVED!! There were 80 Closed sales in May, and 39 of those sales were cash transactions. Available inventory is DOWN 25% and this is an indicator that the available condos for sale less than last year. The Average sales price is up 21% from last year. PENDING transaction are up to 1022 in May. 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.