Gainesville FL Condominium Market Report May 2017
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. Our May 2017 market report shows a steady high level of pending sales. The new listings coming on the market held strong compared to last month and it is a good indicator for our strong spring market. The closed sales in May are reported at 96 units.
This chart below shows the stats for March, April and May. 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 May 2017 to May 2016. Condominium sales compared to last month are up which is a sign of our increasing spring market. There were 96 closed sales in May 2017 and 51 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 off slightly from last year. Closed sales are up 17% from this time last year.
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.