Gainesville FL Condominium Market Report NOV 2018
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. This post is for the November 2018 market report and shows our actual MLS data. We are now in the slower fall market cycle. The new listings coming on the market are steady month to 66 units. The closed sales for Nov. are reported at 47 units. Pending sales are at 64 units. (We fully admit we got behind on our market reports, but NOW we are on time!)
This chart below shows the stats for Sept, Oct. & Nov. 2018. 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 November 2018 to November 2017. There were 47 closed sales in Nov. 2018 and 28 of those sales were cash transactions. This reflects a decrease of 17% from last year. It shows that more buyers are getting loans for condos in our area. The Average sales prices are up slightly from last year. 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.