Gainesville FL Condominium Market Report October 2016
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The October 2016 stats shows a slight decrease in pending sales. The new listings coming on the market are down from the last month. Pending sales are at 53, and slightly down from last month. The closed sales in October are down to 47 units.
This chart below shows the stats for August, September & October 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 October 2016 to October 2015. Condominium sales compared to last year are IMPROVED!! There were 47 Closed sales in 2016 and 24 of those sales were cash transactions. Available inventory is DOWN 37% and this is an indicator that the available condos for sale less than last year. The Average sales price is up 22% from last year. The Median time to contract is reduced 39%.
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.