Gainesville FL Condominium Market Report October 2017
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. The October 2017 market report shows some positive numbers for the fall condo market. The new listings coming on the market are UP from last month. The closed sales for October are reported at 51 units. Pending sales are 66 units.
This chart below shows the stats for August, Sept & October. 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 October 2017 to October 2016. Condominium sales compared to last month are stable. There were 51 closed sales in October 2017 and 28 of those sales were cash transactions. Available inventory is down 5.4% this month and this is an indicator that the available condos for sale less than we had last year. The Average sales has increased by 15.6% from last year. The medium time to contract shows 53 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.
Are you ready to start looking for a Gainesville Condo? Give us a Call!