Gainesville FL Condominium Market Report September 2017
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. Our September 2017 market report shows our typical slow down in our Gainesville condo market. The new listings coming on the market are down from last month as well, which is normal for the fall slow season. The closed sales in September are reported at 44 with 53 now pending to close.
This chart below shows the stats for July, August & Sept. 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 Sept. 2017 to Sept. 2016. Condominium sales compared to last month are stable. There were 44 closed sales in September 2017 and 30 of those sales were cash transactions. Available inventory is down 3.8% this month and this is an indicator that the available condos for sale less than we had last year. The Average sales price is down 5%. The medium time to contract shows 48 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).
Condominiums could be a good real estate investment for the Gainesville market.
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Cash Buyers and Investors have excellent opportunities in the Gainesville market.
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