I thought you’d like me to share.
I’ve been looking over the Alachua County & Gainesville real estate market stats for 2008, and comparing them to real estate market stats from earlier years. I’m looking at residential home sales, which includes single family homes, new construction posted to the MLS, and attached homes like condos and townhouses.
The average sale price of homes for sale in Gainesville has been dropping since it’s peak in 2007, but looking at the trend line it seems like sale price has been leveling out over the past few months. An interesting addition to that is that the average price per square foot on homes that sold has continued to drop – meaning that people are paying the same but are getting bigger homes for their money.
It is also taking longer to sell homes; the homes for sale in Gainesville are on the market about a month longer before they sell – and that doesn’t include the days that they were on the market with another company or trying to sell w/o an agent before listing.
There was about $460 million dollars of Alachua & Gainesville real estate that sold in 2008. That is a big number, but during the boom of 2006 that number was almost twice as high! So, sales volume is down but still rolling along.
As far as ‘The Bubble” goes – home prices in Alachua County have come down near the levels we had seen in 2005. Combined with the lower interest rates available now the affordable pricing is bringing buyers back into the market to take advantage of the great deals that are out there.