Space for the quiet life

Here you are out in the country, enjoying the sunshine and your quiet, peaceful existence. If, however, you are planning on selling, refinancing, or getting an equity line of credit you may want an updated idea of what the real estate market is actually doing right now.

Homes for Sale Now

There are 2 homes on the market – both of them have been available for a while now.

Click on the photo to see details of the homes, photos, and descriptions.

Sales History

This is a small neighborhood that people enjoy living in, so it isn’t surprising that there are never more than a handful of homes that are available for sale each year.

The number of sales peaked in 2006 at a total of 7 homes, and dropped to only 2 in 2007.  During that time the average sale price dropped from $483,000 to $412,500 – but the homes that sold were smaller and the per square foot actually increased from $186/sqft to $222/sqft. Four other homes were on the market but didn’t sell in 2007, they cost more but were larger so actually averaged less per sqft ($202/sqft).  It seems that the buyers’ uncertainty about the market caused them to buy smaller, more affordable homes at the time.

In 2008 four homes sold.  The larger homes in the neighborhood became more affordable as asking prices were reduced during the year, and people’s preference for size dominated their decisions. The average price dropped to $329,750 and while the price per square foot also dropped to $142/sqft.  These homes were on the maket 287 days – 354 days when adjusted for prior unsuccessful sales attempts.  One home came off the market (unsold) and as yet has not been relisted.  Interestingly, the original asking prices averaged $402,000 – meaning that the asking price dropped by $55,000 before these homes ever went under contract (they were listed apx 22% over market value).

There has already been one sale this year.  It’s a 2,400 sqft three bedroom two bath home.  It sold for $320,000 – bringing the average price per sq ft to $132.

Sales Statistics – click for a larger view

What does it mean?

Demand for homes in the county dropped as the general real estate market fell and it dropped further as gas prices increased.  Like most of Alachua County, homes are selling again close to their 2005 values.   If you need to value your property for a re-finance or insurance don’t be surprised if you see a drop from the peak estimates in 2006.