You are reading the June 2011 Real Estate Report for Alachua County & Gainesville. The information in the report is through 6/30/2011. We take a look at home values, real estate trends, sales activity and the strength of the real estate market each quarter and share what we see with you. The report comes from information that local REALTORS® update in the local multiple listing service and won’t include every single transaction in the County.
Overview: Home Values and Real Estate Trends 2nd Quarter 2011
We’ve had more sales and fewer new listings this year than the first 6 months of 2010. That’s a good thing because it keeps the inventory levels from skyrocketing, which would push prices down.
Prices have come down a little anyway, while our supply of inventory has gone up – we now have about an 18 month supply of homes on the market and 17 months of condos.
(That means it would take 18 months to sell all the homes on the market if buyers kept going at their current activity levels and no more homes came onto the market)
Median price per square foot is down about 10% compared to the same time frame last year, but most of that drop is in the distressed property markets. “Traditional” property sales prices are down about 6%, while Short Sales are down 16%, and foreclosures are staying close to the same as 2010 so far this year.
There are real buyers out there, but they have a lot of homes to look at. The good news is that most of them have already been picked over and most of your competition is either over-priced or unattractive for some other reason, or both.
Many buyers are overwhelmed because they have a lot of homes to look at and they don’t want to miss out on an amazing deal. Keeping a few ideas in mind will help you stay in control.
Start by narrowing down your search by finding the homes that have the features you want (fireplace, 2 car garage, full yard fencing, etc.).
Get an idea of what other homes have sold for in the area, not just what prices they are asking, so you really know if you are getting a good deal or not.
Distressed Properties in Alachua County
Short Sales and Foreclosures are more common this year. About 20% of the sales in 2011 were from distressed properties.
Short Sales closed out at about 20% below the market average sale price.
Foreclosure sales (bank owned properties) sold for 40% below the market average!
If you haven’t seen these homes you won’t know what to expect. Unless they have been well cared for, which can happen when banks like Freddie Mac own them, it’s common to see foreclosed homes that have rotten roofs and missing air conditioners.
If you are willing to do some major repairs these homes are a great way to buy your first home, or get into an investment property.
Do you want us to help you?
If you want to know how this affects you we can help.
We can do the looking for you, and check out the details of the homes you like.
Contact us and let us know how we can help you.
The full report has stats on active, pending, and sold real estate for the 2nd Quarter of 2011 and 2011 year to date, as well as information on price trends, days on the market, and inventory supplies by price bracket.
Click Here to download the Gainesville & Alachua County Real Estate Report for 2nd Quarter 2011. (Adobe PDF file)Gainesville & Alachua County Real Estate Market Report 2nd Quarter 2011
How to Read It
- The top of each page tells you what that page is about.
- Near the top left of most pages you will find details for the current quarter – April thru June 2011.
- Near the top right of most pages you will find the details for the entire year to date for 2011, 2010, and 2009.
- Pages that are not set up that way may be comparing activity in this quarter to a previous quarter, or show graphs comparing 2011 real estate trends to market statistics going back up to five years.
Click Here to download the 2nd Quarter 2011 Real Estate Report for Gainesville & Alachua County. (Adobe PDF file)
Read our Past Real Estate Reports
3rd Quarter 2010
Based on information from the Gainesville-Alachua County Association of REALTORS or its Multiple Listing Service. Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.