This is an update on real estate market activity for properties along Millhopper Road, Gainesville FL, for the first half of 2009. The focus of the report is on upscale and luxury homes in the area, asking $400,000 and up.
Recent Sales
9 homes have sold so far in 2009. The original asking prices ranged from $415,000 to $899,900. The median selling price was $650,000 for a 4 bedroom 3.5 bath home at 3,425 sqft, on the market for 280 days. They reduced their asking price by a median $120,000 to get a contract. The median selling price per square foot is $152, and ranged from a low of $131 to a high of $210.
For Sale Now
Millhopper Road Homes for Sale
There are 18 homes for sale right now along Millhopper Road.
The asking prices range from $365,000 (Windsor Glen $130/sqft) to $1,675,000 (Thornehill $342/sqft). The median size home is 4 bedrooms and 3.5 baths with 4,000 sqft, it has been on the market about 4 months and is asking $188/sqft.
Click the photo to the left for details on all the homes for sale along Millhopper Road.
Absorption Rate
In the last 12 months this area had about 1 sale per month. At that rate there is an 18 month supply of inventory.
Waiting to Close
4 homes have a contract and are going through their contingency period. Once escrow closes we will know the sale prices.
The owners are asking from $399,000 ($139 per square foot) to $660,000 ($180 per square foot). The median asking price is $499,900 for a 4 bedroom 3.5 bath home at 3,609 sqft. One home dropped their asking price by $183,000 in the 500 days it was on the market, but the others are at or near their original asking price and have been on the market 3 months or less.
