Blues Creek: Real Estate Market Update

This is an analysis of activity in Blues Creek, a subdivision in NW Gainesville, FL in Alachua County.  The report is excluding the smaller patio homes that are available in “The Gardens”.

Want a more recent report?  Nov 2009 Report for Blues Creek is available here.

Homes on the Market

There are 4 homes for sale in Blues Creek.  They range from $322,500 and 2,369 sqft ($136/sqft) to $399,900 and 2,933 sqft ($136/sqft).  They have been on the market for an average of 200 days and have reduced their prices by $35,000 on average.

To see the specifics on all the homes for sale in Blues Creek just click on the photo in this section.

Here is a Vtour for the one that we have listed.

Recent Activity

There are no homes sold yet this year, and nothing waiting to close.

Year to Year comparison

Prices peaked in 2006 at an average of $368,000 ($141/sqft).  There were 11 sales that year, and 12 in 2007 – which is a surprise because activity across the county was down for the year.  Sales prices dropped about 8% in 2007 – to $339,000 ($136/sqft).

In 2008 the number of sales was only 6, down 50% from the prior year.  The average sale price came down another 3% to $329,000 ($122/sqft).

7 homes were marketed in 2008 that didn’t sell.  They averaged an asking price of $340,000 ($138/sqft) when they first came onto the market and $330,000 ($134/sqft) when they came off the market.

In 2008 homes across the county that sold between 2,000 and 3,000 sqft averaged $129/sqft – down to $122/sqft so far in 2009.  It looks like Blues Creek is a little more affordable than “average” in Alachua County, and buyers were not willing to pay up to $134/sqft which is what many sellers were asking.

Time to Market

As prices have come down the length of time it takes to sell homes has generally gone up.  In 2005 it took less than 3 months, on average, to sell a home in Blues Creek.  In 2008 that had changed to just over 4 months.  In Blues Creek we see an increase in 2006, a drop in 2007, and then 2008 is at about the same place as 2006.
(That doesn’t mean that all homes sell in that length of time, many that never sell are on the market much longer before they are removed.)

The homes that attempted to sell and were unsuccessful in 2008 were on the market an average of almost 8 months.

Our examination of market conditions looks at the neighborhood as a whole. If you would like information grouped in another manner feel free to contact us!