This is a real estate market analysis for Broadmoor, a subdivision in NW Gainesville Florida located just north of Newberry Road and West of I-75 in Alachua County.
There are 6 homes for sale in Broadmoor right now available through the MLS – you can click the photo to see details on all of them.
2 of them have only been on the market a few weeks or months, but the others have been available from 4 months to almost a year.
They average 2,200 sqft with an asking price of $276,000.
How are prices changing?
Sales prices climbed steadily in Broadmoor since construction of homes began in the late 1990’s. It is an affordable neighborhood and conveniently located, so it has always been popular and relatively easy to re-sell homes in the area.
The prices peaked in 2006, but the number of homes selling in Broadmoor has actually increased a little during the market correction we are in and sales volume has remained fairly steady. It is taking longer to sell homes – about a month and a half longer, and they are selling for less than they were during the real estate bubble. We are seeing prices in line with 2005/2004 again – on average $227,000 in 2008.
There were about 33 homes that the owners tried to sell and couldn’t in 2008. On average: They were taken off the market after 266 days, were listed for $300,000 at the time, and were about 275 sqft larger than the homes that did sell. It seems that buyers were choosing more affordable homes even if they were smaller, instead of buying a larger home.
There have already been 3 sales in 2009. They were all 4 bedroom homes (just under 2,000sqft), they were on the market almost 5 months before selling, and sold for an average of $214,000 (apx $19,000 less than they originally were asking for).
There were 14 sales last year, and only 6 homes on the market right now. That means it should take about half a year to clear out all the inventory, if nothing new came onto the market. BUT, we are coming into the time of year when people start moving in Gainesville so I’d expect a lot of the homes that didn’t sell last year to pop up again soon.