You are reading the October 2011 Real Estate Report for Alachua County & Gainesville. The information in the report is through 9/30/2011. 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.
In the short-term our market has been fairly stable, our absorption rates basically unchanged from last quarter, but are better than last year. That means our inventory has come down from 2010 – because there were fewer listings than last year, and more sales.
There are still lots of homes available compared to demand – only 1 in 2 homes sold so far this year. That’s better than last year when only about 1 in 3 homes sold. We have about an 18 month supply of homes on the market and 16 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 on the market)
This month we added a new page to the report for distressed homes because they account for about 1/3 of our sales and their prices are so different than standard sales. The average sale price for standard sales last quarter was $184k, while short sales were at $116k, and foreclosures were at $81k.
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.).
If you want the best deal on a home don’t fall in love with one house, try to pick out 2 or 3 that will work for you. If you do that then you have a better chance of finding a bargain. Some of the best deals are homes that need some TLC, these homes are overlooked by most buyers because they can’t imagine what how much clean carpet and fresh paint changes a room.
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 30% of the sales in 2011 were from distressed properties.
Short Sales closed out at about 37% below the market average sale price.
Foreclosure sales (bank owned properties) sold for 45% below the market average!
If you haven’t seen these homes before you won’t know what to expect. It’s common to see foreclosed homes that have rotten roofs and missing air conditioners, and many of the new owners spend tens of thousands of dollars to make them livable homes.
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. There are loans available that will help you pay for the repairs and roll that cost into your mortgage.
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 Market Report 2nd Quarter 2011. (Adobe PDF file)
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.
Read our Past Real Estate Reports
2010 Year in Review
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.