This is a March 2009 real estate market analysis for Longleaf, a subdivision in SW Gainesville Florida located on Archer Road and west of I-75 in Alachua County.
If you want to read the June 2009 Update click here.
Longleaf compared to Alachua County
Longleaf has been a constant producer in a slow market, and 2008 was no exception. The two builders in the neighborhood are obviously offering products that buyers want, and that is drawing people into the neighborhood for new and resale homes.
Longleaf ranks as the #1 subdivision by sales volume for 2008 – meaning that the value of properties sold was higher in Longleaf than in any other subdivision in Alachua county!
There is a lot of inventory on the market in Longleaf. There are 28 homes for sale in the MLS system as I write this. 7 of them are new construction and the remainder are resales – two of which are short sales. (read this for an understanding of what a short sale is)
Longleaf: Year over Year
There are a few different ways to look at how Longleaf properties are holding their value.
The number of sales per year for Longleaf has dropped, in line with the reductions we have seen across the county.
That ties in fairly well with the reduction in overall sales volume – both numbers are about half what they were in 2006. That’s in line with the overall changes in Alachua county, so Longleaf seems to be maintaining it’s demand and attraction to buyers.
Looking at sale price per square foot is a good way to compare similar properties. This number increased until 2007, when it topped out at an average of $155/sqft. It came down by $10/sqft in 2008 to $145/sqft on average.
I don’t think that is the whole picture though, because about half the homes sold in 2008 were new construction. That is a different animal than a resale home and the stats show it. New construction sold at $153/sqft on average while resales sold at $134/sqft on average.
Sales so far this year are showing a slight drop in this number. The homes sold so far in 2009 are all new construction – on average $147/sqft, while the resale homes still on the market average $139 /sqft. It seems that the buyers are making the choice to spend a little more for new home, rather than get a slight discount on a resale home.
Longleaf: Absorption Rate
About half the homes that sold in 2008 were new construction, and the rest were resales. Considering that there are about 21 resale homes on the market now, it could take about a year for all of them to sell, assuming demand remains fairly stable.
Homes for Sale in Longleaf