Haile Plantation: Market update for homes between 1,600 and 2,150 sqft

This is a real estate market analysis for Haile Plantation, a subdivision in Gainesville Florida between West Newberry Road and SW Archer Road and West of I-75 in Alachua County.

Our examination of market conditions in Haile Plantation is broken into quarters, based on home size.   We feel that this is the best way to group similar homes.

If you would like information grouped in another manner feel free to contact us!

Haile Plantation homes for sale

Homes on the Market

14 homes are available for sale right now in this section of the market.  They average almost 2,000 sqft and were first offered at $310,000 but have been reduced to an average of $301,000 in the 107 days they have been on the market.   About half of them are 3 bedroom and half are 4 bedroom, but most have 2 baths.

To see all the specifics on the homes for sale in Haile right now just click on the house photo.

Recent Activity

3 homes have sold so far this year, averaging $120/sqft or $229,000 sale price.

Another 3 are under contract right now.  They have been marketed for about 5 months on average and were first offered at $312,000 ($161/sqft) but reduced $10,000 before they got a contract (to $302,000 or $156/sqft).  There is a big gap between $156/sqft and the $120/sqft for sales that actually closed and so it could be very important for this year’s pricing to see what these sales close for

Historical Trends

Prices for this segment of the market peaked in 2006. The average selling price was $302,000 in 2006 and has dropped to $250,000 so far this year.  The per square foot prices have also come down from $156/sqft in 2006 to $143/sqft for 2008 and $120/sqft so far this year.  As demand increases during the normal sales season the 2009 prices may come up to a less drastic adjustment than the $23/sqft drop we see now.

As prices have come down the length of time it takes to sell a home has increased.  In 2005 homes were selling in only 68 days, but sales so far this year have averaged 154 days on the market.

The number of home sales has dropped significantly across Gainesville and Alachua County. In 2007 there were 36 sales in the market segment, and only 24 in 2008 (down from 44 during the market peak).  In those same years there were almost as many homes that didn’t sell.

In 2007 there were 24 homes listed that didn’t sell.  They started by asking $299,000 ($162/sqft) and dropped to an average of $284,000 ($153/sqft) before being taken off the market (493 days later).  While this number is not very much higher than the /sqft price of homes that sold it is possible that they were viewed as stale, or were not in the same condition as homes that sold.

In 2008 there were 14 homes that didn’t sell.  They started by asking $293,000 ($154/sqft) and dropped to an average of $279,000 ($147/sqft) before being taken off the market (292 days later).   This is about $12,000 above the average selling price for the year.

Market stats for Haile Plantation - click for larger image

Diversity

One of the great things about Haile Plantation is that there is so much diversity in the neighborhood – there are brand new homes and older homes, cottages and manors, the rich and the average.  As a result it’s misleading to lump everything together to talk about the market.  Don’t worry – we have a plan!  Below is an analysis of Haile in whole, but there is a also a separate analysis published for each quarter of Haile Plantation as broken out by HOME SIZES (click below to read details for each segment).