Gainesville FL Real Estate Blog

Pending home sales rose sharply in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®. Contracts signed in February, rose 8.2 percent above February 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in pending sales may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten. We need a second surge to reduce inventory and stabilize home values.”

Lets look at March real estate sales to see how the housing recovery is progressing in Gainesville FL.

The Gainesville FL area single family home sales saw sold listings decrease by only 1% in March 2010, when compared against March 2009.  New listings saw an increase of 15%.  Pending sales saw a 28% increase and the average sales price decreased by 2% to $190,351, while market times increased by 23 days.

The Gainesville FL area Condo/Townhome market saw the average sales price decreased by 20% to $99,839 in March 2010 when compared to March 2009.  While new listings were up 24% and sold listings increased by 26% in March 2010.  Pending sales increased by 43% when compared to March 2009, while the average market times increased by 30 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.