Gainesville FL Real Estate Blog

Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.

Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”

Let’s take a look at the Gainesville FL real estate sales statistics for February to see how the market looks in our area:

Gainesville FL Real Estate Sales Statistics – Single Family

The Gainesville FL area single family home real estate sales experienced a 39% decline in new listings in February 2009, when compared against February 2008.  Pending listings were down 16%.  Sold listings increased by 2% and the average sales price decreased by 23% to $157,515, while market times increased by 30 days. 

Gainesville FL Real Estate Sales Statistics – Condo/TH

The Gainesville FL area Condo/TH real estate saw the average sales price decrease by 10% to $135,080 in February 2009 compared to February 2008.  Likewise, new listings were down 53% and sold listings were down by 48% in February 2009.  Pending sales decreased by 71%, while the average market times increased by 22 days.
 

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