Gainesville FL Real Estate Blog

The following is a statement by National Association of Realtors® President Charles McMillan:

“An economic recovery is not possible without a housing recovery, and the legislation contains two important housing provisions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation.  In addition, the credit availability has been extended until December 1.

“These important provisions will help bring first-time home buyers to the market and reduce housing inventory,” said McMillan. NAR estimates that the home buyer tax provisions could stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from being “underwater” on their mortgage, which can often lead to foreclosure.

The bill also reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac. “These higher loan limits are important to make mortgages affordable regardless of where you live. This will also help reduce inventory and improve liquidity in the overall mortgage market,” McMillan said. 

Let’s take a look at the Gainesville FL real estate sales statistics for 2008 to see how the market looks in our area:

Gainesville FL Real Estate Sales Statistics – Single Family Homes

The Gainesville FL area single family home sales experienced a 56% decline in new listings in January 2009, when compared against January 2008.  Pending listings were down 18% and the average sales price increased by 1% to $212,822 while market times increased by 28 days. 

Gainesville FL Real Estate Sales Statistics – Condo/TH

The Gainesville FL area Condo/TH market saw the average sales price decrease by 23% to $127,425 in January 2009 compared to January 2008.  Likewise, new listings were down 60% and sold listings were down by 52% in January 2009.  Pending sales decreased by 70%, while the average market times increased by 48 days. 

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