Gainesville FL Real Estate Blog

Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”

Let’s take a look at the Gainesville FL real estate market for July.

Gainesville FL area single family home sales saw sold listings decrease by 30% in July 2010, when compared against July 2009.  New listings saw an increase of 1%.  Pending sales saw a 8% decrease and the average sales price increased by 2% to $199,357, while market times increased by13 days.

The Gainesville FL area Condo/Townhome market saw pending sales increase by 10% in July 2010 when compared to July 2009.  While new listings were down by 12% and sold listings decreased by 56% in July 2010.  The average sales price decreased by 23% to $96,635 when compared to July 2009, while the average market times decreased by 44 days. 

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