Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
Let’s take a look at the Gainesville FL real estate sales statistics for June to see how the market looks in our area:
The Gainesville FL area single family home sales saw a 2% decrease in pending sales in June 2009, when compared against June 2008. New listings were down 5%. Sold listings decreased by 10% and the average sales price decreased by 15% to $195,945, while market times increased by 59 days.
|
Gainseville Area |
New Listings |
Pending Sales |
Sold Listings |
Avg. Sales Price |
Days on Market |
|
June 2009 |
460 |
206 |
232 |
$195,945 |
167 |
|
June 2008 |
482 |
210 |
257 |
$230,364 |
108 |
The Gainesville FL area Condo/TH market saw the average sales price decrease by 19% to $125,073 in June 2009 compared to June 2008. Likewise, new listings were down 14% and sold listings were down by 61% in June 2009. Pending sales decreased by 47%, while the average market times increased by 14 days.
|
Gainseville Area |
New Listings |
Pending Sales |
Sold Listings |
Avg. Sales Price |
Days on Market |
|
June 2009 |
96 |
51 |
37 |
$125,073 |
157 |
|
June 2008 |
112 |
97 |
95 |
$153,506 |
143 |
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
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