Gainesville FL Real Estate Blog

 Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2 percent. 

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. 

Let’s look at November Gainesville FL real estate sales statistics to see how the housing recovery is progressing locally. 

The Gainesville FL area single family home sales saw a 34% increase in sold listings in November 2009, when compared against November 2008.  New listings saw an increase of 8%.  Pending sales saw a 25% increase and the average sales price increased by 1% to $184,905, while market times increased by 20 days.  

 The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 15% to $103,906 in November 2009 compared to November 2008.  While new listings were down 16% and sold listings decreased by 16% in November 2009.  Pending sales remained consistant when compared to November 2008, while the average market times increased by 18 days.  

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