Gainesville FL Real Estate Blog

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the sales statistics for July 2008 to see how the Gainsville FL real estate market looks: 
 
The Gainesville FL area single family home sales experienced a 14% decline in new listings in July 2008, when compared against July 2007.  Pending listings were down 19% and sold listings were also down, by 39%.  The average sales price dropped 9% to $212,683 while market times increased by 22 days.

The Gainesville FL area Condo/TH market saw a more dramatic 63% drop in pending sales in July 2008, compared to July 2007.  Likewise, new listings were down 54% and sold listings were down by 31% this July.  The average sales price, meanwhile remained fairly consistant, while the average market times increased by 25 days. 

Again, as Gaylord said, real estate prices are declining in some areas, even within the same city. 

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