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.

Congress has voted to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said National Association of Realtors President Charles McMillan.

“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.

Let’s look at Gainesville real estate sales  for October to see how the housing recovery is progressing locally. 

Gainesville Real Estate Sales - Single Family

The Gainesville FL area single family home sales saw a 12% increase in sold listings in October 2009, when compared against October 2008.  New listings saw an increase of 13%.  Pending sales saw a 47% increase and the average sales price decreased by 15% to $179,867, while market times increased by 57 days.   

Gainesville Real Estate Sales - Condo/Townhome

The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 5% to $128,926 in October 2009 compared to October 2008.  While new listings were up 6% and sold listings increased by 13% in October 2009.  Pending sales increased by 19%, while the average market times increased by 98 days. 

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

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

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

The Gainesville FL area single family home sales saw a 26% increase in sold listings in September 2009, when compared against September 2008.  New listings saw an decrease of 1%.  Pending sales saw a 18% increase and the average sales price decreased by 11% to $184,531, while market times increased by 78 days.  

The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 10% to $144,348 in September 2009 compared to September 2008.  Likewise, new listings were down 19% and sold listings increased by 17% in September 2009.  Pending sales decreased by 20%, while the average market times increased by 16 days. 

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

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®. 

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.  The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains.  ”Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines.  Activity has been consistently much stronger for lower priced homes,” he said.  ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.” 

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

The Gainesville FL real estate sales statistics showed a 3% increase in sold single family homes in July 2009, when compared against July 2008.  New listings were down 21%.  Pending sales saw a 4% decrease and the average sales price decreased by 6% to $196,602, while market times increased by 51 days.  

Gainesville FL real estate sales of Condo/TH saw the average sales price decrease by 19% to $123,830 in July 2009 compared to July 2008.  Likewise, new listings were down 27% and sold listings were down by 47% in June 2009.  Pending sales decreased by 42%, while the average market times increased by 85 days. 

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

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.”

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

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

The Gainesville FL area single family home sales experienced a 18% decline in new listings in April 2009, when compared against April 2008.  Pending listings were down 5%.  Sold listings decreased by 25% and the average sales price decreased by 7% to $211,819, while market times increased by 37 days. 

The Gainesville FL area Condo/TH market saw the average sales price decrease by 3% to $147,973 in April 2009 compared to April 2008.  Likewise, new listings were down 34% and sold listings were down by 60% in April 2009.  Pending sales decreased by 41%, while the average market times increased by 76 days.
 

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

Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.

Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”

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

Gainesville FL Real Estate Sales Statistics – Single Family

The Gainesville FL area single family home real estate sales experienced a 39% decline in new listings in February 2009, when compared against February 2008.  Pending listings were down 16%.  Sold listings increased by 2% and the average sales price decreased by 23% to $157,515, while market times increased by 30 days. 

Gainesville FL Real Estate Sales Statistics – Condo/TH

The Gainesville FL area Condo/TH real estate saw the average sales price decrease by 10% to $135,080 in February 2009 compared to February 2008.  Likewise, new listings were down 53% and sold listings were down by 48% in February 2009.  Pending sales decreased by 71%, while the average market times increased by 22 days.
 

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

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.

Gainesville FL Real Estate 2008 Sales Statistics 

After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to the National Association of Realtors^®. 

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.”

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

The Gainesville FL area single family home sales experienced a 17% decline in new listings in 2008, when compared against 2007.  Pending listings were down 21% and the average sales price was down 11% to $214,334 while market times increased by 26 days. 

The Gainesville FL area Condo/TH market saw the average sales price decrease by 7% to $152,652 in 2008 compared to 2007.  Likewise, new listings were down 32% and sold listings were down by 38% in 2008.  Pending sales decreased by 43%, while the average market times increased by 31 days. 

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

The National Association of Realtors^® has stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.Let’s take a look at the sales statistics for September 2008 to see how the Gainsville FL real estate market looks: 

“Our members see firsthand the impact that an unstable housing market is having on communities all across this great country,” said Richard F. Gaylord, NAR president. “The U.S. Treasury and Congress need to work together to ensure that the American people – not Wall Street and large banks – benefit from the economic recovery plan.”

NAR sent a letter last week to U.S. Treasury Secretary Henry Paulson calling on him to refocus the Federal Housing Finance Agency’s efforts on restoring strength to the mortgage-backed securities market, which would help lower mortgage rates for all home buyers and for those who need to refinance.

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

The Gainesville FL area single family home sales experienced a 29% decline in new listings in October 2008, when compared against October 2007.  Pending listings were down 40% and the average sales price was down 5% to $215,480 while market times increased by 27 days. 

The Gainesville FL area Condo/TH market saw the average sales price decrease by 5% to $138,249 in October 2008 compared to October 2007.  Likewise, new listings were down 37% and sold listings were down by 55% this October.  Pending sales decreased by 62%, while the average market times increased by 64 days. 

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