January 31, 2016
Alachua is definitely a market to keep your eyon, as home sales continue to rise.
As far as home closings go, however, new rules have meant delayed closings. The typical 30-day closing can now take anywhere from 45-60 days, which is making it harder for homebuyers to make the sale of a home happen at the same time as the purchase of another home.
That being said, the majority of 2015 saw significant increases in monthly year-over-year sales, which is great news for the housing market in Alachua County.
However, some of the market stats were a bit up and down in December of last year. Even though home sales increased by 7.5%, the median sales price dropped by 4%, as compared with the same time a year prior. There were 243 single-family homes sold in December of 2015, and only 226 homes that were sold in December of 2014. On the flip-side, the drop in sales price went from $179,900 to $173,000.
Furthermore, even though the median home price was down in December, the average sales price was $222,189, up 11% from the year prior. The median home price represents a higher volume of sales at the lower end of the market, whereas the average sales price was a result of a 29% increase in sales at the higher end of the market, with 27 homes sold where the sales price was between $300,000 and $400,000, and higher-priced homes were selling faster.
Alachua County’s biggest market problem is a lack of inventory, which creates a seller’s market and subsequently leads to an increase in the sales prices of homes. One way to help balance out the market would be to see if home owners who currently have not listed their homes may be willing to sell. An increase in homes for sale, i.e., inventory, would help to prevent an overall rise in the average list price of homes on the market.
For more details, check out the article at gainesville.com.
