July 24, 2016
Condo sales are on the rise as single-family home inventory keeps dropping.
Inventory in Gainesville and Alachua County as a whole has been low and just continues to decrease, creating a sellers market and causing home prices to rise. Furthermore the inventory of lower-priced homes continues to get lower and lower, pushing buyers to explore more affordable options, such as condos, in order to own a home.
Year over year numbers show that single-family home sales have not changed much from 2015, however condo sales have increased by 44%. The most significant jump in condo sales were for those priced between $100,000 and $250,000.
The number of condo sales rose from 82 to 118 over the year, while sales of existing single-family homes barely moved, down from 353 to 352 homes sold in June. The median sale price of single-family homes was up 5%. Inventory is down 12%, and the Alachua County market has only a 4.4 months supply compared to the 5.4 months it had a year earlier.
While single-family home sales in Florida have remained relatively flat, nation-wide single-family sales in June jumped up 3.1% from the year prior.
Furthermore, mortgage rates for a conventional fixed rate mortgage in June averaged 3.57%, which was the lowest rate since May 2013.
For more details on the housing market trends and recent stats for Alachua County, read the full article at Gainesville.com.
