December 23, 2017
2017 is almost in the books and the stats are looking pretty good for Gainesville / Alachua County.
Activity was up compared to 2016 and prices increased over 8%. The average Gainesville home is now just about $250 - a 25% increase from 3 years ago when the average home was just about $200k.
Prices have been climbing quite a bit in Haile Plantation. The average home in Haile is now over $340k.
The numbers are especially impressive in NW Gainesville:
After a relatively flat 2016, 2017 saw prices in NW Gainesville increase almost 11%! That's a whopper of an increase in just 1 year and had to make sellers very happy.
Inventory in the region remains low, especially in the under-$300k segment. As we said above, the average home in Gainesville has increased to $250k, and as you can see below, homes at or below that price are in short supply:
Remember, 6 months inventory is considered a "balanced" market, and once you get below 4 months or so, it's a strong seller's market. Under $200k in Gainesville, we are seeing 2 months supply or less!
In short, the seller's market continued into 2017, pushing prices up in the region an average of 8%. Mortgage interest rates are expected to increase, which could potentially reduce demand a bit, but as of now, there's no reason to think things will appreciably change in Alachua County in 2018.
