November 26, 2019
After seeing a whopping 8% gain from 2017 to 2018, price appreciation slowed a bit in 2019, with homes up 3.5% over 2018. However, activity (homes sold per month) was up 7.5% in 2019 after being flat from 2017 to 2018.
The biggest factor in 2019 was inventory (number of homes on the market) has creeped up:
6 months inventory is considered a "balanced" market, so inventory in Alachua County is still low - just not at the extreme lows we've seen the past few years, with fewer than 3 months supply in many cases. Under $300k, inventory is still low but the $300-400k segment has seen an uptick, largely because of new construction in SW Gainesville:
There's been a marked increase in homes sold per month in SW Gainesville, to go along with increased prices. Notably, the only area where we saw lower prices in 2019 was Haile Plantation, the largest planned community in the area.
The reason for this is likely the explosion of new construction in the vicinity, such as Oakmont, Gloria's Way, and the expansion of Town of Tioga in nearby Jonesville.
This trend will make for an interesting 2020, especially with D.R. Horton coming to town & building so many new homes. So, buckle up!
