Local Gainesville, FL Real Estate Market Conditions

October 17, 2009 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."

Gainesville Single Family Home Sales

The most recent data indicates that single family homes in Gainesville stay on the market for an average of 104 days (or about 3.5 months) and sell for an average price of $195,000. Time on the market increased slightly from 2008's 100 days while prices declined about 7% from $210,000. Pending sales are up over 25% from this time last year - good news for sellers.

Single Family Home Activity Under $100,000
In September 2009, 25 new listings were added, 15 homes went under contract, 10 listings expired or were withdrawn from the market, and 9 contracts went to closing.

Single Family Home Activity Between $100,000 and $250,000
In September 2009, over 120 new listings were added, 89 homes went under contract, 79 listings expired or were withdrawn from the market, and 70 contracts went to closing.

Single Family Home Activity Between $250,000 and $500,000
In September 2009, over 50 new listings were added, 24 homes went under contract, 40 listings expired or were withdrawn from the market, and 20 contracts went to closing.

Single Family Home Activity Over $500,000
In September 2009, 13 new listings were added, 6 homes went under contract, 17 listings expired or were withdrawn from the market, and 5 contracts went to closing.

Gainesville Condo and Townhome Sales

The most recent data indicates that condos and townhomes in Gainesville stay on the market for an average of 166 days (or about 5.5 months) and sell for an average price of $120,000. Time on the market increased slightly from 2008's 156 days while prices declined about 18% from $147,000. Pending sales are down 30% from this time last year - not great news for sellers.

Condo and Townhome Activity Under $100,000
In September 2009, 32 new listings were added, 9 homes went under contract, 19 listings expired or were withdrawn from the market, and 8 contracts went to closing.

Condo and Townhome Activity Between $100,000 and $150,000
In September 2009, 23 new listings were added, 8 homes went under contract, 33 listings expired or were withdrawn from the market, and 14 contracts went to closing.

Condo and Townhome Activity Between $150,000 and $200,000
In September 2009, 7 new listings were added, 3 homes went under contract, 19 listings expired or were withdrawn from the market, and 5 contracts went to closing.

Condo and Townhome Activity Over $200,000
In September 2009, 4 new listings were added, 6 homes went under contract, 12 listings expired or were withdrawn from the market, and 3 contracts went to closing.

Existing-home sales for September will be released October 23; the next Pending Home Sales Index will be on November 2. National and Regional Information provided by National Association of Realtors Press Room and Research Center. Local information provided by Allison Ables, licensed Gainesville Realtor, with information available through GACAR and the Gainesville MLS.