Gainesville Florida real estate market report for Condominiums & Town homes SOLD in AUGUST 2015.
Here you will see the stats on our local condominium market. The August 2015 stats shows stable in closed sales for our spring summer season, the pending sales are down, and new listings are down and this is an indicator of reduced inventory. This report shows the June/July/August details of our condo season for 2015.
This chart below shows the stats for June, July and August of 2015. New Active Listings, Pending Sales, and Closed Sales are displays for comparison. This data is compiled from the Gainesville Multiple Listing Service & Florida Realtors® research and statistical reports. Each month we compile these posts, we plan to publish these monthly reports after the 23rd of each month. Bookmark this site for Gainesville real estate information!
Cash Sales percentage of total sales has become a significant issue. In the display below, you can see the large percentage of cash sales in our local Condo & Town Home market. There were 82 Closed sales in August, and 46 of those sales were Cash Buyers. Finding any lender on a condo is tough, so be prepared when shopping for a lender on a condo purchase. Lenders and their underwriting is scrutinizing the condo association’s budget and ownership ratios to determine if they will offer financing. Closed sales the up almost 12% from last year. The MEDIAN sales price is up 14% from last year. Pending Sale are UP 12% from this time last year also.
The Gainesville condominium real estate market continues to be good for buyers. The biggest obstacle for condominium sales is a buyer’s ability to obtain a mortgage. Each condominium complex will be analyzed by the mortgage lender & underwriters for loan approval. Call me to find out which condo complexes will qualify for FHA Financing. Your lender will want to know if the condominium you are interested in is a “true condo” or a PUD (Planned Unit Development).
Cash Buyers and Investors have excellent opportunities in the Gainesville market.
***Originally Posted at GainesvilleRealEstateTalk