Gainesville Florida Condominium Market Report for January 2016.
This Gainesville FL condominium market report is compiled from our local MLS and Florida Realtors Research Department. Our January 2016 stats shows a normal slow in our Gainesville condo market for winter season. The pending sales almost the same as last month, yet the new listing jumped up this month with 84 new listings on the market.
This chart below shows the stats for November & December of 2015 and January 2016. 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!
This next table compares January 2015 to January 2016. 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 42 Closed sales in January, and 24 of those sales were Cash Buyers. The PENDING transaction are up to 60 for January. Finding any lender on a condo is tough, so be prepared when shopping for a lender on a condo purchase. Ask your Realtor if a unit you are considering is a true condo or a PUD (Planned Unit Development). Lenders and their underwriters are scrutinizing the condo association’s budget and ownership ratios to determine if they will offer financing. Closed sales the down 2% from last year. The Average sales price is up 2.9%.
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). Condominiums could be a good real estate investment for the Gainesville market.
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Cash Buyers and Investors have excellent opportunities in the Gainesville market.
The full detailed report is available here in our library.
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**Originally Posted at GainesvilleRealEstateTalk
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