Gainesville real estate market report May 2020
Posted: July 28, 2020 by Coleen DeGroff
Gainesville real estate market report - May 2020
How did the Gainesville real estate market do in May 2020? The Florida Realtors monthly report for single-family home sales in Gainesville and Alachua County for May 2020 reveals the following:
Number of homes sold down; home prices dipped slightly
It is likely that pandemic restrictions negatively impacted median sale price and the amount of homes sold for the month. This is reflective of what went on throughout the Florida real estate market in May.
Nearly 29% fewer homes were sold in the Gainesville and Alachua County real estate market when compared to a year ago.
Median sale price dropped slightly in May 2020, to $235,000. This represents a 1.7% drop from May 2019 when the median sale price was $239,000
Strongest selling price points
The number of homes sold in Gainesville decreased in every price point compared to May 2019.
The $200,000-$249,999 price point was the strongest selling price point for single-family homes in May.
Homes priced between $150,000-$399,999 represented the bulk of single-family home sales in Gainesville and Alachua County in May 2020.
Gainesville FL real estate is still a strong sellers market
The amount of homes available for sale in Gainesville and Alachua County continued to shrink in May.
Gainesville and Alachua County reported 2.7 months of single-family housing inventory for the month of May. This represents an 18.2% decrease compared to May 2019, when housing inventory was 3.3 months.
With just 2.7 months of inventory the Gainesville residential real estate market is a very strong sellers market. A sellers market (less than 5.5 months of housing inventory) is when there are more home buyers in Gainesville than there are homes for sale.
When home buyers compete for a limited supply of houses for sale, multiple offers are not uncommon.
Gainesville real estate market in June 2020 - taking a peek
The Gainesville real estate market snapped back in June as pandemic restrictions eased and buyers jumped back into the market.
Median sale price grew 8%, to $270,000, compared to a median sale price of $250,000 in June 2019.
Housing inventory levels continued to shrink, with Florida Realtors reporting 2.2 months of inventory in June.
This is a drop of more than 33% when compared to June 2019.
With mortgage rates at historic lows and homes for sale in short supply, homeowners looking to take advantage of strong pricing are in a great position to sell.
A full analysis of the Florida Realtors monthly report for June that was released on July 22 will be available shortly.
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