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:
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.
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.
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 seller's market. A seller's 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.
A full analysis of the Florida Realtors monthly report for June will be available shortly.