The Gainesville real estate market was negatively impacted in both April and May due to coronavirus restrictions. However, the market rebounded in June as restrictions eased. Pent-up demand from a delayed spring market due to COVID, coupled with historically low interest rates, brought buyers back into the market.
The Florida real estate market as a whole experienced a similar upswing in June.
Here’s a look at some key statistics for June 2020 from the Florida Realtors monthly report for single-family home sales in Gainesville and Alachua County.
Median sale price increased to $270,000 for the month of June. This is an 8% increase from June 2019 when median sale price was $250,000.
Gainesville and Alachua County posted a 2.9% increase in the number of homes sold for the month of June when compared to 2019.
The strongest selling price point was $300,000-$399,900 for the month of June. Nearly 63% more homes sold in that price point compared to June 2019.
Three other price points showed a marked increase in home sales when compared to June 2019:
With only 2.2 months supply of inventory reported in June, Gainesville FL continues to be a very strong seller's market.
Taking a look at Inventory by Current Listing Price shows how much our inventory levels have dropped when compared to last year. The amount of homes available for sale has decreased significantly in every single price point.
Gainesville home buyers anxious to take advantage of historically low interest rates are fighting over the limited amount of houses available for sale. This is great news for Gainesville homeowners who have been considering putting their homes on the market.
In short: We need more houses to sell to meet buyer demand!