The Gainesville real estate market held plenty of good news for Gainesville home sellers in July 2020.
After a late start to our spring selling season due to COVID restrictions, the Gainesville real estate market came roaring back in June due to pent-up demand from Gainesville home buyers anxious to take advantage of low mortgage interest rates.
The Gainesville housing market continued this positive trend in July, with home sales and sales prices posting gains for the month compared to July 2019. This positive momentum despite the pandemic echoes what the Florida housing market as a whole saw for the month of July.
Here's a breakdown of some key Alachua County and Gainesville real estate sales statistics for July from the Florida Realtors monthly report.
Median sale price for single family homes sold in Gainesville and Alachua County in July was $257,963. This represents a 5.3% increase from July 2019 when the median sale price was $245,000.
The number of homes sold for the month in Gainesville and Alachua County jumped 10.6% from July 2019.
There was more buyer activity in the $200,000-$249,999 price band than in any other price point for the month of July (87 homes). Nearly 18% more homes sold in that price point compared to July 2019.
Buyer activity in the $300,000-$399,999 price point followed closely behind, with 81 homes sold in Gainesville and Alachua County for the month. This represented a 47.3% increase in the amount of homes sold in that price point compared to July 2019.
Two other price points showed a marked increase in buyer activity when compared to July 2019:
With only 2.2 months supply of housing inventory in July, Gainesville continues to be a very strong sellers market.
Gainesville housing inventory challenges continue to plague our 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 continues to shrink significantly in every single price point.
With Gainesville home buyers continuing to fight over drastically shrinking inventory, it's not likely that home prices will be dropping in any meaningful way anytime soon.
A lack of homes available for sale in this hot Gainesville FL housing market coupled with a horde of home buyers looking to take advantage of low interest rates spells opportunity for Gainesville homeowners looking to sell.
Translation: We really REALLY need more houses to sell in order to meet buyer demand.