Gainesville, FL: Market Real Estate Trends – October 2016

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Is Now a Good Time to Buy a Condo?

With historically low mortgage rates and steady job gains among young adults, all the pieces are coming into place for homeownership rates to rise.

  • In the third quarter of 2016, 71 percent of people believe that now is a good time to buy a home. Forty-three percent believe that strongly, up from 42 percent in Q2 2016.
  • Only 29 percent of people believe that now is not a good time to buy a home.
  • Across all groups surveyed, the majority feel that now is a good time to buy a home.
  • Three in four people who currently own a home, those over 45 years of age, those with incomes over $50,000, and those in the Northwest, Midwest, and South believe that now is a good time to buy a home, which is consistent with Q1 and Q2 2016.

With all of this increased faith in housing, buyers may be surprised that in Gainesville, the most dramatic growth is happening in the condo sector.

Take a look at data regarding single-family home sales versus condo sales in the Gainesville market last month compared to last year…

Gainesville FL Real Estate Market Trends – October 2016

Gainesville FL area single family home sales saw the average sales price increase by 10.54% when compared to October 2015.  The numbers of new listings decreased by 10.2% and pending sales decreased by 17.43%.  While sold listings saw an increased of 9.18% and market times dropped by 7 days.

Gainesville Area
Single Family
New Listings Pending Sales Sold Listings Avg. Sales Price Days on Market
Oct 2016 264 180 202 $232,963 124
Oct 2015 294 218 185 $210,739 131

Gainesville FL area Condo home sales saw the average sales price increase by 21.3% when compared to October 2015.  That’s over the double the percentage increase for single-family homes. New listings decreased by 20.98% and pending sales decreased by 19.56%. Even though sold listings only increased 2.17%, days on market times for listings dropped by 92 days or a whopping 46.34% from last year.

Gainesville
Area Condo
New Listings Pending Sales Sold Listings Avg. Sales Price Days on Market
Oct 2016 49 37 47 $106,734 107
Oct 2015 62 46 46 $87,988 199

If interested in learning more about the Gainesville condo market please contact Matt Price at 352-281-3551 or visit www.CondosInGainesville.com by clicking here. CondosInGainesville.com is the only website dedicated exclusively to condos for sale and for rent near the University of Florida and greater Gainesville area.

Data courtesy of the Gainesville-Alachua County Association of Realtors. For more information about our local Realtor organization click here.

Chase Hollow – Newer Construction Listing Available Now!

JUST LISTED: Affordable luxury! Be the first to see this newer construction, luxury 2 bedroom/ 3 bathroom townhome with a downstairs den. Located less than ONE mile from University of Florida & Shands and less than 10 minutes to UF by bus, it’s ideal for UF students or Shands personnel. The price is $144,900 and the square footage is 1,079. Sellers are including all of the furniture, including patio furniture and a grill! Enjoy low maintenance costs and a lower HOA fee. Ready for move-in June 2017!

 

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COMMUNITY SPOTLIGHT: Jackson Square

Jackson Square condominiums combine fine luxury living with traditional New Orleans-style architecture. The exterior is adorned with balconies that feature decorative wrought iron bars and mosaic tile flooring.
Click here to learn more about Jackson Square OR call Matt Price, 352-327-9500 for more information. There is an impeccable new 2 bedroom/2 bathroom listing that recently hit the market in this community so be sure to ask Matt about it.
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JUST LISTED: Affordable Luxury Near UF

Affordable luxury! Be the first to see this newer construction, luxury 2 bedroom/ 3 bathroom townhome with a downstairs den. Located less than ONE mile from University of Florida & Shands and less than 10 minutes to UF by bus, it’s ideal for UF students or Shands personnel. The price is $138,900 and the square footage is 1,079. Enjoy low maintenance costs and a lower HOA fee. Ready for move-in Fall 2017!
Call (352) 327-9500 or click here to learn more.
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Chase Hollow – Community Spotlight

Chase Hollow is a very popular luxury condo community located on several direct bus lines to UF, Shands, and the VA. The community is comprised of luxury 2 bedroom/3 bathroom townhomes with a den downstairs. Each condo is over 1,100 square feet. In each condo, the downstairs den has its own bathroom. Therefore, owners can utilize the den as a formal dining area or as a third bedroom. Kitchens have granite countertops, wood cabinetry, a counter-height bar, stainless (faux) appliances, and a large walk-in pantry. Upstairs you’ll find two bedrooms that each have their own bathrooms as well as a formal laundry room. Condos in this community are particularly strong rentals and are PERFECT for UF students or medical residents.

Click here to learn more about Chase Hollow or other great condo communities for sale near the University of Florida!

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Gainesville Growth Brings Exciting New Commercial Development

We can’t emphasize enough that Gainesville is GROWING, and it’s not just the University of Florida. Check out one of the newest commercial developments coming soon called Celebration Point. On the corner of I-75 and Archer Road, this an impressive undertaking that once completed will offer a mixture of retail, commercial office space, housing, and a gorgeous hotel and movie theater. Feel free to contact us for information about all things Gainesville!

Click here to learn more about Celebration Point, a new 1 million square foot development along I-75!

 

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Real Estate Prices Rising, FLA Economy Growing

“The statewide median sales price for single-family existing homes last month was $222,500, up 11.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in September was $160,000, up 6.7 percent over the year-ago figure.”
“Florida’s economy continues to grow, resulting in improving jobs and incomes for workers across the state,” says 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami.”
Click here to ready the full article!

Congratulations to our Buyer!

Congratulations to the very bright, Matt Pesek! May your first home bring you lasting happiness. We could not be more thrilled to have been able to assist you with this big decision!

Since, 2005, University Realty has successfully helped more than 700 people buy real estate near UF. Each experience is extremely important to us. If you or anyone you know are interested in learning more about the real estate market near the University of Florida, please give us a shout!

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Student Loan Debt Reaches All-Time High

Everyone knows that college can be very expensive. University of Florida parents and their students can spend anywhere between $14,000-$40,000 over four years on housing costs alone. This is a very important issue to our company. We come to the office every day in order to help students and their families invest intelligently in the local real estate market in order to directly combat these costs. Seven in 10 seniors (68%) who graduated from public and nonprofit colleges in 2015 had student loan debt, with an average of $30,100 per borrower. To the students and parents out there, let us help you! Learn more about the student loan debt crisis by clicking here.