Gainesville Life

Gainesville FL Real Estate Market Report: Homes Sold in Alachua County - April 2010

Across all categories, more homes sold in Alachua County in April 2010 than in April 2009.

With the exception of 2 bedroom homes, median sales prices dropped across all categories in April 2010 when compared to median sales prices in April 2009.

The homebuyer tax credit most likely helped to bump up home sales across all categories.  Although active military still have access to the homebuyer tax credit for the next year, the tax credit officially expired for everyone else on April 30, 2010 – which was the deadline for homebuyers to be under contract for a home in order to receive the tax credit. 

Even with the expiration of the homebuyer tax credit, this is still a GREAT time to buy.

Why?   Two main reasons:

Inventory is still at high levels (meaning there are more homes available to buy than there are buyers….which exerts a downward pressure on prices).

Interest rates are still some of the lowest we’ve seen.  Jim Gillespie, president of Coldwell Banker, says you have to go back to World War II to find mortgage interest rates this low.

As the economy improves, interest rates are bound to go up. And really, who wants to pay more than they have to for a home?

If your answer is “Not me!” give me a call. I’d be happy to help you with your home search! :)

ALACHUA COUNTY REAL ESTATE - PROPERTIES SOLD DURING OCTOBER 2009

159 properties sold in Alachua County during October: 138 of the properties were single-family homes and 21 were townhomes/condos.

Property breakdowns are as follows:

138 SINGLE FAMILY HOMES:

Low sales price: $20,000 for a 1460 square foot home with 3 bedrooms & 2 bathrooms in Northeast Gainesville

High sales price: $710,000 for a 4515 square foot home with 5 bedrooms & 5 bathrooms in the North Jonesville area

Neighborhood sales breakdowns:

Lacrosse Area: 2

Not in Subdivision - 2

CR 231 Area: 1

Parkwood Acres - 1

N-121 Area: 1

Not in Subdivision - 1

Hague Area: 1

Woodland Oaks - 1

Alachua/North Alachua: 6

Alachua Forest - 1

Alachua Hills - 2

C.A. Williams Addition - 1

Alachua Meadows - 1

Wyndswept Hills - 1

South Alachua/Alachua Highland: 1

Not in Subdivision - 1

Turkey Creek Area: 3

Turkey Creek - 1

Creekside Villas - 2

CR 236 West Area: 1

Bellamy Road Estates - 1

High Springs Area: 4

River Glen - 1

Edgemoor - 1

High Springs Hills - 1

Whetstone States Addition - 1

SW Alachua/235 Area: 1

Not in Subdivision - 1

South Newberry Area: 4

Meadow Ridge - 1

Country Way - 2

Newberry (original) - 1

North Newberry Area: 6

Not in Subdivision - 1

Newberry Oaks - 2

New Town 1894 - 3

North Jonesville Area: 2

Wyndsong Manor - 1

Belmont - 1

Micanopy Area: 1

Fribley Addition - 1

Hawthorne Area: 2

Ashley Oaks - 1

Umberger - 1

NW Gainesville W of I-75: 8

Weatherly - 2

Fletchers - The Retreat - 1

Eagle Point - 3

Not in Subdivision - 1

Oakcrest Forest - 1

NW 39th Avenue - 43rd Street I-75: 11

Suburban Heights - 3

Northridge - 1

Kimberly Woods - 1

Pine Woods - 1

Buckridge - 1

Not in Subdivision - 1

Sherwood Forest - 1

Emerald Woods - 1

Richmond - 1

Millhopper Road Area: 1

Not in Subdivision - 1

North 43rd Street Area: 13

Weschester - 3

Turkey Creek Forest - 4

Blues Creek - 2

Millhopper Station-Victoria Square - 1

Northwood Pines - 1

Cherrytree - 1

Mile Run Rosemont - 1

Glen Springs/NW 39th Avenue Area: 11

Northwood West - 1

Springtree - 3

Northwood- 4

Palm Grove - 1

Wimberly Estates - 1

Paradise - 1

NW 16th Ave/Blvd: 7

Westmoreland - 2

Ridgewood - 2

Libby Heights - 1

Madison Park - 1

Greenbriar - 1

NW 6th Street Area: 4

Ingleside Villas - 1

Pine Haven - 1

Brown Addition - 2

Williston Road Area: 2

Fairway Estates - 1

Country Club Estates - 1

Arredondo-Kanapaha Area: 13

LongLeaf - 6

Meadows of Kanapaha - 1

Willow Oak Plantation - 3

Meadows on the Prairie - 1

Hammock Ridge - 1

Hickory Forest - 1

S. Parker Road Area: 1

Parker Place - 1

Haile Area: 10

Valwood - 2

Kenwood - 1

HP/Laurel Park - 1

HP/Spalding Place - 2

HP/Chickasaw Way - 1

HP/Buellers Way - 1

Stillwind - 1

HP/Hampstead Park - 1

Newberry Road South Side Region: 7

Cobble Field - Dunnideer - 1

Town of Tioga - 1

Westwood - 1

Woodlands - 1

Wilds Plantation - 2

Cobble Field - Thornbury - 1

Anglewood Area - SW 62nd Avenue: 1

Beville Heights - 1

Idylwild Area: 1

Idylwild Lane - 1

South Gainesville: 1

Not in Subdivision - 1

Lincoln Estates Area: 3

Breezy Acres - 1

Kincaid Road - 1

Lincoln Estates - 1

Newmans Lake Area - North: 1

Lake Ridge - 1

East 8th Avenue Area: 1

Harper - 1

NE Gainesville between NE 23rd & NE 39th: 4

Carol Estates North - 1

Highland Court Manor - 1

Elliot-Lengle - 1

Deborah Heights - 1

Central Gainesville NE Duckpond: 2

Not in Subdivision - 1

Highland Pines - 1

21 TOWNHOMES/CONDOS:

Low sales price: $46,000 for a 1048 square/foot, 2 bedroom/2 bathroom condo in Southwest Gainesville

High sales price: $225,000 for a 1469 square foor, 3 bedroom/2 bathroom condo in Southwest Gainesville

Neighborhood Sales Breakdowns:

NW 39th Avenue Area - 43rd Street I-75: 2

Magnolia Place - 1

Boardwalk - 1

Glen Springs/NW 39th Ave Area: 1

Gaineswood - 1

NW 16th Avenue: 3

Woodcreek Village - 2

Greenbriar Terrace - 1

Haile Area: 6

Garison Way - 2

HP/Southbrooke - 1

HP/The Links - 1

The Village at Haile - 1

HP/Plantation Villas - 1

Tower Road East: 4

GreenLeaf - 2

Tower Oaks Manor - 1

Tower Village Condo - 1

Anglewood - SW 62nd Street Area: 1

The Oaks - 1

SW University Area: 3

Casablanca East - 1

Mill Run - 1

Hailey Forest - 1

Central Gainesville SW Area: 1

Campus Point - 1

Gainesville Real Estate: Micanopy, Florida

With easy access to I-75, the town of Micanopy is only 10 miles from Gainesville. Founded in 1821, Micanopy is the oldest inland settlement in Florida.

"As early as 1539 there is record of a village located at the site of Micanopy when explorer Hernando De Soto found the Timucuan Indians living here." - "Welcome to Micanopy"

As of 2009, 694 people call Micanopy home, which indicates population growth of less than 1%  since the 2000 census (when the population was reported as 653). 

The town of Micanopy was designated as an historic district in 1983.  The town is considered by many to be THE place to shop for antiques.

According to the latest Homes Sold statistics available through the Gainesville MLS, the median  price of homes sold in Micanopy during 2009 is $177,500.

Oozing historic charm and situated within the nature-rich area of North Florida, Micanopy just may be the perfect place for you to call home.

Slice of Life: Micanopy, Florida:

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Search homes for sale in Micanopy, Florida

Southwest Gainesville Real Estate - Homes Sold During September 2009

During the month of September, there were 36 homes sold in Southwest Gainesville, with sold prices ranging from $125,000 for a 3 bedroom/2 bathroom home in Valwood to $724,000 for a 4 bedroom/4.5 bathroom home in the Stratford Ridge neighborhood of Haile Plantation.

Median sold price in Southwest Gainesville for the month of September was $238,438 (half of homes sold during the month sold for more than $238,438, and half sold for less).

SOUTHWEST GAINESVILLE AREA/NEIGHBORHOOD BREAKDOWN OF HOMES SOLD:

Arredondo/Kanapaha Area: 11

Kanapaha Pines (1)

Leeaire Estates (1)

Longleaf (1)

Meadows on the Prairie (3)

Mentone (2)

Willow Oak Plantation (3)

Haile Plantation area: 16

HP/Albury Round (1)

HP/Carlton Court (1)

HP/Chickasaw Way (1)

HP/Haile Market Square (1)

HP/Hampstead Park (2)

HP/Lenox Gardens (1)

HP/Madison Square (1)

HP/Preston Wood (1)

HP/Retreat Place (1)

HP/Rosemond Way (1)

HP/Sable Pointe (1)

HP/Stratford Ridge (1)

Kenwood (1)

Valwood (2)

Newberry Road South Side Region: 9

Fletcher Heights (1)

Fletcher Park (2)

Sunningdale (2)

Weatherstone (1)

Westwood (1)

Wilds Plantation (1)

Windward Meadows (1)

Northwest Gainesville Real Estate - Homes Sold During September 2009

Forty-five (45) homes sold in Northwest Gainesville during September, selling anywhere from $55,000 for a 2 bedroom/1 bathroom home in Oak Park all the way up to $475,000 for a 5 bedroom/4.5 bathroom home in Turnberry Lake.

Median sold price in September for Northwest Gainesville was $175,000 (half of the homes sold for the month sold for more than $175,000 and half sold for less).

NORTHWEST GAINESVILLE AREA/NEIGHBORHOOD SALES BREAKDOWNS

North Jonesville Area: 2

Los Trancos Woods (1)

Turnberry Lake (1)

NW Gvl W of I-75: 7

Brookfield (1)

Eagle Point (1)

Fletchers - The Retreat (1)

Hills of Santa Fe (1)

Weatherly (1)

Wellington (2)

NW 39th Ave. Area: 5

Emerald Woods (1)

Not in Subdivision (1)

Suburban Heights (1)

Summer Creek (1)

Summit Oaks (1)

Millhopper Road Area: 1

Woodfield (1)

North 43rd Street Area: 15

Appletree (1)

Blues Creek (1)

Mile Run (1)

Northwood Oaks (3)

Northwood Pines (3)

Sterling Place (1)

Sutters Landing (1)

Turkey Creek Forest (1)

Weschester (3)

Glen Springs Area: 10

Elizabeth Gardens (1)

Northwood (2)

Paradise Pines (1)

Ridgeview (1)

Royal Gardens (1)

Sorrento (1)

Springtree (1)

Walnut Creek (2)

NW 16th Ave. Area: 3

Colony Park (1)

Fernwood (1)

Not in Subdivision (1)

NW 6th Street Area: 1

Oak Park - 1

Newberry Road S. Side: 1

Sunningdale (1)

Haile Plantation Real Estate - Have We Hit Bottom?

First off, just let me say that I am NOT an economist. I am NOT an analyst. I am a REALTOR who loves geeking around with the monthly/quarterly/annual sales figures.

Basically, I have no life.

Given those cautionary CYA notes, I just had to share my latest number-crunching foray into Gainesville real estate sales statistics.  As you can see from the chart (and accompanying graph) below, after a dramatic free-fall in the number of homes sold in Haile Plantation between 2005 and 2009, the quarterly results for the number of homes sold in Haile Plantation appears to be stabilizing.

This is not to suggest that we are anywhere near a "get down and party" mode...there is still a huge glut of inventory on the market, which will keep a downward pressure on prices until a substantial portion of it gets sold off.

This next chart & graph combo highlights Haile Plantation home price trends from October 2008 through September 2009.  Notice the inverse nature of the relationship between number of homes sold and home sales price.....the contrast is most jarring for the month of June, when 17 homes sold and the median sold price was an anemic $226,250.

Tune in later this week for an update on Haile Plantation real estate absorption rates and an analysis of previous 4Q sales trends which might (or might not) help us determine what we can expect for the 4th quarter of 2009.

Until then, I am, as always,

Uncertainly yours,

Coleen DeGroff

Your Gainesville, FL Realtor

Gainesville Home Sales Trends

Breaking down Gainesville MLS statistics, an analysis of Gainesville home sales from January through July for the past five years brings into stark focus the market's decline. So far this year 746 homes have sold in Gainesville, down from 867 in 2008.

In concert with the slide in the number of Gainesville homes sold, Gainesville home prices have declined as well.  The median price of Gainesville homes sold in 2009 is $185,804, down from $212,100 last year.

What this news means for buyers of Gainesville real estate:

Ten percent of my earnings support the Sebastian Ferrero Foundation, an organization dedicated to building a standalone, full-service children's hospital in Gainesville, Florida.

Buying vs. Renting in Gainesville, Florida

"An Associated Press analysis of 45 metro areas finds the gap between the monthly mortgage payment on a median-priced home and the median rent has shrunk from $777 a month to just $221 in the past three years."...

"In some metro areas, including Cleveland, Atlanta, Indianapolis and St. Louis, the gap was less than $100 a month. And home prices are expected to fall faster than rents this year, which means the gap should get even smaller."

From "Buying is now cost-effective for some renters: As housing prices fall, the gap between mortgage payment and rent closes" - Associated Press, July 21, 2009

A recent report released by the Florida Association of Realtors bears out these statistics. In June 2009, 207 homes sold in the Gainesville area, compared to 247 homes in June 2008....a 16% drop.  The median sales price of a Gainesville home in June 2009 was $178,300, down from a median price of $204,900 in June 2008, a 13% decline.

Condominium sales in Gainesville for the month of June were 52% lower than a year ago, with median condo prices sliding 23%, to $115,000 (from a median price of $150,000 in June of 2008).

Soft Gainesville housing prices, low mortgage interest rates, and generous tax incentives for first-time homebuyers through November 2009 could mean that buying a home is the best course of action for yourself and your family.

How do you know if renting or buying is right for you?

Sitting down with a qualified financial advisor for a thorough analysis of your situation is probably the best way to determine if purchasing a home now makes good financial sense.

Another tool to help you determine whether renting or buying is a better choice is by using a rent vs. buy calculator.  There are many such tools available online.  The best one I've found so far comes from a June 2, 2008 New York Times article, "Is It Better to Buy or Rent?"  This interactive tool calculates the benefits of buying vs. renting depending on the financial information you give it.  It's short, sweet, and to the point....and will give you a really good idea of what the answer to the rent vs. buy decision might be for you and your family.

If you decide that purchasing a home is the right decision for you, your next step is finding a REALTOR who can help you find the right home for you.  And that's where I come in!

Please feel free to contact me if you have any questions about the Gainesville real estate market, or if you would like to arrange an appointment to discuss your homebuying needs.

Coleen DeGroff, MBA

Your Gainesville, Florida REALTOR

Gator Nation Relocation - Specializing in drama-free realty for the hassle-averse

Coldwell Banker M. M. Parrish, Realtors

Gainesville, Florida

The Savvy Homebuyer's and Homeseller's Guide to Gainesville Real Estate

So, you've decided to buy a home in Gainesville.  First off, CONGRATULATIONS!!  Investing in real estate -- over the long term -- is one of the surest ways to increase your wealth.

Besides the most important things to consider when choosing your home....location, amenities, school district, distance to work, etc.....what other factors should you take into consideration?

One of the factors often overlooked in a homebuyer's decision-making process is the absorption rate, which is the numerical representation of the supply of homes vs. the demand for homes in any specific area. 

A buyer's market is defined as a market where there is more than 7 months' worth of homes to sell in a given area or at a given price point.

A seller's market is a market where there is only 1-4 months worth of housing inventory available in an area or price point.

A normal market is typified by 5-6 months of housing inventory.

Have you heard the saying that all real estate is local?  Well, that's true for absorption rate as well....

Consider the following:

In all of Alachua County, as of today (June 26, 2009), there are currently 1,582 single-family homes available for sale.

In May of 2009, 154 single-family homes sold in all of Alachua County.

In terms of absorption rate, this means it would take 12.4 months to sell all 1,582 homes if all other factors remained the same (e.g. no other homes came onto the market).

Let's break it down further, this time by price point:

There are 822 single-family homes for sale in Alachua County priced at less than $200,000. This equates to 9.45 months of inventory.

There are 800 single-family homes for sale in Alachua County priced between $200,000-$400,000,  or 14.29 months of inventory.

There are 177 single-family homes for sale in Alachua County priced between $400,000-$600,000, or 16.09 months of inventory.

There are 68 single-family homes for sale in Alachua County priced between $600,000-$800,000, or 68 months of inventory.

There are 57 single-family homes for sale in Alachua County priced at $800,000 or more.  No homes sold at that price point last month, so I'm not sure how to even begin to calculate how long it will take to sell them all.

What do these price point breakdowns mean for the savvy homebuyer researching their options in the Gainesville real estate market?  It means that homebuyers are in the driver's seat and have much more leverage than sellers do in terms of determining the selling price of the home.  Homebuyers who are financially qualified to purchase a home for $600,000 or more have the most inventory to choose from and therefore the most leverage in determining selling price at these levels.

What do these price point breakdowns mean for the savvy homeseller in the Gainesville real estate market?

1) If you don't have to sell right now, don't.

2) If you do have to sell, price your home competitively right from the get-go; and even if you price your home as competitively as you think you can, be prepared to take a financial beating.

3) What you think your house is worth is, on the whole, less important than what a financially qualified buyer who is ready, willing, and able to buy your home  thinks it is worth. 

Breaking absorption rate down by region,

Northwest Gainesville homes for sale: 685, or 11.81 months of inventory;

Southwest Gainesville homes for sale: 455, or  9.68 months of inventory;

Northeast Gainesville homes for sale: 113, or  14.12 months of inventory;

Southeast Gainesville homes for sale: 55, or  9.16 months of inventory.

What does this mean for the savvy homebuyer of Gainesville real estate?

The more months of inventory available for sale, the more leverage the homebuyer has in determining price and terms for the property.

What does this mean for the savvy homeseller of Gainesville real estate?

See above, and commit it to memory.

Absorption rates can be even more localized to zip codes, neighborhoods, school districts, etc.  Please email me at cdegroff@mmparrish.com if you would like to receive a more detailed market analysis of a particular area. 

Coleen DeGroff, MBA

Your Gainesville, FL REALTOR

Gator Nation Relocation - Specializing in drama-free realty for the hassle-averse

Coldwell Banker M. M. Parrish, Realtors

Gainesville, FL 32606