Gainesville’s real estate market remained a strong sellers market in November, with home buyer demand once again outpacing the supply of homes available for sale. The continued rise in median sale price is reflective of the lack of housing supply to meet buyer demand.
Here’s a look at the Gainesville real estate market in November from the Florida Realtors monthly report for single family home sales in Gainesville and Alachua County.
Gainesville home sales increased 7% over November 2019, reflecting the strong buyer demand for homes in the Gainesville real estate market. Median sale price for the month was $261,950, a 3.6% increase from November 2019.
The greatest Gainesville home buyer demand in November was for homes priced between $200,000-$249,999, with 51 homes sold. This represented a 13.3% increase in homes sold in that price bracket compared to November 2019.
The most notable jump in home sales for the month was in the $400,000-$599,999 price bracket, which increased 117.6% year over year.
Here’s a snapshot of the price points for Gainesville homes that showed an increase in the number of homes sold for the month compared to November 2019:
Twelve Gainesville luxury homes sold in the $600,000-$999,999 price bracket during November, a 20% increase in sales year over year. Gainesville luxury home sales in the $1,000,000 price bracket remained unchanged compared to November 2019, with 1 home sold.
The lack of Gainesville homes for sale continued to plague the market, with only 1.8 months supply of inventory reported in November.
The amount of Gainesville homes for sale decreased in all price brackets except for one. Luxury homes priced at $1,000,000 or more reported a 30% increase in the amount of homes available for sale compared to November 2019 (see Inventory by Current Listing Price).
Although Gainesville is a sellers market, some price points are stronger sellers markets than others. That’s because the amount of buyers and the amount of homes available for sale always varies by price point.
Sellers markets are strongest in price points where qualified buyers don’t have a large variety of homes available for sale to choose from. This puts sellers in the driver’s seat during negotiations. Bidding wars and offers over asking price are not uncommon when buyers are vying for a limited amount of homes for sale.
Combining the information from the Florida Realtors charts for Closed Sales by Sale Price and Inventory by Current Listing Price gives a snapshot of the challenges and opportunities faced by Gainesville home buyers and home sellers in each price point.
A continued lack of Gainesville homes for sale coupled with high buyer demand in most price points creates favorable market conditions for homeowners looking to sell.
This fast-moving Gainesville housing market means that home buyers should be prepared with prequalification letters before starting their home search in earnest.