Steady growth in Gainesville/Alachua County continues in 2017

November 21, 2017

With 2017 almost in the books, we are seeing about a 7% increase in both average price & activity, compared to 2016.  If that sounds familiar, it should, because 2016 saw about the same rate of appreciation over 2015.

Within the city of Gainesville, it's a bit higher, approaching 9% in both activity & price.

Alachua county homes sold/mo  Alachua county avg price  

Gainesville homes sold/mo  Gainesville avg price

Looking deeper into the data, one thing that stood out was the appreciation in NW Gainesville, which saw a big jump from 2016 and overall 11.2% increase in value in 2017.

NW Gainesville avg price  NW Gainesville avg price/sqft

Much of this is due to the low inventory we've seen in the area, especially at the lower price points:

Alachua County real estate inventory 

6 months inventory is considered a balanced market.  In Alachua County, homes under $400k have fewer than 4 months inventory, and below $200k it's even more scarce - about 2 months.

This is causing homes to sell fast & prices to rise, which puts a smile on sellers' faces.  But it's also a stressful time to be a buyer, because there just isn't much to choose from!

Unfortunately (for buyers), there's no end in sight.  Inventory looks to remain low for the foreseeable future.  But this is a far preferable "problem" to the one we saw a few years ago, when there was far too much inventory & not enough buyers.

Other blog entries

MARKET SPOTLIGHT: Northwood (09/26/2018)
Featured Local Business: (09/19/2018)
Gainesville real estate market has entered 'Slowtember' (09/19/2018)
HOT summer market in Haile Plantation (09/13/2018)
MARKET SPOTLIGHT: Magnolia Place (09/07/2018)

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