The Gainesville area real estate market continues to be robust, with no end of improved sales in sight. Prices are growing modestly, but homes remain affordable.
Those are the conclusions of Ken Cornell of Bosshardt Realty Service about the report of October home sales. A total of 166 single-family homes closed in October, up 27 percent from 131 sales in October 2012, according to the Gainesville area Multiple Listing Service data.
The median price – with half of the homes sold selling for more and half for less – dropped slightly from last October to $163,700 from $165,000.
It’s hard to draw conclusions from comparisons of monthly median sales prices because variations in the sales of high-priced homes between months can skew median prices up or down.
“What we’re seeing is good for both buyers and sellers,” Cornell said. “While interest rates remain low, buyers in the $150,000 to $300,000 price range can find homes with great monthly payments.”
“People who have been renting – staying on the sidelines while the economy was down and lending was tight – are buying. Banks are willing to work with anyone who has good credit,” Cornell said.
On the other hand, sellers are getting the best prices they’ve seen in the last six or seven years. “We’re seeing prices rising at a sustainable rate – not the 30 percent we experienced during the run-up, but a 6 to 10 percent annual growth.”