Although fewer Gainesville luxury homes have sold this year vs. 2011, the median sales price for Gainesville luxury homes sold in 2012 is 12.4% higher.
Gainesville luxury homes ($500,000+) comprise a small share of homes sold in Gainesville and Alachua County. So far this year luxury homes comprise less than 3% (2.9%) of total sales in the Gainesville and Alachua County real estate market.
Gainesville luxury homes sold in 2011 comprised less than 4% (3.9%) of total sales in Gainesville and Alachua County this time last year.
Currently (as of August 17 2012) there are 1,240 homes available for sale in the Gainesville and Alachua County real estate market. Eighty one of those homes are luxury homes (priced at $500,000 and above) – which means that 6.5% of homes available for sale are luxury homes.
Heavy Duty Math
So – let’s think about this for a minute. Less than 3% of Gainesville homes sold so far this year were luxury homes, yet Gainesville luxury homes comprise 6.5% of homes currently available for sale in Gainesville and Alachua County.
What this means for Gainesville Luxury Home Buyers
Yippee!!! If you are in the market for a Gainesville luxury home, this oversupply of inventory means that market prices for this segment are soft, and you will be able to get a much better price on a Gainesville luxury home than you will as we approach a more balanced real estate market.
What this means for Gainesville Luxury Home Sellers
The oversupply of Gainesville luxury homes for sale means that Gainesville luxury home buyers will continue to have a much greater say than Gainesville luxury home sellers in terms of determining market price.
If you get an offer, and you consider it to be lowball, keep breathing. It may not in fact be a lowball offer but may accurately reflect what Gainesville luxury homes in your area are currently selling for. Your real estate agent will be able to provide you with comparable sold statistics so you can determine if the offer is in line with market value.
Make sure to price your Gainesville luxury home according to market determinations, and not according to what you want to get for it. Overpricing your Gainesville luxury home pretty much guarantees it will take you even longer to sell your home, and to end up selling it for less in the long run, than if you price it correctly from the get-go.
