The Gainesville luxury real estate market report for 2012 shows that demand was soft for luxury homes in Gainesville Florida.
Gainesville luxury homes — that is, homes selling for $500,000 or more — comprised 2.6% of the total amount of single-family homes sold in Gainesville and Alachua County during 2012.
Currently 12% of single-family homes available for sale in Gainesville and Alachua County are luxury homes, which means that we have an oversupply of luxury homes for sale when compared to the supply of luxury buyers in the Gainesville real estate market at any one time.
Like it or not, the laws of supply and demand also apply to real estate. An oversupply of Gainesville luxury homes means that prices are exceptionally soft in this segment of the market — and luxury home sellers who go into the home selling process embracing that harsh reality will be more likely to sell their homes faster than luxury home sellers who don’t.