This Gainesville FL real estate update for February 2023 looks at home and condo sales in Alachua County for the month. Are sales prices up? Are they down? How long did it take to sell homes and condos in Alachua County Florida during February? What does this information mean for Gainesville real estate buyers and sellers? Let’s take a closer look at the state of Gainesville FL’s real estate market in February using the Florida Realtors Monthly Market Report for Alachua County.
Interested in all of this information but don’t really feel like reading it? This short market report video update goes over all the highlights.
Gainesville Real Estate Video Update for February 2023
Alachua County Home Sales
Gainesville FL Real Estate Market snapshot for February 2023
Despite increasing inventory levels in February, home prices continued their upward trend.
- Alachua County housing inventory was nearly 47% higher than February 2022. Because inventory levels were very low going into the month, even this drastic rise of inventory didn’t really move the needle and Gainesville remained a seller’s market in February.
- Sales prices of single family homes in Alachua County were up 4.4% from February 2022, with a median sale price of $331,495.
- Home sales were down nearly 23% from February 2022, and it took nearly three times longer than last year for Alachua County homes to go under contract.
- It remains to be seen how Gainesville home sales prices will be affected going forward if inventory levels continue to rise.
Alachua County home sales breakdown
This breakdown of Gainesville homes sold during February gives us a sense of where the greatest buyer demand was during the month as well as which price points faced the greatest inventory challenges.
February’s home sales in Alachua County show that the greatest buyer demand was for homes priced between $300,000 and $399,999, with 56 homes sold.
Buyers looking for Gainesville homes in February priced below $300,000 faced the greatest challenges due to a severe lack of inventory in those price points.
Sellers looking to sell a home in Gainesville should consult with their Realtor to come up with a pricing strategy to best position their home for sale in the Alachua County marketplace.
Alachua County Condo Sales
Gainesville FL Real Estate Market snapshot for February 2023
Just like the market for single family homes, Alachua County condo prices in February also continued to rise despite increasing inventory levels.
- Alachua County condo inventory jumped more than 55% from February 2022. Because inventory levels were anemic going into the month, this drastic rise in inventory didn’t really move the needle and Gainesville remained a strong seller’s market for condos in February.
- Sales prices of Alachua County condos were up more than 23% from last year, clocking a median sale price of $181,500 in February 2023.
- Condo sales dropped 32.3% from February 2022 but the amount of time it took for them to go under contract was down more than 30% from last year.
- It remains to be seen how Gainesville condo sales prices will be affected if inventory levels continue to rise.
Alachua County condo sales breakdown
A look at Gainesville’s condo sales in February shows that the greatest buyer demand was for condos priced between $150,000 and $199,999 with 17 condos closed during the month.
Buyers looking for Alachua County condos to buy in February faced the greatest challenges finding condos priced below $150,000 due to a severe lack of inventory in those price points.
Sellers looking to sell a condo in Alachua County should consult with their Realtor to come up with a pricing strategy to best position their property for sale in the Gainesville real estate marketplace.
Gainesville real estate market in February: Key takeaways
- There was an increase in inventory in February for both Alachua County homes and condos.
- Even with increasing inventory, Gainesville was still a seller’s market for both homes and condos.
- Sales prices rose for both homes and condos despite increasing inventory levels. It remains to be seen whether and how much Gainesville home and condo prices will be affected going forward if inventory levels continue to rise.
- These figures are just a snapshot in time. Whether you are a buyer or seller of Gainesville real estate make sure to check with your Realtor for the most up to date market information.
Gainesville FL real estate: Further reading
Buyers market vs sellers market: What’s the difference?
Best selling Gainesville neighborhoods in 2022
Tips on buying a home in Gainesville Florida
Florida Realtors Monthly Market Report for February: Alachua County Homes
Florida Realtors Monthly Market Report for February: Alachua County Condos
