This Gainesville FL real estate update for March 2023 looks at home and condo sales in Alachua County for the month. In this update we talk about how sale prices are doing, how long it took to sell homes and condos, whether we are in a buyer’s or seller’s market, and what all this information means for Gainesville homebuyers and home sellers.
Interested in all of this information but don’t really feel like reading it? Here’s a short market report video update that goes over all the highlights.
Gainesville Real Estate Video Update for March 2023
Alachua County Home Sales
Gainesville FL Real Estate Market snapshot for March 2023
Despite an increase in housing inventory levels, Gainesville home prices continued to rise in March.
Home prices were up 15.6% from last year, with a median sale price of $370,000. This is despite the amount of homes available for sale jumping 54.1% from March 2022.
Home sales were down nearly 26% from March 2022 and it took an average of 22 days for homes to go under contract, up from an average of 8 days to contract last year.
Even with the increase in the amount of homes for sale, Gainesville was a seller’s market in March, reporting only 1.9 months supply of inventory. When a balanced market is considered to be one with 5.5 months of inventory and anything less is a seller’s market (meaning low housing supply to meet demand), Gainesville was still a strong market for home sellers in March.
How home prices will be affected going forward depends in large part on whether buyer demand keeps up with rising inventory levels.
Alachua County home sales breakdown
The strength of a seller’s market varies by price point. When there are a lot of buyers purchasing in a price point where there is a limited amount of homes for sale, that price point is a stronger seller’s market than one where there are fewer buyers and a larger amount of homes available for sale.
Looking at home sales in March compared to the amount of homes for sale and breaking that down by price point gives us a good look at not only the most popular price ranges for homes during the month but also the price points facing the greatest inventory challenges in meeting buyer demand.
This breakdown of Gainesville homes sold during March 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.
The largest amount of homes in March sold for between $300,000-$599,999, with 132 homes closed.
Home buyers looking for homes to buy in March faced the greatest challenges finding Gainesville homes for sale priced less than $250,000 due to a severe lack of inventory.
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 March 2023
Just like the market for single family homes, Alachua County condo prices in March also continued to rise despite increasing inventory levels.
Gainesville condo prices were up 10.7% from last year, with a median sale price of $176,500.
Condo prices rose despite a 34.2% increase from last year in the amount of condos available for sale.
The amount of condos sold declined 26.5% from March 2022, and it took an average of 25 days for condos to go under contract, a 177.8% increase from last year when it took an average of 9 days for condos to go under contract.
Even with condo inventory levels rising 34.2% from last year, Gainesville still reported only 1.5 months supply of inventory, meaning that Gainesville was still a seller’s market for condos in March.
When a balanced market is considered to be one with 5.5 months of inventory and anything less is a seller’s market (meaning low condo supply to meet buyer demand), Gainesville was still a strong seller’s market for condos in March.
How condo prices will be affected going forward depends in large part on whether buyer demand keeps up with rising inventory levels.
Alachua County condo sales breakdown
Just like with single family homes, the strength of a seller’s market for condos varies by price point.
When there are a lot of buyers shopping in a price point where there is a limited amount of condos for sale, that’s a stronger seller’s market than a price point where there are fewer buyers and a larger amount of condos available for sale.
Looking at the number of condos sold in March compared to the amount of condos for sale and breaking that down by price point gives us a good look at not only the most popular price ranges for condos during the month but also the price points facing the greatest inventory challenges in meeting buyer demand.
In March, Alachua County condos priced between $150,000-$199,999 were the biggest seller, with 23 condos closed.
Buyers looking for condos to buy priced below $300,000 faced the greatest challenges due to low inventory levels, with condos priced less than $150,000 and condos priced between $200,000-$249,999 in particularly short supply.
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 March: Key takeaways
- Home and condo sales were down from March 2022.
- More homes and condos were for sale than last year.
- Even with increasing inventory, Gainesville was still a seller’s market for both homes and condos.
- Sale prices rose in March for both homes and condos despite growing inventory levels. It remains to be seen whether and how much home and condo prices will be affected going forward if inventory levels continue to rise.
The figures presented in this update are just a snapshot in time. Gainesville home buyers and home sellers should check with their Realtors for the most up to date market information to help guide them in making decisions.
Gainesville FL real estate: Further reading
Buyers market vs sellers market: What’s the difference?
Best selling Gainesville neighborhoods in 2023
Tips on buying a home in Gainesville Florida
Florida Realtors Monthly Market Report for March: Alachua County Homes
Florida Realtors Monthly Market Report for March: Alachua County Condos
