Gainesville’s real estate update for May 2023 reveals that despite slower sales and rising inventory levels, Alachua County home and condo prices continued to rise. Take a quick look at Alachua County’s home and condo sales during the month, whether Gainesville was a buyer’s or a seller’s market, and how this latest real estate market news for May affects Gainesville home and condo buyers and sellers.
Not up for reading the whole thing? Check out this short real estate market update video for May that goes over all the highlights.
Gainesville Real Estate Market Video Update for May 2023
Alachua County Home Sales
Gainesville FL Real Estate Market snapshot for May 2023
Despite an increase in housing inventory levels, Gainesville home prices continued to rise in May, while statewide median sale prices remained flat.
Median sale price for Gainesville homes in May 2023 was $370,000, a 1.4% increase from May 2022. This is despite a 16.5% jump in the number of homes for sale in Alachua County compared to last year.
Home sales were down 9.2% from May 2022 and it typically took 17 days for homes to go under contract, up from 6 days last year.
Even in the face of lower home buyer demand, Gainesville was a seller’s market in May, reporting only 2 months supply of inventory.
A seller’s market (meaning low housing supply to meet buyer demand) is when there is less than 6 months supply of inventory.
So even with Alachua County housing inventory levels rising, 2.0 months supply of inventory is still a strong seller’s market.
Whether Gainesville home prices keep rising depends in large part on whether buyer demand keeps up with increasing inventory levels.
Alachua County home sales breakdown
No matter what market you’re in, the strength of a real estate market varies by price point. When there are a lot of buyers shopping in a price point and there’s a limited amount of homes for sale to meet demand, that price point is more favorable to home sellers than one where there are fewer buyers and a larger amount of homes available for sale.
Comparing Alachua County home sales and homes for sale broken down by price point gives us an idea of the most popular price ranges for home sales during the month and also highlights the price points facing the greatest inventory challenges in meeting buyer demand.
In May, Gainesville homes priced between $300,000-$399,999 were the biggest seller, with 97 homes sold; closely followed by homes priced between $400,000-$599,999, with 81 homes sold.
Home buyers in May faced the greatest challenges finding Gainesville homes for sale priced under $300,000 due to a severe lack of inventory.
Home owners who factor in the strength of buyer demand when pricing their homes for sale will be best positioned to compete in the Gainesville real estate market.
Alachua County Condo Sales
Gainesville FL Real Estate Market snapshot for May 2023
Gainesville condo prices during the month continued to rise despite increasing inventory levels.
At $199,000, the median sale price for Gainesville condos was 9.3% higher than May 2022, outperforming Florida as a whole, with the state reporting a less than 1% increase in condo sale prices from last year.
The rise in Alachua County condo inventory was negligible for the month, with condo inventory levels only 1.4% higher than last May.
Alachua County condo sales were down nearly 32% from May 2022, and it typically took 15 days for condos to go under contract, up from 7 days last year.
Despite lower sales and increasing inventory levels, Gainesville was still a seller’s market for condos in May with only 1.2 months supply of inventory reported for the month.
A seller’s market (meaning low condo supply to meet buyer demand) is when there is less than 6 months supply of inventory.
So even with Alachua County condo inventory levels rising, 1.2 months supply of inventory is still a strong seller’s market.
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 real estate market for condos varies by price point. When there are a lot of buyers searching for condos in a price point and there’s a limited amount of condos for sale, that price point is more favorable for condo sellers than one where there are fewer buyers and a larger amount of condos available for sale.
Comparing Alachua County condo sales to the amount of condos available for sale and breaking that information down by price point not only gives us a look at the most popular price ranges for condo sales during the month — but also highlights the price points facing the greatest inventory challenges in meeting buyer demand.
Gainesville condos priced between $150,000-$199,999 were the biggest seller In May, with 28 condos closed.
Condo buyers in May faced challenges finding Gainesville condos for sale in nearly every price point due to the severe lack of inventory.
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 May: Key takeaways
- Despite home and condo sales being lower than last year, sale prices continued to rise.
- Even with inventory levels rising, Alachua County was a seller’s market in May. There is still a severe lack of home and condo inventory in a majority of price points.
- 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.
The figures presented in this Gainesville real estate update for May are a snapshot in time. The market is constantly changing. Gainesville home and condo buyers and sellers would be best served by consulting with their Realtors for the most up to date real estate market information.