For every month, Florida Realtors publishes a report that provides comprehensive details on the real estate statistics from the previous month as well as a comparison of the current numbers with the last 5 years. Thomas Group Realty uses this data as a check for determining how the real estate market is doing, navigating the current climate, and guiding clients in the best time to buy or sell their home.
The numbers provide interesting information on the trends throughout the year and months in comparison to other times.
Florida Real Estate Closings Are Up
September 2019 reveals a drop of 8.8% in closed sales from 239 to 218. A number of factors can affect the data for closed sales from the median sale price to time to contract to the time of year. When developing an understanding of what the numbers mean, it’s important to look at the full picture.
- The median sale price was up from $225,000 in September 2018 to $232,250 in 2019.
- Dollar volume was down (the total dollar amount sold by Alachua County real estate agents). Last month, the total was $56.9 million, from $59.4 million in September 2018 – that’s a 4.3% difference.
- The average time to contract was down from 37 days in 2018 to just 27 days, a 27% reduction that led to homes spending less time on the market and moving faster toward closings.
While the Florida real estate market may have had fewer closings in 2019, it’s clear from the median sale price and shorter time to contract that the market is doing well.
A High Demand for Florida Housing
While sale prices were up and average contract-to-closed times were down – both of which are exactly what real estate agents and home sellers want to hear, new home listings and active inventory can reveal a bit more about the 2019 market.
- New home listings were up from 208 listed homes in September 2018 to 243 homes in 2019.
- Active listings, meaning overall home inventory, were down by 11% from 2018. Last month, just 796 homes were on the market while there were nearly 894 in September 2018.
For Florida, this information isn’t new—there’s a high demand for homes to buy. With more homes listed in September 2019, this fresh influx may mean good things for those seeking to buy. But with such a low active inventory, homes are in demand.
Industry Clues about Gainesville’s Home Inventory
Another crucial factor for determining the state of the real estate market is through the “Months Supply of Inventory.” For September 2019, the “Months Supply of Inventory” was down by 8.8%. In 2018, it was 3.4 months but last month, it dropped to 3.1 months.
The unit of “months supply of inventory” refers to how many months’ worth of housing inventory is available on the market at any given time. For real estate agents, this number reveals market performance and whether buyers or sellers are favored. A rule of thumb is that a 5.5-month supply of inventory favors neither buyers nor sellers. Anything above 5.5 months is likely to favor buyers while anything below 5.5 months favors sellers.
With a 3.1-month supply of inventory in September, the real estate market is favoring people who want to sell their home. Now is the time to sell.
To start the process of putting your home on the market, get in contact with our office. Thomas Group is here for you every step of the way. We’ll help you close faster and get the best price for your home.