Each month, Florida Realtors reports on the real estate statistics for Florida, including the Gainesville MSA, which covers both Alachua County and Gilchrist County. These numbers represent the preceding month, comparing them to numbers from the last 5 years. For Thomas Group Realty, this information acts as a temperature of the Florida real estate market and helps to guide clients for the best time to buy or sell their home.
Let’s dive into the numbers for June 2019 in comparison with 2018’s data.
Florida Real Estate Median Sale Prices Are Up
June data for the Florida real estate market reveals an interesting turn of events with higher median sale prices and dollar volume, shorter time to contract, but a decline in closed sales. While this is positive news for home sellers with the higher median sale price, fewer closings can mean that homes are not moving as quickly.
However, these changes in the market could be used to your advantage:
- Median sale price increased from $228,000 in June 2018 to $250,000 in 2019.
- Dollar volume was up (the total dollar amount sold by Alachua County and Gilchrist County real estate agents). The total was $98.4 million for June 2019, up from $98.2 million in June 2018 – that’s a 0.3% difference.
- Closed sales decreased from 369 closed sales in 2018 to 361 closed sales in June 2019, which is a 2.2% decline.
- Average time to contract was down from 34 days in 2018 to just 31 days, an 8.8% reduction that led to homes spending less time on the market and moving faster toward closings.
From this standpoint alone, we can see that the Florida real estate market is doing well. So how can we determine whether or not it’s a good time to sell?
Increased Demand for Florida Housing
While sale prices were up and average contract-to-closed times were down, both of which are great news for real estate agents and home sellers, June 2019 has seen a decrease in new home listings and active listings.
- New home listings were down from 379 listed homes in June 2018 to just 343 homes in June 2019.
- Active listings, meaning overall home inventory, was down by 9.6% from 2018. This June 2019, just 914 homes were on the market while there were nearly 1,011 in June 2018.
Florida’s continued demand for housing only seems to grow. A quick glance at these numbers shows that more people are looking to buy than to sell. This is great news for people who want to sell!
Industry Clues about Real Estate Inventory
June 2019’s “Months Supply of Inventory” was down 12.8%. While the inventory supply was 3.9 months in 2018, June 2019’s real estate inventory dropped to 3.4 months.
As a unit of measurement, “months supply of inventory” refers to how many months of housing inventory is on the real estate market. Based on this information, real estate agents can tell how the market is doing and who it is favoring, whether buyers and sellers. A rule of thumb is that a 5.5-month supply of inventory does not favor either buyers or sellers. But when the rating lifts higher than 5.5 months, that market favors buyers while anything below 5.5 months favors sellers.
Staying consistent with past real estate market reports, the real estate market continues to favor home sellers in Florida. Homeowners who choose to sell at this time are likely to receive offers that are close to their listing prices, see fast contract-to-closing times, and experience satisfaction in the entire process. If you have been considering selling your home, now is the time!
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.