Are we edging closer to a “Normal Market? Not really, we are still in the “Seller Zone”!
Prices will continue to climb at a steady rate as long as interest rates and inventory remain low. In the third quarter of 2013 there was an increase in new listings coming on the market but sold prices did not reduce. Why, you ask? Because inventory is still historically low. It gets even better for sellers, in November, the number of new listings dropped 14% compared to November 2012. This is the first significant drop in inventory since December 2012. Very good news for sellers! There are 10,777 homes in Gainesville and only 91 are actively looking for a buyer. That’s less than .01% of homes
We are still in a "Seller's Market"
Over the past two months there has been an increase in new listings coming on the market in Gainesville, compared to last year at the same time. This is an increase of 32.26% in new inventory available to buyers. Is it something sellers should be concerned about? Absolutely not! There are 10,777 homes in Gainesville, and only 118 are actively looking for a buyer. That's .01% of homes in active status. Very low inventory, indeed!
The graph below shows the amount of active listings over the last 5 years:
Buyers, prices and interest rates are expected to rise again next year so we highly recommend you get out there this fall and take advantage of the increased
Did you know? VDOT is spending 267 million on the Rt. 29 and Linton Hall Road Interchange. The estimated completion date is June 2015 and you can watch a video of the finished product at http://www.virginiadot.org/projects/resources/NorthernVirginia/Linton_Hall_800.mpg
Even with the road construction and traffic delays, demand for housing in Gainesville is on the rise! New construction is so "HOT" developers are standing in line at the county offices trying to obtain approval for new projects. You might ask, why is new construction important? The answer is, as new home prices increase so do resale prices. This has always been the trend so come on new construction!!
Just look at the
As the year begins we have another “hot market” to add to the list of areas we will review periodically. Looking at the last five years, the Gainesville inventory is currently at an all time low of 121, with its high of 500 occurring in February 2007.