Low inventory driving competitive real estate market

Press release from Gainesville-Alachua County Association of Realtors

Market Stats Report January 2021

Despite the challenges created by the ongoing pandemic, the real estate market in Alachua County continues to stay busy. Current buyers are motivated by financing options with low interest rates, the opportunity to build equity, and owning a safe haven to ride out COVID-19. Single family home sales in Alachua County are up 28.0% in January 2021 compared to January 2020, reinforcing this current trend.

At present, the most notable housing trend is the continued decrease of inventory in Alachua County. Compared to this time last year, active inventory for single family homes and manufactured homes is down 43.4% and 60.0%, respectively. Sellers are reaping the benefits and getting the maximum return on in their investments, while buyers are fiercely contending with one another amidst dwindling inventory. Local Realtors® are working hard to best service consumers on both ends of the transaction, however the lack of inventory is becoming more and more worrisome.

Recently, the Gainesville-Alachua County Association of Realtors® (GACAR) hosted a panel discussion about the City of Gainesville’s proposed Housing Action Plan. GACAR made several recommendations concerning key affordable housing issues and suggested ways to help increase housing inventory locally. The City Commission voted on and passed the Housing Action Plan at Thursday night’s meeting, which will help improve some of the issues caused by the inventory shortage. However, GACAR recognizes that this is only a first step and will continue to work with local officials to help adequately address both affordable housing and the growing housing inventory shortage.

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