The June Market Report is in and showing some very promising signs. “I’m happy to say that sales are trending in an upward fashion,” said Jeremy Thomas, President of the Gainesville-Alachua County Association of REALTORS® (GACAR). Closed sales in June were up 2.9% over June of 2019.
“In nearly every category we are moving in a positive way” said Thomas. Thomas speculated that the unprecedented low interest rates are affecting the market because cash sales were down by 6.0 units year over year. “This is still a good sign and I believe with mortgage rates as low as they are right now, folks are taking advantage,” he said.
The GACAR data shows that inventory is 33.0% less this year versus last year. “We currently have a 2.2 month supply of inventory compared to 3.0 months this time last year,” says Thomas. This reflects inventory has tightened and there are fewer homes on the market now compared to this time last year. “While Buyers may have fewer choices right now, strong demand for housing is a good thing for our Sellers,” he continued.
“This has been a trying time for all of us, however it’s encouraging to see the market continuing to correct back to a more stable position, says Thomas. “The market reaffirms that people still believe in owning their own home, and that doing so is a healthy financial investment,” he said.
For more information, view the full report from GACAR below.