The Alachua County residential real estate market continues to show signs of a solid recovery. The first quarter finished out with a strong March indicating that our market is continuing to improve.
March 2015 showed a notable 26.9% increase in the number of closed sales over last year, while median and average sale prices increased over March 2014 by 6.3% and 5.5%, respectively. Finally, the March 2015 days-on-market show that buyers are ready and able to purchase with a 24% decrease in the average number of days that a home sits on the market waiting for a buyer.
The lending market has played a role in allowing this recovery. The interest rates continue to be notably lower than last year, and the loan packages available are more accessible and desirable to buyers.
Overall, first quarter 2015 has given life to the Alachua County real estate market, as we saw a notable increase in total residential sales volume of 11.19%. First quarter average sale price for 2015 shows an increase of 4.01%, moving from $154,719 to $160,922.
This quarter also has us watching a slight redistribution of closed residential units by price range. The under $160,000 range still makes up over 50% of the sales; however, there has been small growth in the $160,000 to $250,000, $250,000 to $500,000 and $500,000 and up ranges, which suggests that we are seeing a slight increase in property value.
New construction continues to be an area to keep an eye on for the coming year, with new residential home sales accounting for just over 16% of total sales volume.