This section of Gainesville is in buyer-market mode. If you look at the below Market update you can see changes in the Active real estate market for zip code 32635.

There are 137 homes for sale in the area. Median asking prices have dropped from $188k in August to $166k now.  During that time it has taken longer to sell homes but inventory has also come down, so the market has maintained it’s buyer/seller balance for the last few months.

This section of northwest Gainesville includes neighborhoods like: Blues Creek, Turkey Creek, Turkey Creek Forest, Northwood, and subdivisions along Millhopper Road like San Felasco Estates, Deer Run, and Windsor Glen.

90-day stats for Single Family properties in GAINESVILLE, FL32653 as of October 7, 2011
Median List Price:	$162,931	Average List Price:	$293,728
Total Inventory:	127	Price per Square Foot:	$101
Average Home Size:	1,658	Median Lot Size:	14,375
Average # Beds:	3.23	Average # Baths:	2.38
Homes Absorbed:	6	Newly Listed:	4
Days on Market:	162	Average Age:	21

Market Action Index (MAI) helps show how balanced a market is.  A score of 30 is an even market – so this area is in a buyer’s market hovering on an MAI between 15 and 8.

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The homes vary from patio style homes with zero lot lines (the association takes care of everything external, even pressure washing the siding once a year), to custom built luxury homes with larger lots.

Overview

Because buyers are focusing on southwest Gainesville there have been fewer sales in Blues Creek and demand is lower than normal.  As a result prices in Blues Creek are restrained.  This provides an excellent opportunity for buyers to take advantage of the market.  Don’t plan to buy today and sell tomorrow at a profit, but you can get much more house in the NW now than for many years in the past.

On the Market Now

There are 12 homes for sale at this reporting.

Larger & Luxury Homes

Click here to see the homes for sale in Blues Creek

The larger homes range from 2,166 to 2,933 square feet. There are 8 for sale, asking an average of $121 per square foot. These were also built between 1993 to 2006, and the asking price is $250,000 to $389,900.

Click here to see Listed Homes

Patio Homes in The Gardens

4 of the homes for sale are in the patio homes section, called The Gardens. The homes range from 1,121 to 1,380 square feet and the sellers are asking from $149,900 to $195,000. The average asking price per square foot is $127.68. These homes were built between 1996 and 2006.

Click here to see Listed Homes

There is one Patio home under contract. It is 1207 square feet, built in 2004, and the asking price is $138,900. They are asking  $115 per square foot. Let’s watch this one to see what it closes out at. This property was a foreclosed property.

What’s Selling?

One home in the Patio section closed out at $157,900. It went for $130.82 per square foot. It was built in 2005 and was 1207 square feet.

Click here to read past reports on Blues Creek.

Click here for a map of the area.

Homes for sale in Blues Creek - Click to see

Recent Sales in Blues Creek

Two homes have sold so far in 2009, both in June.  No homes are currently in a contract.

Our company sold one of them, in 91 days for $107/sqft and the other sold after 289 days for $128/sqft.

These homes sold for 94% of what they were asking when they got an acceptable offer, but the owners had dropped their asking prices by an average of $50,000 before then.  The ratio of selling price to original asking price for these two homes is 85%.

Homes for Sale in Blues Creek

There are 8 homes for sale in Blues Creek, 2 of them are short sales.  (Click here for an explanation of what a Short Sale is.)

They range from $250,000 to $375,000 and from 2,166 sqft to 2,701 sqft – which works out to a range of $97/sqft and $107/sqft for the short sales to $118/sqft to $139/sqft for the standard style sales.  They have been on the market for an average of 156 days.

Click for VTour of our listing in Blues Creek - $256,650

The short sales have reduced their prices by $95,000 on average and the regular sales have reduced their prices by $26,000 on average

To see the specifics on all the homes for sale in Blues Creek just click on the photo in this section.

Here is a Vtour for the one that we have listed.

Absorption Rates

With two sales in the last 11 months Blues Creek homes are selling at the rate of .18 per month… at that rate it will take 44 months to sell all the homes for sale in Blues Creek at the moment.

Our examination of market conditions looks at the neighborhood as a whole. If you would like information grouped in another manner feel free to contact us!

Based on information from the Gainesville-Alachua County Association of REALTORS or its Multiple Listing Service for the period 10/11/09 – 10/17/09. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

Want a more recent report?  Nov 2009 Report for Blues Creek is available here.

Homes on the Market

Click for Homes for sale in Blues Creek

To see the specifics on all the homes for sale in Blues Creek just click on the photo in this section.

Here is a Vtour for the one that we have listed.

Recent Activity

There are no homes sold yet this year, and nothing waiting to close.

Year to Year comparison

Prices peaked in 2006 at an average of $368,000 ($141/sqft).  There were 11 sales that year, and 12 in 2007 – which is a surprise because activity across the county was down for the year.  Sales prices dropped about 8% in 2007 – to $339,000 ($136/sqft).

In 2008 the number of sales was only 6, down 50% from the prior year.  The average sale price came down another 3% to $329,000 ($122/sqft).

7 homes were marketed in 2008 that didn’t sell.  They averaged an asking price of $340,000 ($138/sqft) when they first came onto the market and $330,000 ($134/sqft) when they came off the market.

In 2008 homes across the county that sold between 2,000 and 3,000 sqft averaged $129/sqft – down to $122/sqft so far in 2009.  It looks like Blues Creek is a little more affordable than “average” in Alachua County, and buyers were not willing to pay up to $134/sqft which is what many sellers were asking.

Time to Market

As prices have come down the length of time it takes to sell homes has generally gone up.  In 2005 it took less than 3 months, on average, to sell a home in Blues Creek.  In 2008 that had changed to just over 4 months.  In Blues Creek we see an increase in 2006, a drop in 2007, and then 2008 is at about the same place as 2006.
(That doesn’t mean that all homes sell in that length of time, many that never sell are on the market much longer before they are removed.)

The homes that attempted to sell and were unsuccessful in 2008 were on the market an average of almost 8 months.

Market stats for Blues Creek - click for larger image

Our examination of market conditions looks at the neighborhood as a whole. If you would like information grouped in another manner feel free to contact us!