Flipping https://www.brianoen.com/ en Real Estate Market Update November 2022 https://www.brianoen.com/real-estate-market-update-november-2022 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--resource.html.twig x field--node--title.html.twig * field--node--resource.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Real Estate Market Update November 2022</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--uid--resource.html.twig x field--node--uid.html.twig * field--node--resource.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--uid.html.twig' --> <span> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/modules/user/templates/username.html.twig' --> <span>ag_b7hd4kn0</span> <!-- END OUTPUT from 'core/modules/user/templates/username.html.twig' --> </span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--resource.html.twig x field--node--created.html.twig * field--node--resource.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Fri, 11/04/2022 - 14:05</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: * links--node.html.twig x links.html.twig --> <!-- BEGIN OUTPUT from 'themes/bootstrap/templates/system/links.html.twig' --> <!-- END OUTPUT from 'themes/bootstrap/templates/system/links.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--resource.html.twig * field--node--body.html.twig * field--node--resource.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/bootstrap/templates/field/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field--item"><p><strong>What an exciting and interesting time to be in real estate!</strong> The market is booming with opportunities from investment activity to new construction across the commercial sector.</p> <p>Alachua County has been a popular market for real estate investors for years due to the combination of low cost-of-living expenses, no state income tax, low sales tax rates, and an extremely temperate climate. Strong demand for housing from multiple, distinct populations of residents and ongoing scarcity issues created an environment in Gainesville where fix-and-flip investors are thriving from high rates.</p> <p>Here is the latest market information to help you navigate the changing real estate landscape and make the most of your investments.</p> <p><strong>Key Takeaways:</strong></p> <ul><li>205K of net absorption in SF for office space</li> <li>28.2% decrease in dollar volume for single-family homes</li> <li>1.2% increase in the average sale price for single-family homes</li> <li>12.3% increase in 12-mo asking rent growth for industrial inventory</li> <li>Seller’s Market</li> </ul><p><strong>Note:</strong> Only 110,000 SF of construction development in the office space pipeline</p> <p><strong>House:</strong> 7.8% asking rent growth for multifamily</p> <p><strong>Search:</strong> 21 days is the median time to contract for single-family homes</p> <p> </p> <h1>Commercial Sales</h1> <p>Gainesville’s commercial sales throughout the retail and office sector remain strong and on firm footing in the second half of this year. In addition, annual sales volume for office investment activity in Alachua County over the 12 months resulted in $121 million, buoyed by a record-breaking 21Q4 when $67 million in office properties traded hands.</p> <h2>Commercial Statistics:</h2> <ul><li>5.0% vacancy rate for office</li> <li>12.3% 12-month rent growth for industrial</li> <li>6 retail properties are under construction</li> <li>$204 average price/SF for past retail sales</li> </ul><p><strong>New properties/trends to watch out for:</strong> 65,000 SF of new industrial space completed in the trailing 12-month period.</p> <p><strong>Preleased properties:</strong> 75.5% of under-construction retail properties are already preleased.</p> <p><strong>Current construction:</strong> Only 110,000 SF of development in the office space pipeline.</p> <p> </p> <h1>Residential</h1> <p>Gainesville single-family homes continue to see a number of sales transactions. While there’s been some increase in pricing since last year, we continue to see homes selling faster and selling under the asking price. Definitely a seller’s market, but smart buyers can still find their dream home.</p> <h2>Residential Statistics:</h2> <ul><li>29.0% decrease in closed sales</li> <li>21 days is the median time to contract</li> <li>34.7% decrease in pending inventory</li> <li>8.3% increase in median sale price</li> </ul><p><strong>Significant item to note:</strong> Time to contract has increased since last year, meaning buyers and sellers have more time to consider the contract.</p> <p><strong>Average Sales Price:</strong> Sellers will be happy to see that the average sales price continues to increase, making this period an even better time to sell.</p> <p> </p> <h1>Investments &amp; Flips</h1> <p>Gainesville’s office market continues to stay strong, defined by healthy investment sales activity, strong net absorption, and a slow acceleration in rent growth. Over the last year in Alachua County, office investment activity resulted in $121 million in annual sales volume, buoyed by record-breaking trading hands of $67 million in office properties.</p> <p>Buyers continue to find value in Gainesville’s retail sector, despite the recent price growth and decrease in the construction pipeline over the past two years. Investors are especially active in the capital markets, seeing annual sales volume hit a high of $170 million throughout a 12-month period.</p> <h2>Investments Statistics:</h2> <ul><li>5.0% vacancy rate for office</li> <li>12.3% 12-month rent growth for industrial</li> <li>38.4K 12-month net absorption in SF for retail</li> <li>$204 average price/SF for past retail sales</li> </ul><h3>Single-family and Multi-family Statistics:</h3> <ul><li><span style="font-size:11pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Arial"><span style="color:#000000"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">4.8% vacancy rate for multi-family homes</span></span></span></span></span></span></li> <li><span style="font-size:11pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Arial"><span style="color:#000000"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">7.8% 12-month asking rent growth for multi-family homes</span></span></span></span></span></span></li> <li><span style="font-size:11pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Arial"><span style="color:#000000"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">110.0% increase in median time to contract for single-family homes</span></span></span></span></span></span></li> <li><span style="font-size:11pt; font-variant:normal; white-space:pre-wrap"><span style="font-family:Arial"><span style="color:#000000"><span style="font-weight:400"><span style="font-style:normal"><span style="text-decoration:none">17.5% increase in active listings for single-family homes</span></span></span></span></span></span></li> </ul><p> </p> <h1>Closing Remarks</h1> <p>Gainesville's economic rebound past the pandemic is on firm footing, with the last year achieving more significant sales than previous years. Based on this information, here are my three recommendations:</p> <ul><li>Do your research &amp; know what you’re looking for</li> <li>Know and stick to your budget</li> <li>Reach out to me immediately to discuss your options!</li> </ul></div> <!-- END OUTPUT from 'themes/bootstrap/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-banner-image--resource.html.twig * field--node--field-banner-image.html.twig * field--node--resource.html.twig * field--field-banner-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/bootstrap/templates/field/field.html.twig' --> <div class="field field--name-field-banner-image field--type-image field--label-hidden field--item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'themes/bootstrap/templates/system/image.html.twig' --> <img src="/sites/default/files/styles/full_banner/public/2022-11/Market%20Report%20Update%20-%20Nov%202022%20-%20Blog%20%281%29_1.png?itok=e3WdWGfX" width="1920" height="800" alt="" class="img-responsive" /> <!-- END OUTPUT from 'themes/bootstrap/templates/system/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/bootstrap/templates/field/field.html.twig' --> Fri, 04 Nov 2022 14:05:00 +0000 ag_b7hd4kn0 46 at https://www.brianoen.com