Something positive occurred in the Tallahassee real estate market during the month of October. It was long awaited, yet one month prior to my prediction made earlier this year, so I am very excited to report REAL PROOF of a housing market improvement in Tallahassee.
We finally put a halt to a run of year over year declines in home sales! Previously, the Tallahassee housing market experienced a 39 month run, from July 2006 through September 2009, of year over year home sales declines! October records show more home sales this year than October of last year (242 total home sales this year versus 241 home sales last year).
That's right, we improved by 1 sale during this October versus last October. As paltry as that sounds, it is something the Tallahassee housing market has not experienced since June of 2006! As small as it is, we have just seen an improvement.
Year Over Year Home Sales Gain In Tallahassee
The real estate graph below shows a year-over-year comparison of Tallahassee home sales. Each month is compared with the same month from the year prior, and the percentage gain (or percentage loss) is recorded for each month. All single family detached homes, condominiums, and town houses sold and recorded in Leon County (arms length sales only) were used for this report.
Average Home Prices In Tallahassee Below $200,000
The next graph shows that residential property prices have dropped below $200,000 in the Tallahassee real estate market. This is the first time that average new construction prices in Tallahassee have dropped below $200K since 2003, a sign that a sense of normalcy is returning to our market.
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.