Most of our housing reports on the Tallahassee Real Estate Website include condominiums and townhouses, but today's report will focus solely on single family homes.
Additionally, this report will use existing home sales only, with all new construction sales from the Tallahassee MLS removed.
As we can see in the graph at the upper right, single family homes are selling as two separate markets, those that are in distress, and those that are not.
Today's report will reveal trends in the size, value, price, and unit sales of existing single family homes in Tallahassee.
Distressed Single Family Homes
We have been tracking the rise in short sales and foreclosures in Tallahassee, but it appears these distressed sales of single family homes have flattened.
This means that the growth of distressed sales that we are continuing to see in the overall housing market is coming from condominiums and townhouses.
In the graph above, the green bars measure the number of single family homes that sold in "arms length transactions," while the red bars are those that sold in distressed circumstances (short sales, foreclosures, and bank owned properties). The red lines measures the percentage of single family houses that sold in distress, which is currently holding at 35% (more than 1 in every 3 sales).
Value Trends For Single Family Homes
The real estate graph below shows value trends for single family houses in Tallahassee.
Note how arms length sales are segregated from distressed house sales. Additionally, the red line measures the "discount" between distressed sales and arms length sales, where currently the average distressed home is selling for 70% of the average arms length home sale value.
The green bars show that home values for arms length sellers has remained pretty steady since reaching a bottom in 2011, though this is not true for all neighborhoods and subdivisions. It is important to note that no new home sales are mixed in with existing home sales, thus the normal premium for new construction does not exist.
I hope this report on the sale of single family homes in Tallahassee has been helpful, and if you want information specific to your home, just drop me a note and we can schedule a time to review your home.
Joe Manausa, MBA is a 24 year veteran of real estate brokerage in the State of 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.