Southwood Home Sales Showing Signs Of Stabilization

Posted by Joe Manausa on Friday, October 23rd, 2009 at 12:13pm.

The newest home sales numbers are showing that Southwood is finally showing signs of stabilization, mostly in the number of homes sold though average home price drops seem to have slowed as well  If you are a regular reader of the Tallahassee Real Estate Blog, then you know that we have reported on the Southwood Subdivision in Tallahassee for several years now, and have not been seeing much good at all.

While it is way too early to that a bottom is in sight for Southwood, I would think that it will all depend on new construction levels over the next 12 months. Currently, there are about 9 months of supply of homes for sale in Southwood in the $200K - $300K price range. If builder activity remains low, it should hit a stable level of 6 months of supply sometime early in 2010.

New Home Construction In Southwood

The average price of a new construction home in Southwood over the past 12 months was just under $290,000. Considering the average new home in Southwood was once selling for $413K, this is a drop of over 30%. The new construction has adapted to the market, but this is definitely putting serious pricing pressure on existing home sales in Southwood.

New Home Construction Sales In Southwood

Existing Home Sales In Southwood

Existing home sales (resales) in the Southwood Subdivision seem to be finding the bottom of the market in terms of unit sales. There have been signs recently that unit sales might be thinking about climbing in the near future. Resales in Southwood once sold at a pace of 11 per month, though we have seen that level fall all the way to just over 4 per month. The average price of an existing home sold in Southwood is around $275K, but we expect to continue to see that drop over the next 6 months or longer due to the glut of supply.

Existing Home Sales In Southwood Tallahassee Florida

Southwood Housing Market Report

When we combine new home sales in Southwood with existing home sales in Southwood, the following graph gives us an overview of the Southwood housing market. Currently, the Southwood Subdivision in Tallahassee is averaging about 8 home sale per month at an average price of $280,000.

Southwood Housing Market Report With Charts And Graphs

Historical Southwood Home Sales

Parcel Address SqFt HC Price Sale Date
3647 MOSSY CREEK LN 4,354 684,000 9/28/2009
3093 MERCHANTS ROW BLVD 1,521 155,000 9/25/2009
2131 SUNLIGHT TER 2,030 260,000 9/23/2009
3182 CONE FLOWER DR   275,000 9/21/2009
3158 CONE FLOWER DR   204,300 9/16/2009
4018 BLAIRSTONE RD 1,394 175,000 9/15/2009
3052 INDIAN GRASS LN   287,800 9/15/2009
3679 ESPLANADE WAY 1,782 224,000 9/14/2009
3722 LONGFELLOW RD 2,225 350,000 9/14/2009
3622 BILTMORE AVE 1,394 194,000 9/11/2009
3232 WHITMAN WAY 2,707 305,000 9/10/2009
2107 MERRIFIELD LN 1,620 225,000 9/8/2009
4117 FITZGERALD RD 2,357 302,000 9/4/2009
3745 FOUR OAKS BLVD 2,021 253,000 9/3/2009
3258 THOREAU AVE 2,027 325,000 9/1/2009
4235 RALEIGH WAY 1,394 183,000 8/28/2009
4560 GROVE PARK DR 3,819 550,000 8/28/2009
3158 BARINGER HILL DR 2,794 375,000 8/26/2009
3084 INDIAN GRASS LN   274,700 8/24/2009
3653 ESPLANADE WAY 1,940 217,500 8/21/2009
3757 FOUR OAKS BLVD 2,045 255,000 8/17/2009
3254 NEWBERRY BLVD 1,401 194,000 8/14/2009
3120 MIST FLOWER RD   199,900 8/11/2009
4042 BLAIRSTONE RD 1,644 190,000 8/6/2009
4106 FOUR OAKS BLVD 1,521 165,000 7/31/2009
3214 YEATS AVE 2,021 255,500 7/31/2009
4298 PARK CROSSING TRL 1,324 159,000 7/24/2009
4338 GROVE PARK DR 1,962 255,000 7/24/2009
3153 BARINGER HILL DR 3,016 365,000 7/22/2009
3614 LONGFELLOW RD 1,650 269,900 7/15/2009
4244 FOUR OAKS BLVD   164,000 7/13/2009
3805 PINEY GROVE DR 2,368 265,000 7/10/2009
3245 DUNLEITH LN 2,156 256,000 6/30/2009
3113 MIST FLOWER RD 3,251 330,000 6/29/2009
4252 FOUR OAKS BLVD   164,200 6/26/2009
4260 FOUR OAKS BLVD   204,700 6/25/2009
4286 PARK CROSSING TRL 1,966 190,000 6/19/2009
3146 DUXBURY LN   371,000 6/16/2009
3157 BUCKHEAD TRCE 1,953 245,000 6/15/2009
2452 RAIN LILY WAY   245,000 6/12/2009
3166 CONE FLOWER DR 2,966 350,000 6/12/2009
3785 LONGFELLOW RD 3,385 320,500 6/11/2009
3245 DUNLEITH LN 2,156 252,200 6/10/2009
3665 LONGFELLOW RD 1,584 246,000 6/9/2009
3161 MULBERRY PARK BLVD 1,966 235,000 5/29/2009
3249 UPDIKE RD 2,622 428,800 5/29/2009
3791 WENTWORTH WAY 3,914 566,400 5/29/2009
4190 FOUR OAKS BLVD   162,000 5/28/2009
4256 FOUR OAKS BLVD   162,700 5/28/2009
4240 FOUR OAKS BLVD   197,300 5/28/2009
3725 RIVERTON TRL   160,700 5/27/2009
4274 AVON PARK CIR 1,744 177,000 5/27/2009
2416 RAIN LILY WAY   196,000 5/27/2009
2489 LANTANA LN   330,700 5/27/2009
4248 FOUR OAKS BLVD   162,100 5/22/2009
2112 NEW DAWN RD 1,893 249,900 5/18/2009
2477 LANTANA LN   329,400 5/15/2009
2447 ORANGE AVE E   306,000 5/14/2009
3149 BARINGER HILL DR 2,988 291,000 5/8/2009
3236 WHITMAN WAY 2,368 369,000 5/1/2009
3777 FOUR OAKS BLVD 1,893 240,000 4/30/2009
2460 RAIN LILY WAY   267,200 4/24/2009
2464 RAIN LILY WAY   262,900 4/23/2009
4077 COLLETON CT 1,324 155,000 4/22/2009
4221 SUMMERTREE DR 2,073 284,000 4/22/2009
3104 MIST FLOWER RD   269,000 4/20/2009
2473 LANTANA LN   298,000 4/17/2009
3170 CONE FLOWER DR 2,229 283,000 4/15/2009
2461 LANTANA LN   323,000 4/15/2009
2451 ORANGE AVE E   315,500 4/9/2009
4243 RALEIGH WAY 1,394 220,000 4/8/2009
3295 SALINGER WAY 2,368 290,000 3/27/2009
4122 FITZGERALD RD 2,690 650,400 3/27/2009
3669 ESPLANADE WAY 1,782 225,000 3/26/2009
3240 APPLETON DR 2,921 550,000 3/24/2009
2456 RAIN LILY WAY   275,000 3/20/2009
2413 GOLDENROD WAY   380,000 3/13/2009
4300 GROVE PARK DR 1,584 264,500 3/9/2009
4244 GROVE PARK DR 1,876 270,000 3/9/2009
3246 SALINGER WAY 2,242 307,000 2/27/2009
2482 GOLDENROD WAY   335,000 2/26/2009
3995 FOUR OAKS BLVD 1,483 169,900 2/20/2009
4182 FOUR OAKS BLVD   203,000 2/17/2009
3128 MIST FLOWER RD   263,000 1/30/2009
3791 OVERLOOK DR 1,953 235,000 1/28/2009
3728 BILTMORE AVE 1,683 237,000 1/20/2009
2483 LANTANA LN   345,000 12/29/2008
3724 IVY GREEN TRL 1,896 220,000 12/18/2008
4244 GROVE PARK DR 1,876 358,100 12/17/2008
2463 RAIN LILY WAY   315,000 12/16/2008
3255 SALINGER WAY 2,368 331,000 12/9/2008
2120 SUNLIGHT TER   325,000 11/21/2008
3158 BARINGER HILL DR 2,794 275,000 11/12/2008
3178 CONE FLOWER DR   310,000 11/10/2008
3995 FOUR OAKS BLVD 1,483 192,500 10/15/2008
4024 COLLETON CT 1,324 175,000 10/8/2008
4267 RALEIGH WAY 1,692 266,000 10/3/2008
3753 FOUR OAKS BLVD 2,156 289,300 10/3/2008
2401 GOLDENROD WAY   459,000 10/3/2008
3626 FOUR OAKS BLVD 1,777 233,000 10/1/2008
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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.

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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.

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