Different Southwood Home Types See Similar Sales Results

Posted by Joe Manausa on Tuesday, May 19th, 2009 at 9:42am.

As I was helping a great Tallahassee real estate agent prepare an offer for a buyer on a home for sale in Southwood, I pulled a lot of data from the Tallahassee Board of REALTORS Multiple Listing Service (MLS) and summarized it for quick analysis. I figured the information would make for a quick "Southwood Real Estate Market Update."

But I also received a comment on the Tallahassee Real Estate Blog asking the following:

Joe,

I'd love to see a break down between single family homes and condo (townhomes) for Southwood, since a lot of neighborhoods only have one or the other. Also the breakdown on new construction verses existing, again since some neighborhoods don't have both. Also there is the factor that David Weekly was dumping their homes to exit the market and Beazer was pricing their product to help company cash flow.

Thanks, Doug S.
Well Doug, I'm happy to oblige as I have that current information already assembled.

Southwood Homes Report

The following table shows information from the Tallahassee MLS for Southwood. All Southwood homes were broken down into condo / townhouse versus single family detached homes. These were then broken down into new homes versus resales, and then sorted by current status ("Contract Pending", "Failed to Sell", "For Sale", and "Sold.").

Single Family Detached Homes In Southwood

southwood-single-family-detached-homes1
Status Avg. New Price Avg. New PPSFT Avg. Resale Price Avg. Resale PPSFT Avg. Price Avg. PPSFT
Contract Pending $380,289 $140 $381,933 $146 $381,275 $144
Failed To Sell $584,199 $174 $408,538 $161 $435,702 $163
For Sale $493,281 $157 $356,264 $147 $379,814 $149
Sold $343,518 $133 $306,636 $143 $322,299 $139

Condo / Townhouses In Southwood

southwood-condo-and-townhouse-sales
Status Avg. New Price Avg. New PPSFT Avg. Resale Price Avg. Resale PPSFT Avg. Price Avg. PPSFT
Contract Pending $167,559 $105 $195,933 $115 $180,655 $109
Failed To Sell $221,106 $138 $198,958 $139 $205,418 $139
For Sale $0 n/a $200,950 $134 $200,950 $134
Sold $234,619 $140 $184,886 $126 $215,278 $134

New Homes Cheaper Than Resales In Southwood?

A few things stand out when I look at these results. First of all, new single family homes in Southwood (price per foot) are selling for less than the resale price per foot. That sure makes for some tough competition when a Southwood homeowner decides to sell a home and tries to compete with builders bringing in supply cheaper than they paid for theirs.

Secondly, there appears to be a "normal" relationship between the current status' of the homes in Southwood, but not so much with the townhouses. When I say "normal," what I mean is that the homes that have sold were cheaper than those on the market, which are cheaper than the ones that failed to sell. In the case of the condo / townhomes, the units for sale are more expensive than the ones that failed to sell.

It is also important to note that I did not verify that the "type" entered into the MLS information was correct. There is the possibility that some townhouses are recorded as detached single family homes and vice-versa, but I think this will give the reader a fair look at the overall housing market in Southwood.

Southwood Home Sales

Type Address Price Closing Date Status
Detached Single Family 2477 Lantana Lane $329,362 5/15/2009 Sold
Detached Single Family 2447 E Orange Avenue $306,000 5/14/2009 Sold
Detached Single Family 3236 Whitman Way $369,000 5/1/2009 Sold
Detached Single Family 3777 Four Oaks Boulevard $240,000 4/30/2009 Sold
Detached Single Family 5964 Defoores Street $119,900 4/30/2009 Sold
Detached Single Family 2460 Rain Lily Way $267,165 4/24/2009 Sold
Detached Single Family 2464 Rain Lily Way $262,990 4/23/2009 Sold
Condo / Townhouse 4077 Colleton Court $155,000 4/23/2009 Sold
Detached Single Family 4221 SUMMERTREE DR $284,000 4/22/2009 Sold
Detached Single Family 3104 Mist Flower Road $268,990 4/20/2009 Sold
Detached Single Family 2473 Lantana Lane $297,910 4/17/2009 Sold
Detached Single Family 2461 Lantana Lane $323,000 4/15/2009 Sold
Detached Single Family 3170 Coneflower Drive $282,900 4/15/2009 Sold
Detached Single Family 2451 E Orange Avenue $315,500 4/9/2009 Sold
Detached Single Family 4243 RALEIGH WAY $220,000 4/9/2009 Sold
Detached Single Family 3295 SALINGER WAY $290,000 3/27/2009 Sold
Detached Single Family 3669 Esplanade Way $225,000 3/26/2009 Sold
Detached Single Family 3240 Appleton Drive $550,000 3/25/2009 Sold
Detached Single Family 2456 Rain Lily Way $274,990 3/20/2009 Sold
Detached Single Family 2413 Goldenrod Way $380,000 3/13/2009 Sold
Detached Single Family 4300 Grove Park Drive $264,500 3/13/2009 Sold
Detached Single Family 4244 Grove Park Drive $270,000 3/9/2009 Sold
Detached Single Family 3246 Salinger Way $307,000 2/27/2009 Sold
Detached Single Family 2482 Goldenrod Way $335,000 2/26/2009 Sold
Condo / Townhouse 3995 Four Oaks Boulevard $169,900 2/20/2009 Sold
Condo / Townhouse 4182 Four Oaks Blvd $202,700 2/17/2009 Sold
Detached Single Family 3128 Mist Flower Rd $262,990 1/30/2009 Sold
Detached Single Family 3728 Biltmore $237,000 1/20/2009 Sold
Detached Single Family 2483 Lantana Lane $345,000 12/29/2008 Sold
Detached Single Family 2463 Rain Lily Way $315,000 12/18/2008 Sold
Detached Single Family 3255 Salinger Way $331,000 12/9/2008 Sold
Detached Single Family 2120 Sunlight Terrace $325,000 11/21/2008 Sold
Detached Single Family 3178 Coneflower Drive $310,000 11/10/2008 Sold
Detached Single Family 1396 Button Willow Drive $148,000 10/22/2008 Sold
Detached Single Family 2401 Goldenrod Way $459,000 10/3/2008 Sold
Detached Single Family 3753 FOUR OAKS BLVD $289,250 10/3/2008 Sold
Detached Single Family 4267 Raleigh Way $266,000 10/2/2008 Sold
Detached Single Family 3240 Thoreau Avenue $460,000 10/1/2008 Sold
Detached Single Family 3626 FOUR OAKS Boulevard $233,000 10/1/2008 Sold
Condo / Townhouse 4194 Four Oaks Boulevard $197,990 9/30/2008 Sold
Detached Single Family 2469 Lantana Lane $329,990 9/27/2008 Sold
Detached Single Family 3108 Mist Flower Road $261,990 9/26/2008 Sold
Detached Single Family 4142 FAULKNER LANE $518,000 9/26/2008 Sold
Condo / Townhouse 4186 Four Oaks Blvd $202,418 9/26/2008 Sold
Detached Single Family 3132 Mist Flower $465,000 9/25/2008 Sold
Detached Single Family 4265 Summertree Drive $255,000 9/25/2008 Sold
Condo / Townhouse 4198 Four Oaks Blvd $265,900 9/19/2008 Sold
Detached Single Family 3769 Four Oaks Boulevard $250,000 9/17/2008 Sold
Condo / Townhouse 3143 Mulberry Park $195,000 9/16/2008 Sold
Condo / Townhouse 4178 Four Oaks Blvd. $275,745 9/15/2008 Sold
Condo / Townhouse 4118 Four Oaks Blvd $221,000 9/2/2008 Sold
Detached Single Family 3142 Duxbury Lane $455,000 8/29/2008 Sold
Detached Single Family 3766 Piney Grove Drive $575,000 8/28/2008 Sold
Detached Single Family 3748 Ivy Green Trail $325,000 8/27/2008 Sold
Detached Single Family 2468 Rain Lily Way $328,575 8/20/2008 Sold
Detached Single Family 2458 Goldenrod Way $430,335 8/15/2008 Sold
Detached Single Family 3785 CHANTICLEER Court $281,000 8/15/2008 Sold
Condo / Townhouse 3181 Mulberry Park $173,400 8/7/2008 Sold
Detached Single Family 3161 BARINGER HILL DR $349,500 8/6/2008 Sold
Detached Single Family 4130 Faulkner Lane $470,000 8/5/2008 Sold
Detached Single Family 2505 Twain Drive $324,900 7/31/2008 Sold
Detached Single Family 3071 Bent Grass Lane $234,365 7/30/2008 Sold
Detached Single Family 2452 Rain Lily Way $264,725 7/28/2008 Sold
Detached Single Family 2115 FERNLEIGH Drive $251,000 7/25/2008 Sold
Condo / Townhouse 3721 Riverton Trail $219,000 7/24/2008 Sold
Condo / Townhouse 3993 FOUR OAKS BLVD $189,900 7/24/2008 Sold
Detached Single Family 3249 Dunleith Lane $242,000 7/11/2008 Sold
Detached Single Family 3610 Four Oaks $228,780 7/11/2008 Sold
Condo / Townhouse 3729 Riverton Trail $273,439 7/2/2008 Sold
Detached Single Family 3690 MOSSY CREEK LANE $730,000 7/1/2008 Sold
Detached Single Family 3219 Whitman Way $235,000 6/27/2008 Sold
Condo / Townhouse 4142 Four Oaks Blvd $217,779 6/27/2008 Sold
Detached Single Family 3059 Bent Grass Way $265,000 6/26/2008 Sold
Detached Single Family 3129 Barringer Hill Drive $315,000 6/26/2008 Sold
Condo / Townhouse 3147 MULBERRY PARK Court $196,000 6/26/2008 Sold
Detached Single Family 3677 Mossy Creek $700,000 6/26/2008 Sold
Condo / Townhouse 3717 Riverton Trail $283,500 6/26/2008 Sold
Detached Single Family 3116 Mist Flower Road $243,295 6/20/2008 Sold
Detached Single Family 3211 WHITMAN WAY $257,000 6/20/2008 Sold
Detached Single Family 2110 Fernleigh Drive $261,000 6/16/2008 Sold
Detached Single Family 3701 Longfellow Road $375,000 6/13/2008 Sold
Detached Single Family 3725 Overlook Drive $412,000 6/10/2008 Sold
Detached Single Family 3034 CUMMINGS Avenue $245,000 6/9/2008 Sold
Detached Single Family 4289 SUMMERTREE DRIVE $269,900 6/9/2008 Sold
Condo / Townhouse 4066 Colleton Ct $215,000 6/2/2008 Sold
Detached Single Family 3689 Esplanade Way $240,000 5/30/2008 Sold
Detached Single Family 3768 Overlook Dr $399,000 5/30/2008 Sold
Detached Single Family 2525 TWAIN DRIVE $367,000 5/23/2008 Sold
Detached Single Family 4064 Shady View Lane $319,000 5/22/2008 Sold
Detached Single Family 3748 Ivy Green Trail $290,000 5/19/2008 Sold
Condo / Townhouse 4146 Four Oaks Blvd $221,338 5/16/2008 Sold

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Joe Manausa is 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.

4 Responses to "Different Southwood Home Types See Similar Sales Results"

Doug wrote: Joe,
Great report......Thank you! I think any serious buyer / seller or agent would be a fool not to use your site to gain a better grasp of this market.
I think what really stands out is the condo / townhouse chart. What a difference between the failed to sell and for sale with the actual sold. Looks like there is heavy duty sellers denial going on.

What definition does the Tallahassee MLS use for pending sales? The reason I ask is that different MLS's seem to use different criteria. Does it include pending inspection, feasibility, financing etc? Or, does it mean all contingencies have been met and ready to close? I know pending sales have been used to evaluate the future market trend of the real estate market. That being said, what percentage of pending sales fail? It seems that with tougher lending requirements the percentage would be high. Also, how do you separate pending sales from one month to another (so you can compare) when short sales , foreclosures and REO sales typically take a long time to close.

Doug

Posted on Tuesday, May 19th, 2009 at 1:00pm.

Joe Manausa wrote: Thank you Doug. I combined all of the "under contract" status' into "Contract Pending" rather then list so many of them. The MLS usually closes less than 50% of the homes that go under contact in one fashion or another, so I always advise ... "don't count your chickens before they hatch."

Posted on Tuesday, May 19th, 2009 at 4:41pm.

Doug wrote: Joe,
Thanks for taking the time to provide those stats...
In your analysis you stated: "In the case of the condo / townhomes, the units for sale are more expensive than the ones that failed to sell.". I wonder if that is a case of delusional (unrealistic sellers), real estate agents taking a listing on what the sellers think the property is worth verses a cma, or sellers just plain underwater and can't realistically price their property.

Doug

Posted on Thursday, May 28th, 2009 at 3:06pm.

Joe Manausa wrote: Hey Doug,

I think it is a combination of all those that you listed. Prices have declined so much in Southwood that many homeowners just don't know what to do. They put their home on the market at a price that they can handle at closing, but that doesn't mean anybody will even look at it at that price. It does nobody any good, it just adds to the inventory. They need to keep owning it until prices come back and they can sell it.

Posted on Thursday, May 28th, 2009 at 3:58pm.

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