We have several customers who are buying high-end homes in Tallahassee (homes priced greater than $500,000) so I was wondering what the high-end market has done in the past few years. I decided to pull all of the home sales in the Tallahassee MLS in order to see if any trend existed.
The first thing that really caught my eye when analyzing the higher priced homes in Tallahassee is just how explosive this market has been. For example, home sales with prices over $500,000 grew by 670% from 2001 to 2006! Even this year, the worst year in the past 20 years for total home sales, the high-end housing market has grown 168% compared with 2001. One has to wonder how this part of the market has grown so rapidly, even as local jobs and wages have only grown with limited cost of living increases.
As usual, the Tallahassee Real Estate Blog likes to take a look at this real estate information in a graphical format. The following three real estate graphs will give us a much better look at high-end home sales in Tallahassee.
High End Home Sales In Tallahassee Explode This Decade
This first graph shows the explosive growth of the high-end housing market in Tallahassee. Each year from 2001 to 2006, the number of high end homes selling in Tallahassee grew by a substantial rate. Even as the bottom of the market has fallen, we can see that high-end homes are still selling at historically high rates.
Upper End Homes See Marginal Size Changes
You might wonder exactly what $500,000 will get you in today's Tallahassee housing market. Well, it will get you slightly less home than it would have in 2001, but roughly the same as in the past. This next graph shows the slight declining trend in home sizes by price range in the Tallahassee high end homes market.
Tallahassee High-End Home Values Still Rising?
The next real estate graph shows that Tallahassee high-end home values are coming down from the highs reach in 2006 and 2007, but the trend from 2001 is still higher. I find this amazing for a part of the market that exploded without the support of the local economy. We will keep our eyes closely glued to this trend, as I know that we currently have about 4 years supply of homes for sale in these price ranges.
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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.