You Have Found The Right Place For Tallahassee LotsThis first graph shows how unit sales and average prices are trending. That means for every point on the graph, it is showing us the average over the past year for that piece of information. Currently, Tallahassee lot sales are averaging $83,400 per lot over the past year, while averaging only 67 lot sales per month. The next graph shows the Year-to-Date (through July) Tallahassee lot sales composed with just the raw data, as opposed to trends as we saw in the first graph. The blue line running across the graph shows that prices shot up and then came back down some, but still are up significantly since 2001. The average price for a lot in Tallahassee through July of this year is $79,030. We can see that unit sales per month have dropped from an average of 363 per month through July in 2004 to just 63 per month through July of this year.
Reduced Lot Sales Is Good For NowThe reduced amount of lot sales in Leon County is good. I believe this is helping reduce the inventory of homes in Tallahassee as fewer lots are being developed. We are seeing prices hold fairly stable due in part to the high cost of development in Leon County (meaning nobody can develop lots cheap any more) and the fact that production of build-able lots has slowed so much.
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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.