Tallahassee Residential Real Estate Sales - A Year to Year Comparison

Posted by Joe Manausa on Thursday, January 17th, 2008 at 1:17pm.

The final numbers are in for the Tallahassee Real Estate Market. 2007 has been completed and we can move forward to 2008! So, how do you think our market was in 2007?
The final numbers are in for the Tallahassee Real Estate Market. 2007 has been completed and we can move forward to 2008! So, how do you think our market was in 2007? Down, certainly. Dead, ... think again. Tallahassee Real Estate Market Overall, the Tallahassee (Leon County) residential real estate market was better than all the years prior to 2001 (with the exception of 1999). Leon County real estate sales were 4% better in 2007 than they were in 2000. I remember back in 2000, and we were thinking it was a fairly good, above-average market. This market correction was needed and is a normal part of the long-term real estate sales cycle. New construction sales (the residential category combines Single-Family homes, Condominiums, and Town Houses) had its fifth-best recorded year ever! With all the media stories preaching gloom and doom over the Tallahassee housing market, I think it is important to know the difference between a "crash" and a market correction. Finally, residential resales were hurt the worst. I believe this is because the professional Sellers (builders and investors) knew to cut their losses and get out, whereas the discretionary Sellers (families) did not have a strong enough motivation to sell their homes. The ones that absolutely had to sell their homes priced them accordingly and sold them, the ones that did not just flooded the market with inventory that was not needed. I will have more information regarding the 2007 Tallahassee Real Estate Market in my future blogs.  
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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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