Wakulla County real estate reporting is sporadic at best here at the Tallahassee Real Estate Blog. I focus my efforts on Leon County, as it is truly the heart of my market area. But every once in a while, I think it is important to see how our surrounding counties are performing in home sales.
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Wakulla County Home Sales Drop 65% From Market Peak
Wakulla County real estate sales appear to be mirroring those in the Tallahassee real estate market. The number of homes sold has dropped 65% since the peak of the market in 2006. Additionally, foreclosures are also on the rise.
This real estate graph shows us that sales (blue line) are falling, while foreclosures (red area) is rising. For a county that has very few foreclosures occurring in the past, we see the Wakulla County real estate market really starting to get active with foreclosures. The increased foreclosure activity is not surprising, as everywhere else in the State and in the Country is experiencing the same thing.
Wakulla County Average Real Estate Prices Continue To Fall
Just as we see the falling count of home sales in Wakulla, we also see a continual decline of the average real estate prices. The average single family detached home in Wakulla County was once selling for over $180,000, now that number has dropped below $150,000. From peak to trough, that is a drop of nearly 20%.
The red line in the real estate graph above represents condo sales in Wakulla County. These are so few that I do not believe that the data is significantly relevant. Mobile home sales in Wakulla County seem to be rebounding nicely (green triangles on graph), but take a close look at what has/is happening with Wakulla County lot sales.
Wakulla County Lot Sales In The Tank
It appears as if lot sales in Wakulla County exploded in 2005. In the real estate graph below, the red vertical bars represent the number of Wakulla County lot sales each month, while the blue field represents the average lot price each month. The yellow trend line shows the one year average price for a lot in Wakulla County.
Lot sales have declined by 87% since April 2006, with the 24 lots sold each month, on average. The average price of a lot in Wakulla County has dropped from a high exceeding $83,000 to a current low of $26,000, a drop of 69%. The average price of a lot sold in Wakulla County last month was only $9,500!
Because I do not track Wakulla County real estate on a daily basis, I could be missing something. Right now, my biggest concern is that there are more vacant lots that need to be consumed, by a market that does not currently need them. If this is the case, it will have an impact not only on existing developed lots, but also on homes for sale in Wakulla.
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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.