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A reader recently asked me to provide some market information about a great neighborhood on the Northeast side of the Tallahassee real estate market. The Eastgate subdivision sells for just below Tallahassee’s median price and therefore should always be a highly sought-after neighborhood.
The first thing I like to look at when checking out an area is what I refer to as a “market snapshot.” The following graphic shows us quite a bit about what is happening in Eastgate.
From a supply standpoint, Eastgate is doing better than the average neighborhood in the Tallahassee real estate market, in that it only has 8.7 months of supply of homes on the market. From the chart above, we can see that the homes on the market are priced well below the homes that failed to sell in the past year, but also below homes that sold in the past year. This looks suspiciously like prices are dropping in Eastgate.
When we look at the long-range history of Eastgate, we find the following 17-year chart:
This is a much better view, showing that prices might be coming down from the high of the boom market, but overall, Eastgate is alive and well, performing much like we expect to see from a neighborhood in the Tallahassee real estate market.
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible.
Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
If you like this Article then please subscribe to my blog through a full RSS feed. You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.
Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. 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)Â 386-2001.
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