32308 Housing Report
It's time for a quick housing report update for the 32308 zip code. Yesterday, we showed the 32312 zip code had prices rising as values dropped, but we see both home prices and home values declining in our 32308 housing report.
The number of homes that have sold in the 32308 zip code rose in 2011 over 2010, but are still well below the normal levels that we have seen over the past 20 years. Our 32308 housing report includes graphs that show the number of homes sold each month, the trend of home prices, the trend of home values, and the trend of home sizes that have sold since 2003.
32308 Home Prices
Average home prices are currently declining in the 32308 zip code, as shown by the red line in the real estate graph below. If you are trying to decide whether or not to sell a home in the 32308 zip code, your best decision comes down to 2 choices: Either hold on the home for 5 or more years to guarantee a higher price than you would get today, or sell the home immediately to get the best value in a declining real estate market.
32308 Home Values
Home values in the 32308 zip code are also on the decline and have reached a new low since the peak of the market in 2007. Currently, the average value of a home sold in our 32308 housing report is $108 per square foot, a value level last seen at the end of 2004. With the past two months well below $100 per foot, we can expect more of the same in the months to come.
32308 Housing Report - Home Size
The average size of homes sold in the 32308 zip code has been soaring lately, with well-funded buyers going after the larger homes which have fallen in value. This trend is not unique to the 32308 zip code, as homebuyers in Tallahassee are still seeking value, even as they begin to spend more money.
Don't be confused by the fact that buyer's are able to purchase "more home" for the money due to lower interest rates, as the balance of real estate supply and demand is still strongly in favor of the homebuyer. Home values will continue to decline until the market finds equilibrium (the normal balance between buyers and sellers).
If you are thinking about selling a home in the 32308 zip code, just drop me a note and we can explore your situation and your options in greater detail. They say that knowledge is power, so equip yourself with the most up-to-date information before making a decision.
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