Bobbin Mill Woods, Bobbin Trace, and Bobbin Brook (the “Bobbin” neighborhoods) are three small adjacent luxury home neighborhoods located in Northeast Tallahassee.
Each features large homes on equally large lots, and the inventory is bountiful for buyers.
Currently, there are seven homes for sale in the Bobbin neighborhoods with just two under contract, and more that have been on and off the market over the past few years. The inventory represents more than a year’s supply of homes, and that means it’s a buyers market for buyers in the Bobbins.
In our last report on the Bobbin neighborhoods, I suggested some sellers should be making changes, as buyers are rejecting their asking prices. Currently, the two under contract are priced below $700K; motivated sellers should take note.
The good news for high end home sellers is that demand for luxury homes is near an all time high. The bad news for these home sellers though is that much of this demand is for new construction or fully modern homes, and that is why we are not seeing a decline in the glut of the largest Tallahassee homes on the market. All the construction in the higher price ranges is not helping sellers who just want to get sold and move on.
Homes For Sale In Bobbin Mill Woods, Bobbin Trace, and Bobbin Brook
The following list of homes are the most recent listings in Bobbin Mill Woods, Bobbin Trace, and Bobbin Brook.
Bobbins Idx
In this report, you will find updated graphs featuring average home price trends, average home value trends, and average home size trends in the three Bobbin neighborhoods and a table of all Bobbin home sales going back to 1991.
Bobbin Trace, Bobbin Mill Woods, and Bobbin Brook and zoned for the following Leon County public schools:
For the real estate graphs found in this report, you will find the number of closed home sales for each year (red columns, measured on the left vertical axis), and an important real estate statistic shown in blue (measured on the right vertical axis).
It is important to note that the narrative contained below is for sales through December for all previous years, but through February 20th in 2017. The graphs and the closed sales table will be continuously updated into the future (meaning bookmark this page if you always want to know the current status of homes in Bobbin Trace, Bobbin Mill Woods, and Bobbin Brook).
Bobbin Mill Woods, Bobbin Trace, and Bobbin Brook Home Prices
A total of five homes sold in all of the Bobbin neighborhoods in 2016 with an average sales price of $689,000. This represents less than half of all that were in the market, so there remains a disconnect between what sellers want and what they will receive. Unfortunately, many are being told that “the market is bad” and that they should be patient, but the fact is the high end market is very robust right now. What will it be like when interest rates move higher? My advice to motivated sellers is to bring down asking prices, get homes sold, and move on with lives. The market is good, you don’t have to give your home away, but LISTEN to what buyers are saying.
Sellers have the advantage of secured location, meaning the land these homes sit on is highly valuable. But buyers have the advantage of the market, where there are far more sellers than buyers in the higher end. When you factor in new construction which brings the features and amenities that many buyers are seeking, you should understand why there are many frustrated home sellers in the Bobbin neighborhoods.
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Due to the small sizes of these three neighborhoods, we see activity appear to be chaotic. That is not the case. It is merely “noise” in the data and when we see a strong year (like 2015), it is likely we’ll see a weaker year following. 2017 is now in the hands of the home sellers, if they do not adjust their prices, this will be another sluggish year, even as the high end market flourishes in the rest of the Tallahassee real estate market.
Bobbin Neighborhood Home Values
As with every price range and neighborhood, we look to supply and demand to forecast the future. Currently, the 7 homes for sale in Bobbin Mill Woods, Bobbin Trace, and Bobbin Brook (plus the few in the shadow inventory) represent about double that which the market is demanding. This means patient buyers who really want to live in these neighborhoods have time on their sides.
If you look to the table at the bottom of this post, you’ll see that the three most recent closed homes had values of $151 per square foot, $146 per square foot, $170 per square foot, and $152 per square foot.
But when you look at the current inventory, you see four of the five asking values from $195 per square foot and higher. This is the “disconnect” between what sellers want and what buyers are willing to pay. In some cases, these homes are priced above replacement value. What could possibly lead somebody to think in this market they can sell a used house at a higher value than a brand new one?
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The “Bobbins” Home Sizes
The average home size sold in the Bobbins typically falls in a range of 3,500 to 5,000 square feet, and 2016 fell right into this range.
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The 5 Bobbin neighborhood home sales in 2016 averaged 4,146 square feet.
Home Sales In Bobbin Mill Woods, Bobbin Trace, and Bobbin Brook
The following list shows nearly 250 home sales in the Bobbin neighborhoods going back to 1991.
I hope you enjoyed our February 2017 update on home sales in Bobbin Trace, Bobbin Mill Woods, and Bobbin Brook, please feel free to drop me a note if you have questions not covered in this report.
