December A Big Month In Home Sales
December proved to be a big month for the Tallahassee real estate market. Home sales surged 81% compared to December of 2008, with 129 new units and 292 existing homes sold. Condos and townhouses were up strongly, with a developer liquidation sale great enhancing their numbers. But single family detached home sales were up 50% on their own, meaning the entire market benefited from increased unit sales.
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Year Over Year Homes Sales Gain For Third Consecutive Month
After recording a record 39 straight months of declines, the Tallahassee housing market is enjoying its third consecutive month of gains that started in October of last year. And based upon activity that I am seeing in our office, you can rest assured that the next two months (and most likely longer) will see gains as well.
In the real estate graph below, each month displays a vertical bar representing the change in home sales from the same month during the prior year. For example, December of 2009 was 81% better than December 2008, so we see a positive vertical bar rising from the scale.
Home Sales Should Continue To Rise In Tallahassee
The string of gains is likely to continue, with the addition of the homebuyer tax credit, coupled with the extension of the first time homebuyer tax credit. Qualified optimism abounds for the first time in 3 years, with a likely market bottom finally visible in our rear view mirrors.