February Existing Home Sales Report For Tallahassee
Existing home sales in Tallahassee surged roughly 12% higher in February versus February of 2015.
Part of this might be due to the leap year giving February an additional day compared to last year, but that would only explain about a 3.6% growth.
This report will look at median home prices and median home values for existing single family detached homes, condominiums, and townhouses in the Tallahassee real estate market.
Existing Home Sales Report For Tallahassee
As a reminder, the word "existing" in existing home sales means we are only looking at resale properties, all new home construction sales have been removed.
This report is valuable for all homeowners in Tallahassee who want to know what the market is doing for people who might need to move and sell a home in the next few months.
Existing Median Home Prices
The largest segment of our existing homes market is the single family detached homes.
So far, we have seen the median home price decline for this largest group, while condominium prices have ticked slightly higher and townhomes have ticked slightly lower.
In the real estate graph above, existing home prices for single family detached homes are shown in blue, existing home prices for condominiums are shown in red, while existing home prices for townhouses are shown in black.
While it is too early to tell how the entire year will unfold, this does show that buyers are spending a little less right now for the homes that they are choosing. We will have to take a look at values before we can determine how this has impacted home sellers.
Existing Median Home Values
When we look at existing home values, we see a much different report for one of our categories.
Just as in the graph above, the blue line shows values (measured in price per square foot) for single family detached existing home sales, while the red line shows values for condominiums, and the black line shows values for townhouses.
Both single family homes and townhouses show slightly declining values, condominiums on the other hand are showing a 14% decline so far in 2016. Again, it is too early to call this an established trend, but we'll have to keep an eye on condominium sales as the year progresses.
What To Do With "Market Knowledge"
The first thing a brand new real estate agent is taught to say is "I'm an expert in the local real estate market." I guess the thinking is that an agent, who has zero experience and zero training still likely knows more about what's going on in the real estate market than the typical lay person.
Unfortunately, this is an important matter. You will rely heavily on the advice of your real estate company when it comes time to negotiate the sale of your home and/or the purchase of a home, so you don't want to find out your agent really isn't that familiar with market trends during a negotiation.
Take the time to interview multiple agents before choosing the real estate company that will help you in your next transaction. Market knowledge is one of the ingredients that is key to winning the real estate negotiation, and if you would like to know how we use this knowledge to save you money, just drop me a note and we'll schedule a time to show you what we can do for you!