Have You Seen The Newest Homes For Sale In Gated Communities?
If you are in the market to buy a home in a gated community, you should know that the inventory is lean and you'll need to be prepared before you go looking at homes.
While the inventory of homes for sale in Tallahassee is at an all-time low, the number of listings for sale in gated communities is scant.
Take a look at the 19 single-family detached homes and townhomes in gated communities that are available right now, and note how many are already under contract with buyers.
Housing Market In Gated Communities
So how is the market for homes in gated communities? I've produced three graphs that reveal the changes each year for average home prices, average home values, and average home sizes in Tallahassee's gated communities. This report only includes single-family detached homes (thus excluding condominiums and townhomes).
Home Prices In Gated Communities
The graph below shows the average price of homes sold each year from 2004 through 2020. Homes in gated communities are shown in blue, while all others are shown in red. The green dashed-line reports the "premium" one pays, on average, to buy a home in a gated community.
Surprisingly, the average price of homes sold in gated communities in 2020 fell from the level recorded in 2019. This is contrary to how the rest of the market moved.
Before you start thinking that this might be due to depreciation, however, take a look at what our next two graphs report.
Home Values In Gated Communities
The graph below shows the average value of homes sold each year from 2004 through 2020. Homes in gated communities are shown in blue, while all others are shown in red. The green dashed-line reports the "premium" one pays, on average, to buy a home in a gated community.
All home values rose last year, but the rate of growth for homes in gated communities trailed the market. The primary reason for this is that the average price of a home in a gated community is much higher than those outside, and the appreciation at the top-end of the market was low to non-existent (whereas the bottom 95% of the market soared).
So we have average prices falling, but average values rising for homes in gated communities. Our next graph explains why.
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Home Sizes In Gated Communities
The graph below shows the average size of homes sold each year from 2004 through 2020. Homes in gated communities are shown in blue, while all others are shown in red. The green dashed-line reports the "premium" one pays, on average, to buy a home in a gated community.
The average size of the homes sold in gated communities in 2020 was 7% smaller than the average size from the year prior. This is why, even as values rose nearly 5%, the average home price fell.
This "size graph" is used to explain the differences between prices and values, and 2020 was a good case in point.
Top Tips For Homebuyers In 2021
Your Local Expert In Tallahassee
When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.
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