Homes In Tallahassee - Which Price Ranges Are Selling?

If you want to know which homes in Tallahassee are selling, you have two major sources of information that can give you the answers you seek. The Leon County Property Appraiser records all home sales in Tallahassee, and is the best source if you want totals, but the Tallahassee MLS is also an important source of information. Though it does not contain all of the sales, it provides far greater detail, as well as information on the supply of homes for sale in Tallahassee, so it is often the source that I use for my Tallahassee Housing Reports.

Homes In Tallahassee By Price Range

I have pulled all of the sales of homes in Tallahassee from the Tallahassee MLS and produced a real estate graph showing how each price range is performing though mid September, 2011. This graph very clearly shows the decline of home sales, but it also shows that each price range has its own unique market activity, and not all price ranges have responded the same to our new market conditions.

This graph shows the significance of the market decline in each price range, but looking at the bottom ranges, we can see that some have been improving over recent years. With all of the data on the graph at one time though, it is hard to really get a feel for price range performance of homes in Tallahassee.

Homes In Tallahassee: Now Versus 2002

If we take 2011 home sales information and compare it with previous years on a one-on-one basis, we get to see how 2011 stacks up to previous years. I was curious how 2011 compared with 2002, a year that was not affected by the boom of the housing market, which began in the latter months of 2003. What I found was interesting.

Interestingly, the upper end now is doing far better than it was in 2002, which might make you think "all is back to normal" with homes in Tallahassee priced above $250,000. Unfortunately, that would be an inaccurate conclusion.

The fact is that the boom of the housing market from 2004 through 2006 saw significant construction of new homes priced in the upper end, so the supply of these homes far outweighs the demand. The good news is that demand is "back to normal" for homes above $250K, the bad news is that with so many new homes having been built, we will see MANY more years of depreciation at the upper end of homes in Tallahassee.