Lots and Land Sales Rise In Tallahassee
It has been quite some time since we have reviewed lots and land sales in Tallahassee, and our update is quite revealing in terms of where the housing market is heading.
Currently, there are 623 lots and land for sale in Tallahassee, which represents more than 1 lot for sale for every 4 homes for sale.
Additionally, there are many more that are not listed, and we will see this abundance of developed lots and land continue to impact the Tallahassee real estate market.
In many Tallahassee neighborhoods, home builders are able to buy lots and land cheap and thus bring homes to the market at prices consistent or below existing home sales prices.
REMINDER: In case you missed our last blog post, we are running a contest and giving a way a FREE iPad for whomever guesses the final sales price of a home that will be hitting the market this weekend. Your entry must be submitted before the property is listed in the MLS.
Simply go to that blog post here --> Tallahassee Real Estate Blog, <-- and enter your name, your email (which will only be used to notify the winner), and the price at which you think the home will sell.
Win A Free Ipad - Guess The Price ... click to tweet
I will shut off entries once the property hits the MLS, so hurry and get your opinion of value recorded today. In case two entries are the same, the one that is entered first will be the only awarded winner. In case of a tie, the price nearest without going over will win. The winner will be awarded the iPad after the sale closes.
Lots And Land Sales In Tallahassee
The following graph shows that lots and land sales in Tallahassee have started to rise as land values decline.
In the real estate graph above, the green area shows that the number of lots and land sales are up 50% since the bottom of the land market in 2009 (currently averaging about 63 sales per month), while average values have dropped below $40,000.
The abundance of cheap lots and land could very well be a siren's song for home builders desperate to get their crews and sub contractors back to work. With the supply of homes for sale in Tallahassee already on the glut side, these new homes are taking the place of existing home sales which need to clear the market sooner or later.
I worry that these pockets of new construction might drive home values even lower in the neighborhoods that are seeing the greatest amount of construction.
Buying Lots And Land In Tallahassee
If you are thinking about purchasing lots and land in Tallahassee, you should equip yourself with an excellent buyer's agent. The market has many more offerings than can be found online, and a buyers agent will help you get the best deal to be found.
If you would like to know more about buying lots and land in or around Tallahassee, just drop me a note and we can schedule an interview to help you discover how we can help you make the best purchase possible.
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As you show in your research; when given the choice most prefer new or new-like (especially if it can compete with "old" on a cost basis).
While we have not done the great job of proving the results through careful analytics like you have; we believe the same conclusion would be evident in infill markets where buyers are buying older mostly obsolete homes and replacing them with new construction or with the intention of major renovation.
Thanks for doing the good work!
Thanks Brian. I suspect Tallahassee's in-fill days will not occur until we need inventory. Our glut is making tear-down projects far too costly right now.
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