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Tallahassee Real Estate Blog

Always Check Your Sources

I had a reader who formulated an opinion about the Tallahassee Real Estate Market, based upon some statistical figures he found on a web site. I did not agree with his numbers and told him so. He responded with this comment: "Here's the Link. My guess is that the natural demand in Tallahassee might be around 2500 homes per year, or 200 house per month. Last four months of 2007 may be the true indication of demand in Tallahassee. If my estimated demand is true, then we might have enough inventory to last for the next two years. For sale signs are eveywhere in my neighborhood." ___________________________________________________________________________________________________________ Rather than reply in the comments section, I figured this would...

Leon County Real Estate Price Comparisons

Where are the "best buys" in the Tallahassee Real Estate Market?" While location is a critical element to many buyers, if you are just seeking "more bang for the buck," it might make sense to take a look at homes for sale in Wakulla County, homes for sale in Gadsden County, homes for sale in Jefferson County, as well as homes for sale in Leon County Florida. For the sake of this blog, I took all the recorded sales in Leon, Gadsden, Jefferson and Wakulla Counties (recorded at corresponding county courthouses) for the year 2007 in order to have a look at how home prices compared. I then charted the average price of a home in each county. For each chart in this blog, I have...

Tallahassee Condos and Townhomes

Often times, we read articles written in local and national publications referring to the state of the real estate market. Much of these articles are written based upon the sales activity of both new and resale single family homes in a particular area, such as the Tallahassee real estate market. It is important to understand a dynamic that is happening in the Tallahassee real estate market that is so important to the measurement of our activity. The dynamic that I refer to regards the condominium/townhouse (CT) category encroaching on the single family detached home (SF). As land prices have skyrocketed, it is becoming nearly impossible to bring a $150,000 single family home to the market. The average price for a lot in Leon County is over $80,000 (and we seen surges higher than $100,000!). This means that builders and developers are looking to get more homes in an area than would have previously been done. Townhouse and condo communities give the builder and developer a chance to get more...

Tallahassee Residential Real Estate Sales - A Year to Year Comparison

The final numbers are in for the Tallahassee Real Estate Market. 2007 has been completed and we can move forward to 2008! So, how do you think our market was in 2007? Down, certainly. Dead, ... think again. Tallahassee Real Estate Market Overall, the Tallahassee (Leon County) residential real estate market was better than all the years prior to 2001 (with the exception of 1999). Leon County real estate sales were 4% better in 2007 than they were in 2000. I remember back in 2000, and we were thinking it was a fairly good, above-average market. This market correction was needed and is a normal part of the long-term real estate sales cycle. New construction sales (the residential category combines Single-Family homes, Condominiums, and Town Houses) had its fifth-best recorded year ever! With all the media stories preaching gloom...

December Market Report Preview

The numbers are in for December and I thought I'd take a quick moment to give us a sneak-peak at what they are. I will cover the Tallahassee Real Estate Market Report for December in a future blog soon. In a year-over-year comparison with 2006, the Tallahassee real estate market was down about 28% for residential units (Single Family Homes, Condominiums, and Town Houses). This is no big surprise.Residential lot sales were down about 43% compared to 2006. Mobile home sales were up 1%, and the commercial market (not vacant land) was down about 18%.Average prices declined, but did not drop drastically as the doom-sayers predicted. The only large decline was in lot prices, and it is too early to tell if actual prices were dropping or if the slowing...

Mortgage Rates Have Dropped

Mortgage rates are at a two-year low. This creates opportunity for homeowners with two exciting choices. If you are comfortable with your current mortgage payment, come in and see how much home you can now buy (since it is a great buyers' market). You might be surprised in the value you can acquire.If you would like to see your payments drop, you should look into refinancing your...

Promising Trends For The Tallahassee Real Estate Market

Happy New Year Everyone! I have been so busy "closing out" 2007 that I haven't been very active blogging for the past month or so. This is going to change.... I figured a great way to start 2008 is with some exciting news! One chart that I track every month regarding the Tallahassee Real Estate Market is created with information from the Tallahassee Board of Realtors Multiple Listing Service (MLS). This chart shows current trends and actually is useful when trying to predict the near future. The chart below is from information from all the counties in the MLS, and it shows a great new trend that seems to have started four months ago. The blue line shows the trend of monthly "newly pended (newly written but not closed) contracts," while the red line shows the trend of monthly closed sales.

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