If you are hunting the average home in Tallahassee, then you might find this article informative.
Of course, if you want an above average home (or even a below average home), then you first have to start by defining "average" when it comes to looking at the thousands of houses, townhouses, and condominiums that are bought and sold in Tallahassee each year.
For the purpose of this report, we will look at the mean, median, and mode of home sales prices over the past 12 years to determine what buyers have been doing and where the average really lies.
The Average Home In Tallahassee
There are many ways to define "average," so let's do a quick review before we look at the data:
- Mean – The sum of values divided by the number of values....
They say that "cash is king" in real estate, meaning that those with the cash rule the market.
Apparently 2014 is going to close out the year as proof positive that cash buyers are ruling at a greater rate these days.
We have analyzed home sales in the Tallahassee MLS for the past 12 years to identify the source of funds for homebuyers, and cash is being used at a greater rate today than at any time during our analysis period.
But what are the cash buyers buying?
Cash Is King In Real Estate
The real estate graph below looks at the five primary sources of funds for homebuyers for each of the past 12 years, and represented as a percentage of all...
Long-time readers of the Tallahassee real estate blog were introduced to the concept of the shadow inventory of homes more than five years ago.
A reader had asked me to explain what it was and whether or not Tallahassee was dealing with more than its fair share of homes that fit the description of "needing to be sold" yet not listed for sale in the Tallahassee MLS.
We explained that the real estate shadow inventory includes homeowners who are facing foreclosure, banks or lenders who have foreclosed on homes and now own them, homeowners waiting for the market to improve, and people who have failed to sell their home recently or in the past.
So five years later,...
Located on the NE side of Tallahassee just south of Buck Lake Road, Goose Creek offers three and four bedroom homes in a super-convenient location.
Goose Creek has 169 homes built from 2002 through 2007, so you can expect this neighborhood to be the poster-child for boom neighborhood behaviors. Roughly 150 families moved into Goose Creek in a three year period of time, thus we anticipate that now is the "normal" time to move for most of them. There could be a serious pent-up supply issue growing in Goose Creek.
In this report, we will look at prices, values, and sizes of homes in Goose Creek, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 2003.
Located on the NE side of Tallahassee out Centerville Road just north of Proctor Road, Chemonie Crossing features larger homes on more than an acre of land.
Chemonie Crossing has homes built from the early 1990s to present day, with the majority approaching the 20 year old range. This means that there are lots of opportunities for renovations and modernizations, and buyers are finding older homes on large mature lots to be a great project in lieu of building brand new today.
In this report, we will look at prices, values, and sizes of homes in Chemonie Crossing, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 2002.
Located on the SE side of Tallahassee out Apalachee Parkway just beyond Conner Blvd., Hampton Creek offers and assortment of newer townhouses and single family detached homes.
Hampton Creek has homes built from the 2005 through 2012, with the types of amenities that attracted buyers willing to pay for the bells and whistles of a new home at the height of the housing market bubble and then during its collapse. Just as we have reported for other "boom neighborhoods," it also means that there will be natural move cycles hitting many of the homeowners here at the very same time. Hopefully the market will recover enough to take them in stride.
In this report, we will look at prices, values, and sizes of homes in Hampton Creek, as well as show current listings in the ...
Located on the NE side of Tallahassee south of Maclay Gardens on the west side of the Thomasville Road corridor, the Villages At Maclay offers exceptional values for a highly coveted section of town.
The Villages At Maclay has homes built from the mid to late 1990s, featuring both townhouses and single family detached homes. This means that there is a great fit for nearly any desired style of home from $150,000 to $250,000.
In this report, we will look at prices, values, and sizes of homes in the Villages At Maclay, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 2002.
Villages At Maclay Home...
New lis pendens filings in Tallahassee were up 12% in October when compared to October 2013, and it is the third time in the past 4 months that new filings rose over the previous year.
Foreclosures rose for the second month in a row, up 19% when comparing the same time periods. The recent trend of growth in lis pendens unfortunately has us concerned, as it could possibly mean that there is still a long way to go before we move the distressed properties through the market.
The growth in foreclosure sales is not alarming, as it was expected. The best way to understand the relationship between lis pendens and foreclosure sales is smoke and fire. As they say, where there is smoke, there is fire! We've been seeing a lot of smoke (lis pendens filings), so when reports of fire come in (foreclosure sales), we were prepared. The large amount of lis pendens filed in the past...
Located on the East side of Tallahassee just off the intersection of Mahan (Hwy 90) and Walden Road, Adiron Woods is a new construction neighborhood that has joined the list of most active neighborhoods in the real estate market for the past 7 years.
Adiron Woods has homes built from the 2006 to present, with the types of amenities that has attracted buyers willing to pay for the bells and whistles of a new home. Just as we have reported for other "boom neighborhoods," it also means that there will be natural move cycles hitting many of the homeowners here at the very same time. Hopefully the market will recover enough to take them in stride.
Located at the top of the NE quadrant of Tallahassee, Killearn Lakes Plantation and its affiliated neighborhoods comprise the most active communities in the Tallahassee real estate market for the past 10+ years.
As I began my career in 1991 selling KLP homes and homesites, I have seen this area morph into a place that offers plenty of options for people wanting to live in the 32312 zip code.
Due to the segmentation of Killearn Lakes in the Tallahassee MLS, it "only" shows up among the top 3 neighborhoods each year. But when you include all of its enclosed communities (Deerfield Plantation, Deerwood Plantation, Golden Eagle Plantation, Killearn Commons, Kinhega...