Single Family Detached Homes Leading The Housing Market Recovery
The housing market recovery in Tallahassee is gaining speed, though it is not evenly disbursed among all existing homeowners.
Single family detached homes appear to be recovering faster, though single family attached homes had a strong year in 2016.
When measuring the strength of the housing market, we like to do it by different segments as not everybody is facing the same real estate market conditions in Tallahassee.
High end home sales in the Northwest have a far different supply and demand dynamic than do $250,000 homes in the Northeast.
So while we have published numerous reports on the Tallahassee housing market by area and by price range, we have done relatively few by property type.
This report focuses on single family detached home values versus single family attached home values (condominiums and townhouses) in Tallahassee.
Existing Home Sales In Tallahassee
Our first graph shows annual home sales by type (attached versus detached). Bear in mind, this is being published on 12/29/2016 and thus might be missing a hundred or so home sales that close within the last few days of the year.
In the graph above, single family detached home sales are shown in blue. The market basically bottomed from 2008 through 2011, but we have seen six consecutive years of growth since the absolute bottom was found in 2010.
The single family attached home sales are shown in red. As you can see by the slope of the change when compared to the blue lines, the attached homes market is not recovering yet at the same rate.
Year Over Year Change In Existing Home Sales
Another way to view these different property types is by conducting a "year over year" comparison in order to see the strength of the housing market recovery.
The first thing that really strikes out to me is the strength of the recovery for attached homes this year. Of course, it comes after a year of declines, so it demonstrates that lack of stability in the attached market thus far.
The detached homes market on the other hand continues to serve up winning years, now at six in a row which is a longer run than what occurred as the market collapsed and the declines lasted five years.
The Take Away From This Report
The take away from this report is this. First, single family detached homes are recovering faster than are single family detached homes, so if you are looking for a serious bargain, perhaps look at condominiums and townhouses first?
Secondly, this report is yet more evidence that you cannot simply find the value of your home in a simple online tool. They do not take into account supply and demand, and they rarely understand how to separate condominiums from townhouses from single family detached homes. They often fail to take into account swimming pools and yard frontage (such as lake front or golf course versus congested neighborhood).
So if you really want to know what you can sell your home for in today's recovering housing market, you absolutely must talk to a professional.
Just as no two used cars are alike, so to it is true that no two used homes are alike.
We can help you discover the value of your home in today's market, and we only need about 15 minutes of your time.
Curious? Simply drop me a note here to schedule a "no strings attached" evaluation. We need you to show us your home, the changes you've made, and tell us why you think it stands out (or doesn't) among the other similar homes in your surround neighborhoods. From that, we'll show you what a buyer is willing to spend for your home today. Take the time to be informed, you'll be glad you did!