Southwood Home Sales Showing Signs Of Stabilization
The newest home sales numbers are showing that Southwood is finally showing signs of stabilization, mostly in the number of homes sold though average home price drops seem to have slowed as well If you are a regular reader of the Tallahassee Real Estate Blog, then you know that we have reported on the Southwood Subdivision in Tallahassee for several years now, and have not been seeing much good at all.
While it is way too early to that a bottom is in sight for Southwood, I would think that it will all depend on new construction levels over the next 12 months. Currently, there are about 9 months of supply of homes for sale in Southwood in the $200K - $300K price range. If builder activity remains low, it should hit a stable level of 6 months of supply sometime early in 2010.
New Home Construction In Southwood
The average price of a new construction home in Southwood over the past 12 months was just under $290,000. Considering the average new home in Southwood was once selling for $413K, this is a drop of over 30%. The new construction has adapted to the market, but this is definitely putting serious pricing pressure on existing home sales in Southwood.
Existing Home Sales In Southwood
Existing home sales (resales) in the Southwood Subdivision seem to be finding the bottom of the market in terms of unit sales. There have been signs recently that unit sales might be thinking about climbing in the near future. Resales in Southwood once sold at a pace of 11 per month, though we have seen that level fall all the way to just over 4 per month. The average price of an existing home sold in Southwood is around $275K, but we expect to continue to see that drop over the next 6 months or longer due to the glut of supply.
Southwood Housing Market Report
When we combine new home sales in Southwood with existing home sales in Southwood, the following graph gives us an overview of the Southwood housing market. Currently, the Southwood Subdivision in Tallahassee is averaging about 8 home sale per month at an average price of $280,000.
Historical Southwood Home Sales
| Parcel Address | SqFt HC | Price | Sale Date |
| 3647 MOSSY CREEK LN | 4,354 | 684,000 | 9/28/2009 |
| 3093 MERCHANTS ROW BLVD | 1,521 | 155,000 | 9/25/2009 |
| 2131 SUNLIGHT TER | 2,030 | 260,000 | 9/23/2009 |
| 3182 CONE FLOWER DR | 275,000 | 9/21/2009 | |
| 3158 CONE FLOWER DR | 204,300 | 9/16/2009 | |
| 4018 BLAIRSTONE RD | 1,394 | 175,000 | 9/15/2009 |
| 3052 INDIAN GRASS LN | 287,800 | 9/15/2009 | |
| 3679 ESPLANADE WAY | 1,782 | 224,000 | 9/14/2009 |
| 3722 LONGFELLOW RD | 2,225 | 350,000 | 9/14/2009 |
| 3622 BILTMORE AVE | 1,394 | 194,000 | 9/11/2009 |
| 3232 WHITMAN WAY | 2,707 | 305,000 | 9/10/2009 |
| 2107 MERRIFIELD LN | 1,620 | 225,000 | 9/8/2009 |
| 4117 FITZGERALD RD | 2,357 | 302,000 | 9/4/2009 |
| 3745 FOUR OAKS BLVD | 2,021 | 253,000 | 9/3/2009 |
| 3258 THOREAU AVE | 2,027 | 325,000 | 9/1/2009 |
| 4235 RALEIGH WAY | 1,394 | 183,000 | 8/28/2009 |
| 4560 GROVE PARK DR | 3,819 | 550,000 | 8/28/2009 |
| 3158 BARINGER HILL DR | 2,794 | 375,000 | 8/26/2009 |
| 3084 INDIAN GRASS LN | 274,700 | 8/24/2009 | |
| 3653 ESPLANADE WAY | 1,940 | 217,500 | 8/21/2009 |
| 3757 FOUR OAKS BLVD | 2,045 | 255,000 | 8/17/2009 |
| 3254 NEWBERRY BLVD | 1,401 | 194,000 | 8/14/2009 |
| 3120 MIST FLOWER RD | 199,900 | 8/11/2009 | |
| 4042 BLAIRSTONE RD | 1,644 | 190,000 | 8/6/2009 |
| 4106 FOUR OAKS BLVD | 1,521 | 165,000 | 7/31/2009 |
| 3214 YEATS AVE | 2,021 | 255,500 | 7/31/2009 |
| 4298 PARK CROSSING TRL | 1,324 | 159,000 | 7/24/2009 |
| 4338 GROVE PARK DR | 1,962 | 255,000 | 7/24/2009 |
| 3153 BARINGER HILL DR | 3,016 | 365,000 | 7/22/2009 |
| 3614 LONGFELLOW RD | 1,650 | 269,900 | 7/15/2009 |
| 4244 FOUR OAKS BLVD | 164,000 | 7/13/2009 | |
| 3805 PINEY GROVE DR | 2,368 | 265,000 | 7/10/2009 |
| 3245 DUNLEITH LN | 2,156 | 256,000 | 6/30/2009 |
| 3113 MIST FLOWER RD | 3,251 | 330,000 | 6/29/2009 |
| 4252 FOUR OAKS BLVD | 164,200 | 6/26/2009 | |
| 4260 FOUR OAKS BLVD | 204,700 | 6/25/2009 | |
| 4286 PARK CROSSING TRL | 1,966 | 190,000 | 6/19/2009 |
| 3146 DUXBURY LN | 371,000 | 6/16/2009 | |
| 3157 BUCKHEAD TRCE | 1,953 | 245,000 | 6/15/2009 |
| 2452 RAIN LILY WAY | 245,000 | 6/12/2009 | |
| 3166 CONE FLOWER DR | 2,966 | 350,000 | 6/12/2009 |
| 3785 LONGFELLOW RD | 3,385 | 320,500 | 6/11/2009 |
| 3245 DUNLEITH LN | 2,156 | 252,200 | 6/10/2009 |
| 3665 LONGFELLOW RD | 1,584 | 246,000 | 6/9/2009 |
| 3161 MULBERRY PARK BLVD | 1,966 | 235,000 | 5/29/2009 |
| 3249 UPDIKE RD | 2,622 | 428,800 | 5/29/2009 |
| 3791 WENTWORTH WAY | 3,914 | 566,400 | 5/29/2009 |
| 4190 FOUR OAKS BLVD | 162,000 | 5/28/2009 | |
| 4256 FOUR OAKS BLVD | 162,700 | 5/28/2009 | |
| 4240 FOUR OAKS BLVD | 197,300 | 5/28/2009 | |
| 3725 RIVERTON TRL | 160,700 | 5/27/2009 | |
| 4274 AVON PARK CIR | 1,744 | 177,000 | 5/27/2009 |
| 2416 RAIN LILY WAY | 196,000 | 5/27/2009 | |
| 2489 LANTANA LN | 330,700 | 5/27/2009 | |
| 4248 FOUR OAKS BLVD | 162,100 | 5/22/2009 | |
| 2112 NEW DAWN RD | 1,893 | 249,900 | 5/18/2009 |
| 2477 LANTANA LN | 329,400 | 5/15/2009 | |
| 2447 ORANGE AVE E | 306,000 | 5/14/2009 | |
| 3149 BARINGER HILL DR | 2,988 | 291,000 | 5/8/2009 |
| 3236 WHITMAN WAY | 2,368 | 369,000 | 5/1/2009 |
| 3777 FOUR OAKS BLVD | 1,893 | 240,000 | 4/30/2009 |
| 2460 RAIN LILY WAY | 267,200 | 4/24/2009 | |
| 2464 RAIN LILY WAY | 262,900 | 4/23/2009 | |
| 4077 COLLETON CT | 1,324 | 155,000 | 4/22/2009 |
| 4221 SUMMERTREE DR | 2,073 | 284,000 | 4/22/2009 |
| 3104 MIST FLOWER RD | 269,000 | 4/20/2009 | |
| 2473 LANTANA LN | 298,000 | 4/17/2009 | |
| 3170 CONE FLOWER DR | 2,229 | 283,000 | 4/15/2009 |
| 2461 LANTANA LN | 323,000 | 4/15/2009 | |
| 2451 ORANGE AVE E | 315,500 | 4/9/2009 | |
| 4243 RALEIGH WAY | 1,394 | 220,000 | 4/8/2009 |
| 3295 SALINGER WAY | 2,368 | 290,000 | 3/27/2009 |
| 4122 FITZGERALD RD | 2,690 | 650,400 | 3/27/2009 |
| 3669 ESPLANADE WAY | 1,782 | 225,000 | 3/26/2009 |
| 3240 APPLETON DR | 2,921 | 550,000 | 3/24/2009 |
| 2456 RAIN LILY WAY | 275,000 | 3/20/2009 | |
| 2413 GOLDENROD WAY | 380,000 | 3/13/2009 | |
| 4300 GROVE PARK DR | 1,584 | 264,500 | 3/9/2009 |
| 4244 GROVE PARK DR | 1,876 | 270,000 | 3/9/2009 |
| 3246 SALINGER WAY | 2,242 | 307,000 | 2/27/2009 |
| 2482 GOLDENROD WAY | 335,000 | 2/26/2009 | |
| 3995 FOUR OAKS BLVD | 1,483 | 169,900 | 2/20/2009 |
| 4182 FOUR OAKS BLVD | 203,000 | 2/17/2009 | |
| 3128 MIST FLOWER RD | 263,000 | 1/30/2009 | |
| 3791 OVERLOOK DR | 1,953 | 235,000 | 1/28/2009 |
| 3728 BILTMORE AVE | 1,683 | 237,000 | 1/20/2009 |
| 2483 LANTANA LN | 345,000 | 12/29/2008 | |
| 3724 IVY GREEN TRL | 1,896 | 220,000 | 12/18/2008 |
| 4244 GROVE PARK DR | 1,876 | 358,100 | 12/17/2008 |
| 2463 RAIN LILY WAY | 315,000 | 12/16/2008 | |
| 3255 SALINGER WAY | 2,368 | 331,000 | 12/9/2008 |
| 2120 SUNLIGHT TER | 325,000 | 11/21/2008 | |
| 3158 BARINGER HILL DR | 2,794 | 275,000 | 11/12/2008 |
| 3178 CONE FLOWER DR | 310,000 | 11/10/2008 | |
| 3995 FOUR OAKS BLVD | 1,483 | 192,500 | 10/15/2008 |
| 4024 COLLETON CT | 1,324 | 175,000 | 10/8/2008 |
| 4267 RALEIGH WAY | 1,692 | 266,000 | 10/3/2008 |
| 3753 FOUR OAKS BLVD | 2,156 | 289,300 | 10/3/2008 |
| 2401 GOLDENROD WAY | 459,000 | 10/3/2008 | |
| 3626 FOUR OAKS BLVD | 1,777 | 233,000 | 10/1/2008 |
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
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