Search Listings

Southwood In Tallahassee

Several months ago, I wrote a blog about the Southwood Subdivision in Tallahassee. Back then, I reported that home prices were dropping and heading towards the "pre boom" levels that we saw in 2005. I thought it might be interesting to see a quick update on what is happening in Southwood three months later. The first thing that I saw when I pulled information from the Tallahassee Board of Realtors Multiple Listing Service (MLS) was that Beazer homes was the seller in 33% of the Southwood home sales in the past 12 months. When I took into account all the new construction sales, new homes sales in Southwood represented roughly 1 in every 2 homesales. That does not bode well for a subdivision that has nearly 16 months of supply of homes on the market already.

Current

3 Months Ago

The graph on the left was created from Tallahassee MLS information about an hour before I posted this. The graph on the right was made about three months prior. Here are a few observations that I find disconcerting for people who have a home for sale in Southwood in Tallahassee:

  • Sold price per square foot has dropped at an annualized rate of 15% since March (brown shaded area in each graph)
  • Homes for Sale in Southwood have seen their average asking price drop at an annualized rate of 10% since March
  • Homes that have "Failed to Sell" have seen an average asking price drop of at an annualized rate of 8% since March
  • More homes are on the market (up 21% in just three months--> annualized rate of 85%!)
  • Fewer homes are selling (down an annualized rate of 11%)
  • Sold price per square foot is dropping, yet new homes are a larger percentage of the market

That final point is one the bears close scrutiny. If Beazer is delivering homes at a lower price per square foot than previous builders, won't that mean that resale home values are dropping as well? I will keep a close eye on Southwood and report back again in the future.


As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible.

Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
If you like this Article then please subscribe to my blog through a full RSS feed, or you can Subscribe with Bloglines . You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.

Joe Manausa is 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.

 

View Joe Manausa's profile on LinkedIn

Discussion

#1 By George Fergusson at 7/11/2017 3:48 AM

Joe,

It could be worse. We could still live in South Florida. The only "fall" they'll experience will be home prices. The home we sold in Delray Beach three years ago has declined more than $100,000 in market valve.
I Enjoy your Blog, George

#2 By Joe Manausa at 7/11/2017 3:48 AM

Thanks Keahi.

Thanks George, and you are very correct. Tallahassee has performed much better than most markets in Florida.

Post a Comment

Blog Navigation

Posts By Category

All Categories Advice: Real Estate (472) Blogging Real Estate (189) Distressed Property (31) Foreclosures (3) Glossary of Real Estate Terms (31) Government and Real Estate (30) Homes For Sale (100) Housing Market Conditions (1219) Housing Report (54) Lis Pendens (4) Main (1025) Mortgage / Finance (66) New Construction (1) Off Topic (81) Our Listings (3) Our Sales (7) Real Estate Market Snapshot (20) Real Estate Opinion (3) REALTOR News (11) Tallahassee (87) Tallahassee Neighborhoods (335) Uncategorized (50)

Posts By Month

Blog Roll

Homes For Sale In Killearn Lakes Plantation Homes For Sale In Killearn Estates Homes For Sale In Southwood Homes For Sale In Killearn Acres Homes For Sale In Summerbrooke Homes For Sale In Golden Eagle Plantation Homes For Sale In Piney Z Homes For Sale In Bull Run Homes For Sale In Betton Homes For Sale In The Ox Bottom Area

Tag Cloud

Grab Our RSS Feed

Tallahassee Home Searches

Contact Us

Joe Manausa Real Estate
2066 Thomasville Rd
Tallahassee, FL 32308
(850) 366-8917

© Joe Manausa. All Rights Reserved.
Privacy Policy|Terms of Use|DMCA Notice