Different Southwood Home Types See Similar Sales Results
As I was helping a great Tallahassee real estate agent prepare an offer for a buyer on a home for sale in Southwood, I pulled a lot of data from the Tallahassee Board of REALTORS Multiple Listing Service (MLS) and summarized it for quick analysis. I figured the information would make for a quick "Southwood Real Estate Market Update."
But I also received a comment on the Tallahassee Real Estate Blog asking the following:
Joe,I'd love to see a break down between single family homes and condo (townhomes) for Southwood, since a lot of neighborhoods only have one or the other. Also the breakdown on new construction verses existing, again since some neighborhoods don't have both. Also there is the factor that David Weekly was dumping their homes to exit the market and Beazer was pricing their product to help company cash flow.
Thanks, Doug S.
Well Doug, I'm happy to oblige as I have that current information already assembled.
Southwood Homes Report
The following table shows information from the Tallahassee MLS for Southwood. All Southwood homes were broken down into condo / townhouse versus single family detached homes. These were then broken down into new homes versus resales, and then sorted by current status ("Contract Pending", "Failed to Sell", "For Sale", and "Sold.").
Single Family Detached Homes In Southwood
| Status | Avg. New Price | Avg. New PPSFT | Avg. Resale Price | Avg. Resale PPSFT | Avg. Price | Avg. PPSFT |
| Contract Pending | $380,289 | $140 | $381,933 | $146 | $381,275 | $144 |
| Failed To Sell | $584,199 | $174 | $408,538 | $161 | $435,702 | $163 |
| For Sale | $493,281 | $157 | $356,264 | $147 | $379,814 | $149 |
| Sold | $343,518 | $133 | $306,636 | $143 | $322,299 | $139 |
Condo / Townhouses In Southwood
| Status | Avg. New Price | Avg. New PPSFT | Avg. Resale Price | Avg. Resale PPSFT | Avg. Price | Avg. PPSFT |
| Contract Pending | $167,559 | $105 | $195,933 | $115 | $180,655 | $109 |
| Failed To Sell | $221,106 | $138 | $198,958 | $139 | $205,418 | $139 |
| For Sale | $0 | n/a | $200,950 | $134 | $200,950 | $134 |
| Sold | $234,619 | $140 | $184,886 | $126 | $215,278 | $134 |
New Homes Cheaper Than Resales In Southwood?
A few things stand out when I look at these results. First of all, new single family homes in Southwood (price per foot) are selling for less than the resale price per foot. That sure makes for some tough competition when a Southwood homeowner decides to sell a home and tries to compete with builders bringing in supply cheaper than they paid for theirs.
Secondly, there appears to be a "normal" relationship between the current status' of the homes in Southwood, but not so much with the townhouses. When I say "normal," what I mean is that the homes that have sold were cheaper than those on the market, which are cheaper than the ones that failed to sell. In the case of the condo / townhomes, the units for sale are more expensive than the ones that failed to sell.
It is also important to note that I did not verify that the "type" entered into the MLS information was correct. There is the possibility that some townhouses are recorded as detached single family homes and vice-versa, but I think this will give the reader a fair look at the overall housing market in Southwood.
Southwood Home Sales
| Type | Address | Price | Closing Date | Status |
| Detached Single Family | 2477 Lantana Lane | $329,362 | 5/15/2009 | Sold |
| Detached Single Family | 2447 E Orange Avenue | $306,000 | 5/14/2009 | Sold |
| Detached Single Family | 3236 Whitman Way | $369,000 | 5/1/2009 | Sold |
| Detached Single Family | 3777 Four Oaks Boulevard | $240,000 | 4/30/2009 | Sold |
| Detached Single Family | 5964 Defoores Street | $119,900 | 4/30/2009 | Sold |
| Detached Single Family | 2460 Rain Lily Way | $267,165 | 4/24/2009 | Sold |
| Detached Single Family | 2464 Rain Lily Way | $262,990 | 4/23/2009 | Sold |
| Condo / Townhouse | 4077 Colleton Court | $155,000 | 4/23/2009 | Sold |
| Detached Single Family | 4221 SUMMERTREE DR | $284,000 | 4/22/2009 | Sold |
| Detached Single Family | 3104 Mist Flower Road | $268,990 | 4/20/2009 | Sold |
| Detached Single Family | 2473 Lantana Lane | $297,910 | 4/17/2009 | Sold |
| Detached Single Family | 2461 Lantana Lane | $323,000 | 4/15/2009 | Sold |
| Detached Single Family | 3170 Coneflower Drive | $282,900 | 4/15/2009 | Sold |
| Detached Single Family | 2451 E Orange Avenue | $315,500 | 4/9/2009 | Sold |
| Detached Single Family | 4243 RALEIGH WAY | $220,000 | 4/9/2009 | Sold |
| Detached Single Family | 3295 SALINGER WAY | $290,000 | 3/27/2009 | Sold |
| Detached Single Family | 3669 Esplanade Way | $225,000 | 3/26/2009 | Sold |
| Detached Single Family | 3240 Appleton Drive | $550,000 | 3/25/2009 | Sold |
| Detached Single Family | 2456 Rain Lily Way | $274,990 | 3/20/2009 | Sold |
| Detached Single Family | 2413 Goldenrod Way | $380,000 | 3/13/2009 | Sold |
| Detached Single Family | 4300 Grove Park Drive | $264,500 | 3/13/2009 | Sold |
| Detached Single Family | 4244 Grove Park Drive | $270,000 | 3/9/2009 | Sold |
| Detached Single Family | 3246 Salinger Way | $307,000 | 2/27/2009 | Sold |
| Detached Single Family | 2482 Goldenrod Way | $335,000 | 2/26/2009 | Sold |
| Condo / Townhouse | 3995 Four Oaks Boulevard | $169,900 | 2/20/2009 | Sold |
| Condo / Townhouse | 4182 Four Oaks Blvd | $202,700 | 2/17/2009 | Sold |
| Detached Single Family | 3128 Mist Flower Rd | $262,990 | 1/30/2009 | Sold |
| Detached Single Family | 3728 Biltmore | $237,000 | 1/20/2009 | Sold |
| Detached Single Family | 2483 Lantana Lane | $345,000 | 12/29/2008 | Sold |
| Detached Single Family | 2463 Rain Lily Way | $315,000 | 12/18/2008 | Sold |
| Detached Single Family | 3255 Salinger Way | $331,000 | 12/9/2008 | Sold |
| Detached Single Family | 2120 Sunlight Terrace | $325,000 | 11/21/2008 | Sold |
| Detached Single Family | 3178 Coneflower Drive | $310,000 | 11/10/2008 | Sold |
| Detached Single Family | 1396 Button Willow Drive | $148,000 | 10/22/2008 | Sold |
| Detached Single Family | 2401 Goldenrod Way | $459,000 | 10/3/2008 | Sold |
| Detached Single Family | 3753 FOUR OAKS BLVD | $289,250 | 10/3/2008 | Sold |
| Detached Single Family | 4267 Raleigh Way | $266,000 | 10/2/2008 | Sold |
| Detached Single Family | 3240 Thoreau Avenue | $460,000 | 10/1/2008 | Sold |
| Detached Single Family | 3626 FOUR OAKS Boulevard | $233,000 | 10/1/2008 | Sold |
| Condo / Townhouse | 4194 Four Oaks Boulevard | $197,990 | 9/30/2008 | Sold |
| Detached Single Family | 2469 Lantana Lane | $329,990 | 9/27/2008 | Sold |
| Detached Single Family | 3108 Mist Flower Road | $261,990 | 9/26/2008 | Sold |
| Detached Single Family | 4142 FAULKNER LANE | $518,000 | 9/26/2008 | Sold |
| Condo / Townhouse | 4186 Four Oaks Blvd | $202,418 | 9/26/2008 | Sold |
| Detached Single Family | 3132 Mist Flower | $465,000 | 9/25/2008 | Sold |
| Detached Single Family | 4265 Summertree Drive | $255,000 | 9/25/2008 | Sold |
| Condo / Townhouse | 4198 Four Oaks Blvd | $265,900 | 9/19/2008 | Sold |
| Detached Single Family | 3769 Four Oaks Boulevard | $250,000 | 9/17/2008 | Sold |
| Condo / Townhouse | 3143 Mulberry Park | $195,000 | 9/16/2008 | Sold |
| Condo / Townhouse | 4178 Four Oaks Blvd. | $275,745 | 9/15/2008 | Sold |
| Condo / Townhouse | 4118 Four Oaks Blvd | $221,000 | 9/2/2008 | Sold |
| Detached Single Family | 3142 Duxbury Lane | $455,000 | 8/29/2008 | Sold |
| Detached Single Family | 3766 Piney Grove Drive | $575,000 | 8/28/2008 | Sold |
| Detached Single Family | 3748 Ivy Green Trail | $325,000 | 8/27/2008 | Sold |
| Detached Single Family | 2468 Rain Lily Way | $328,575 | 8/20/2008 | Sold |
| Detached Single Family | 2458 Goldenrod Way | $430,335 | 8/15/2008 | Sold |
| Detached Single Family | 3785 CHANTICLEER Court | $281,000 | 8/15/2008 | Sold |
| Condo / Townhouse | 3181 Mulberry Park | $173,400 | 8/7/2008 | Sold |
| Detached Single Family | 3161 BARINGER HILL DR | $349,500 | 8/6/2008 | Sold |
| Detached Single Family | 4130 Faulkner Lane | $470,000 | 8/5/2008 | Sold |
| Detached Single Family | 2505 Twain Drive | $324,900 | 7/31/2008 | Sold |
| Detached Single Family | 3071 Bent Grass Lane | $234,365 | 7/30/2008 | Sold |
| Detached Single Family | 2452 Rain Lily Way | $264,725 | 7/28/2008 | Sold |
| Detached Single Family | 2115 FERNLEIGH Drive | $251,000 | 7/25/2008 | Sold |
| Condo / Townhouse | 3721 Riverton Trail | $219,000 | 7/24/2008 | Sold |
| Condo / Townhouse | 3993 FOUR OAKS BLVD | $189,900 | 7/24/2008 | Sold |
| Detached Single Family | 3249 Dunleith Lane | $242,000 | 7/11/2008 | Sold |
| Detached Single Family | 3610 Four Oaks | $228,780 | 7/11/2008 | Sold |
| Condo / Townhouse | 3729 Riverton Trail | $273,439 | 7/2/2008 | Sold |
| Detached Single Family | 3690 MOSSY CREEK LANE | $730,000 | 7/1/2008 | Sold |
| Detached Single Family | 3219 Whitman Way | $235,000 | 6/27/2008 | Sold |
| Condo / Townhouse | 4142 Four Oaks Blvd | $217,779 | 6/27/2008 | Sold |
| Detached Single Family | 3059 Bent Grass Way | $265,000 | 6/26/2008 | Sold |
| Detached Single Family | 3129 Barringer Hill Drive | $315,000 | 6/26/2008 | Sold |
| Condo / Townhouse | 3147 MULBERRY PARK Court | $196,000 | 6/26/2008 | Sold |
| Detached Single Family | 3677 Mossy Creek | $700,000 | 6/26/2008 | Sold |
| Condo / Townhouse | 3717 Riverton Trail | $283,500 | 6/26/2008 | Sold |
| Detached Single Family | 3116 Mist Flower Road | $243,295 | 6/20/2008 | Sold |
| Detached Single Family | 3211 WHITMAN WAY | $257,000 | 6/20/2008 | Sold |
| Detached Single Family | 2110 Fernleigh Drive | $261,000 | 6/16/2008 | Sold |
| Detached Single Family | 3701 Longfellow Road | $375,000 | 6/13/2008 | Sold |
| Detached Single Family | 3725 Overlook Drive | $412,000 | 6/10/2008 | Sold |
| Detached Single Family | 3034 CUMMINGS Avenue | $245,000 | 6/9/2008 | Sold |
| Detached Single Family | 4289 SUMMERTREE DRIVE | $269,900 | 6/9/2008 | Sold |
| Condo / Townhouse | 4066 Colleton Ct | $215,000 | 6/2/2008 | Sold |
| Detached Single Family | 3689 Esplanade Way | $240,000 | 5/30/2008 | Sold |
| Detached Single Family | 3768 Overlook Dr | $399,000 | 5/30/2008 | Sold |
| Detached Single Family | 2525 TWAIN DRIVE | $367,000 | 5/23/2008 | Sold |
| Detached Single Family | 4064 Shady View Lane | $319,000 | 5/22/2008 | Sold |
| Detached Single Family | 3748 Ivy Green Trail | $290,000 | 5/19/2008 | Sold |
| Condo / Townhouse | 4146 Four Oaks Blvd | $221,338 | 5/16/2008 | Sold |
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Discussion
Joe,
Great report......Thank you! I think any serious buyer / seller or agent would be a fool not to use your site to gain a better grasp of this market.
I think what really stands out is the condo / townhouse chart. What a difference between the failed to sell and for sale with the actual sold. Looks like there is heavy duty sellers denial going on.
What definition does the Tallahassee MLS use for pending sales? The reason I ask is that different MLS's seem to use different criteria. Does it include pending inspection, feasibility, financing etc? Or, does it mean all contingencies have been met and ready to close? I know pending sales have been used to evaluate the future market trend of the real estate market. That being said, what percentage of pending sales fail? It seems that with tougher lending requirements the percentage would be high. Also, how do you separate pending sales from one month to another (so you can compare) when short sales , foreclosures and REO sales typically take a long time to close.
Doug
Thank you Doug. I combined all of the "under contract" status' into "Contract Pending" rather then list so many of them. The MLS usually closes less than 50% of the homes that go under contact in one fashion or another, so I always advise ... "don't count your chickens before they hatch."
Joe,
Thanks for taking the time to provide those stats...
In your analysis you stated: "In the case of the condo / townhomes, the units for sale are more expensive than the ones that failed to sell.". I wonder if that is a case of delusional (unrealistic sellers), real estate agents taking a listing on what the sellers think the property is worth verses a cma, or sellers just plain underwater and can't realistically price their property.
Doug
Hey Doug,
I think it is a combination of all those that you listed. Prices have declined so much in Southwood that many homeowners just don't know what to do. They put their home on the market at a price that they can handle at closing, but that doesn't mean anybody will even look at it at that price. It does nobody any good, it just adds to the inventory. They need to keep owning it until prices come back and they can sell it.
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