Search Listings

Tallahassee Home Sales Grew By More Than Eight Percent In 2016

While it's too early to report final numbers (some real estate agents are still putting their closed home sales in the Tallahassee MLS), it's not too early to report that home sales grew nicely in 2016.

Today we'll look at the market performance from last year and identify what that means for the Tallahassee real estate market in 2017.

Tallahassee Home Sales Grew By More Than 8 Percent In 2016

The graph above shows the number of homes sold each year in red (measured on the left vertical axis) as well as the volume of homes sold in green (measured on the right vertical axis). Both unit sales and sales volume gained in 2016.

Sales volume led the way with growth in excess of 12%, while unit sales grew by more than 8%.

Here's the current results for Tallahassee (Leon County) in the MLS:

  • Unit sales in 2016 were 4,015 homes, up 8.34% over the 3,706 sold in 2015
  • Total home sales volume was $813.3M, up 12.86% over the $720.7M reported in 2015
  • The average home price in 2016 was $202,577, up 4.17% over the $194,467 average in 2015
  • The average home value was $108 per square foot, up 5.76% over the $102 per square foot sellers received in 2015

Historical Home Sales Levels In Tallahassee

While 2016 was a very good year for home sales, the 4,015 homes sold is still 26% fewer than the 5,421 homes sold in 2005 (market peak). I believe this is a strong suggestion that the Tallahassee housing market still has quite a ways to go in its housing market recovery.

Most other locations in Florida are reporting new market highs, as the rest of the State was not hit as hard as was Tallahassee in regards to lost jobs due to government down-sizing.

The market bottom was reached in 2011, when home sales were a whopping 59% lower than the peak with only 2,247 homes sold that year. To put this number into perspective, the Tallahassee MLS shows that we closed more homes through July in 2016 than were closed in all of 2011.

How To Track The Tallahassee Housing Market In Just 5 Minutes Each Week

If you are interested in knowing what is going on in the Tallahassee real estate market, simply subscribe to our Weekly Special Report that goes out every Monday morning. It's just one-page, but it provides a unique perspective on one major trend each week. Best of all, it is free and can be delivered right to your inbox before 9:00 a.m. each Monday. Simple subscribe below to stay informed.

 

Keep Up With New Trends In Tallahassee!

Tallahassee Real Estate Newsletter

Subscribe to the Tallahassee Real Estate Newsletter for updates on home sales in Tallahassee, FloridaOther buyers, sellers, lenders, and real estate agents have this critical information, and now you can too!

Get immediate access to our most recent newsletter.

Let 27+ years of experience work for you with charts, graphs, and
analysis of the Tallahassee housing market.

Market Challenge: Lack Of Inventory For Homes Priced Below $400,000

If you have been thinking about making a move before mortgage interest rates move to higher ground, give us a call. We'll help you evaluate your home so that you know what you need to do and what you can expect to receive when you sell it. Fortunately, for all but the highest 10% of the market, we are experiencing an inventory crunch that is pushing home values higher.

We are HERE to help any time you need us.

Post a Comment

Blog Navigation

Posts By Category

All Categories Advice: Real Estate (469) Blogging Real Estate (189) Distressed Property (31) Foreclosures (3) Glossary of Real Estate Terms (28) Government and Real Estate (29) Homes For Sale (100) Housing Market Conditions (1213) Housing Report (54) Lis Pendens (4) Main (1030) Mortgage / Finance (66) New Construction (1) Off Topic (80) Our Listings (3) Our Sales (7) Real Estate Market Snapshot (20) Real Estate Opinion (3) REALTOR News (11) Tallahassee (87) Tallahassee Neighborhoods (246) 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
© Joe Manausa. All Rights Reserved.
Privacy Policy|Terms of Use|DMCA Notice