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.
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.
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