What You Can Expect For Tallahassee Home Values In 2014
We have published numerous reports lately about Tallahassee home values and real estate appreciation, but most have been organized by location or by property type or sale type.
Today we will take a look at the Tallahassee real estate market from the perspective that is most important to people who are selling a home, who want to know "what's my home worth?"
Tallahassee Home Values By Home Size
For this report, I have utilized arms length existing home sales data which should provide the most realistic values for homeowners. This means no short sales and foreclosures, and even no new construction sales have been included.
The real estate graph above covers homes that are sized from 1,000 square feet up to 3,000 square feet. The sales data covers January 1, 2003 through January 28, 2014 (more than 13 years). Homes that are larger than 3,000 square feet are shown below.
I was almost tempted to not include this second graph, as too few sales have occurred for the 2014 values to have any meaning (we refer to this as noise in the data). So the 3,000 to 4,000 homes showing a change to depreciation is likely not accurate, nor are 4,000 square foot homes rising dramatically. There are still too many luxury homes for sale in Tallahassee, so I would expect the red line (and perhaps the blue) to end up fairly flat or declining for the overall 2014 housing market.
Real Estate Appreciation
Remember, we are looking at arms length sales and no new homes, so this is a biased measurement of the real estate appreciation in Tallahassee. I think it is a fair way to do it, but with distressed home sales representing 30% of the market right now, one could certainly argue those sales should be included as well.
The table at the right shows how home values have fared over the past 11 years.
The left column shows the break-down by home size, the middle column shows last year's appreciation rate, while the right column shows the compounded appreciation rate since January 2003.
Apparently, the best performing homes have been in the 0 to 600 square foot range, having appreciated 62.8%, while the slowest growing segment were homes sized from 1,000 to 1,300 square feet. I would think the smallest looks so strong due to the creation of the downtown condo market during this 11 year time span.
If you would like to know more about Tallahassee home values in 2014, just drop me a note and we'll be in touch right away.