What Is Happening With Land Sales?
The data is in for the month of July and we have analyzed, scrutinized, charterized, and grapherized it and placed in The Market Bulletin on the Tallahassee Real Estate Web Site. If you have not done so yet, subscribe to this blog so that you can always be on top of what is going on in the Tallahassee real estate market. Otherwise, you can just go directly to our July Real Estate Market Reports page and see what is going on. But if you want the skinny on residential lots in Leon County, then
You Have Found The Right Place For Tallahassee Lots
This first graph shows how unit sales and average prices are trending. That means for every point on the graph, it is showing us the average over the past year for that piece of information. Currently, Tallahassee lot sales are averaging $83,400 per lot over the past year, while averaging only 67 lot sales per month. The next graph shows the Year-to-Date (through July) Tallahassee lot sales composed with just the raw data, as opposed to trends as we saw in the first graph. The blue line running across the graph shows that prices shot up and then came back down some, but still are up significantly since 2001. The average price for a lot in Tallahassee through July of this year is $79,030. We can see that unit sales per month have dropped from an average of 363 per month through July in 2004 to just 63 per month through July of this year.
Reduced Lot Sales Is Good For Now
The reduced amount of lot sales in Leon County is good. I believe this is helping reduce the inventory of homes in Tallahassee as fewer lots are being developed. We are seeing prices hold fairly stable due in part to the high cost of development in Leon County (meaning nobody can develop lots cheap any more) and the fact that production of build-able lots has slowed so much.
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Reducing the amount of inventory is key recovering a more stable real estate market. It is nice to see that Tallahassee is on the right track.
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