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UPDATE: Impact Of New Home Construction In Tallahassee

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We’ve been writing about the housing inventory shortage for more than a year now, and one can simply look to the new home construction market to see if we should expect a big change.

Today’s article starts with a look at all new homes for sale in Tallahassee and then explores whether or not Tallahassee is over-building homes. We then examine the building permits in the queue and close with a look at the current relationship between the supply of homes and current buyer demand.

New Home Construction Listings In Tallahassee

New Home Construction Listings

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1,030 Properties
Page 1 of 21
46
414 Bienville Place , Tallahassee, FL, 32317
Active
$486,642
414 Bienville Place
Tallahassee, FL, 32317
Beds5Baths4MLS#406841
46
410 Bienville Place , Tallahassee, FL, 32317
Active
$486,642
410 Bienville Place
Tallahassee, FL, 32317
Beds5Baths4MLS#406840
59
2304 Hampshire Way , Tallahassee, FL, 32309
Active
$475,000
2304 Hampshire Way
Tallahassee, FL, 32309
Beds4Baths2MLS#406788
Open House
39
5012 Caracara Drive , Tallahassee, FL, 32312
Active
$500,000
5012 Caracara Drive
Tallahassee, FL, 32312
Beds4Baths3MLS#406771
70
1308 Leewood Drive , Tallahassee, FL, 32312
Active
$474,900
1308 Leewood Drive
Tallahassee, FL, 32312
Beds4Baths2MLS#406708
70
7906 LONESOME DOVE Lane , Tallahassee, FL, 32311
Active
$480,000
7906 LONESOME DOVE Lane
Tallahassee, FL, 32311
Beds4Baths2MLS#406686
49
842 Avery Park Drive , Tallahassee, FL, 32317
Active
$485,000
842 Avery Park Drive
Tallahassee, FL, 32317
Beds3Baths2MLS#406667
29
402 Glenview Drive , Tallahassee, FL, 32303
Active
$495,000
402 Glenview Drive
Tallahassee, FL, 32303
Beds3Baths3MLS#406624
41
2325 KILLARNEY Way , Tallahassee, FL, 32309
Active
$499,900
2325 KILLARNEY Way
Tallahassee, FL, 32309
Beds3Baths2MLS#406578
38
3737 Esplanade Way , Tallahassee, FL, 32311
Active
$499,000
3737 Esplanade Way
Tallahassee, FL, 32311
Beds3Baths3MLS#406493
50
8668 ALEXANDRITE Court , Tallahassee, FL, 32309
Active
$499,000
8668 ALEXANDRITE Court
Tallahassee, FL, 32309
Beds4Baths3MLS#406391
67
1218 Terrace Street , Tallahassee, FL, 32303
Active
$499,000
1218 Terrace Street
Tallahassee, FL, 32303
Beds3Baths3MLS#406390
...

Are We Over-Building Tallahassee

One of the most common questions that I’ve received since 2015 is “are we over-building new construction homes in Tallahassee?” There is great concern that we’ll see another housing bubble and subsequent collapse.

First of all, with the experience we gained from the housing market collapse, this is a wise and prudent question for all of us to ask from time to time. It’s so important that I have created several systems in order to track and forecast another housing bubble.

One such system is a measurement of new home construction permits and sales, which you can observe in the graph below:

measurement of new home construction permits and sales in Tallahassee 2019

The graph above tracks the trend of permits and sales, and what we’re keeping an eye open for is when there is a large surge of new permits or a great separation between permits and sales. For example, look at how new permits (red line) raced higher from 2001 through 2004, and then again from 2005 through 2006. Sales (green line) eventually followed, but not without great losses.

Notice how tight permits and sales have been since 2008. This is a clear sign that builders are being very conservative in their pace of permitting and building new homes. If the graph above was the only piece of information we had to evaluate the health of the market, we could conclude that it is very healthy indeed. New home permits are not surging higher, and in fact, they are occurring at a rate less than 1/2 of what we saw in the 1990s.

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Supply And Demand For Tallahassee Homes

The most critical measurement that we monitor is the relationship between the supply of homes for sale and the current rate of demand. We refer to this as the relative supply of homes, and it is measured in months of supply. Historically, a very healthy market is 6.0 months of supply.

When relative supply rises above 6.0, the market is over-supplied and we refer to this as a buyers’ market. When relative supply falls below 6.0 months of supply, the market is under-supplied and we refer to this a sellers’ market.

When relative supply rises above 6.0, the market is over-supplied and we refer to this as a buyers' market. When relative supply falls below 6.0 months of supply, the market is under-supplied and we refer to this a sellers' market.

Currently, the overall Tallahassee housing market is undersupplied (sellers’ market) for homes priced below $450K, and oversupplied (buyers’ market) for homes priced above $450K.

In 2018, fewer than 5% of all homes sold in Tallahassee were priced above $450K, so we can conclusively say that the market is undersupplied right now. This is the very opposite condition of a housing bubble (too many homes for sale and supply levels rising) and in fact, we need more homes built right now.

Recent New Construction Home Sales

The following table lists that 1,000 most-recent new home construction sales in Tallahassee. You can sort by any column header if you would like to find something specific.

New Construction Sales In Tallahassee

NeighborhoodAddressPricePrice / SQFClosing DateYear BuiltSQF
Canopy3917 Ardmore Ln$600,000$2522026-10-0920262,378
Fletcher Oaks487 Grand Oaks Rd$405,000$2252026-10-0920231,804
Campbell Park3399 Mizell St$290,000$2232026-10-0720261,301
Fallschase540 Bienville Pl$687,900$2382026-10-0120262,890
Plaza Tower300 S Duval St$310,000$2612026-10-0120091,186
Fallschase4106 Beauregard Way$460,000$2092026-09-3020262,200
Fallschase543 Bienville Pl$369,100$2402026-09-3020261,535
Landon Hills8364 Bull Headley Rd$451,600$2512026-09-3020251,802
Landon Hills8388 Bull Headley Rd$441,600$2452026-09-2920261,802
Abilene Acres709 Dailey Dr$279,900$1922026-09-2820261,459
Pine Dove Estates5576 White Dove Trl$435,000$2422026-09-2820261,799
Fallschase420 Kenyon Pl$339,900$1792026-09-2520261,895
Canopy3925 Ardmore Ln$575,300$2502026-09-2320262,302
Tower Gates4498 River Breeze Ln$298,000$2172026-09-2320251,374
Plaza Tower300 S Duval St Apt 1111$315,000$2652026-09-2120091,188
Canopy3749 Meadow Vista Ln$426,600$2362026-09-1820251,804
Fallschase215 Calcasieu Pass$499,900$2182026-09-1820262,295
Fallschase517 Dartez Ct$399,900$2392026-09-1820261,670
Capital Heights530 W 4TH Ave$315,000$2222026-09-1820261,420
Abilene Acres4876 Six Mile Pond Loop$289,900$1992026-09-1820261,459
None1520 Summerbrooke Dr$530,700$2832026-09-1620261,873
Fallschase424 Kenyon Pl$342,900$1812026-09-1520261,895
The Franklin275 S Franklin Blvd Unit 6$680,000$3342026-09-1520252,038
Abilene Acres4884 Six Mile Pond Loop$302,300$2062026-09-1520261,470
Olson Ridge2951 Ervine St$400,900$1772026-09-1420252,259
Southwood4075 Four Oaks Blvd$399,900$2362026-09-1120261,695
None1536 Summerbrooke Dr$598,100$2332026-09-0820252,572
Pine Dove Estates5360 Pine Dove Dr$562,900$1952026-09-0420262,890
Canopy3789 Meadow Vista Ln$661,600$2562026-09-0320262,582
Conservation Of Summerbrooke1491 Summerbrooke Dr$629,900$2432026-09-0320262,589
Fallschase418 Kenyon Pl$339,900$1792026-08-3120261,895
Fallschase416 Kenyon Pl$349,000$1862026-08-3120261,876
Conservation Of Summerbrooke1431 Summerbrooke Dr$532,800$2842026-08-3120251,873
Hammock At Oak Grove589 Knotted Pine Dr$581,300$2722026-08-2820262,137
Hammock At Oak Grove585 Knotted Pine Dr$619,900$2912026-08-2520242,130
None8548 Scott Tower Rd$580,000$2692026-08-2420262,160
Landon Hills1379 Landon Hills Dr$248,000$1942026-08-2120261,280
Pine Dove Estates5584 White Dove Trl$564,900$1952026-08-2120262,890
Fallschase4110 Beauregard Way$503,500$1972026-08-2020262,550
None1568 Summerbrooke Dr$590,900$2302026-08-2020262,572
Conservation Of Summerbrooke1488 Summerbrooke Dr$504,200$2692026-08-1920251,873
Pine Dove Estates7921 Lonesome Dove Ln$526,800$2172026-08-1720262,429
Canopy3909 Ardmore Ln$647,400$2512026-08-1420262,582
Canopy3799 Day Garden Dr$442,000$2242026-08-1420231,975
Homestead Ridge9350 Powderhorn Ave$370,500$2682026-08-1420251,384
None1552 Summerbrooke Dr$834,800$2422026-08-1120263,447
Fallschase4102 Beauregard Way$450,000$2052026-08-0720262,200
Town N Country Park934 Chestwood Ave$367,200$2452026-08-0720261,501
Fallschase519 Bienville Pl$410,000$2092026-08-0520261,964
Tower Gates4470 River Breeze Ln$335,100$2102026-08-0520251,592
Fallschase4272 Duhon St$543,600$2112026-08-0420262,572
Southwood4073 Four Oaks Blvd$410,700$2422026-07-3020261,695
Canopy2832 Mews Lndg$305,700$2392026-07-2820261,280
Bond South2002 Pasco St$225,000$2032026-07-2420261,109
Bond South2006 Pasco St$225,000$2032026-07-2420261,109
Conservation Of Summerbrooke1504 Summerbrooke Dr$696,200$2702026-07-2320262,582
Reserve At Rivers Landing4899 Sampler Dr$311,000$2252026-07-2220261,382
Tower Gates5736 Pinebarren Rd$324,000$2302026-07-2020251,409
Landon Hills1354 Landon Hills Dr$402,500$2482026-07-1720241,622
Canopy3905 Ardmore Ln$599,800$2522026-07-1520262,378
Canopy3829 Ardmore Ln$579,600$2522026-07-1420252,302
Canopy2349 Briar Rose Gln$330,000$2642026-07-1020251,252
Fallschase4236 Landry Ln$440,500$2792026-07-0920261,580
Landon Hills8373 Bull Headley Rd$464,900$2162026-07-0820262,149
Waterford Plantation6286 Longwood Ct$557,000$2572026-07-0220242,170
Canopy2374 Briar Rose Gln$431,600$2402026-07-0120251,802
Hammock At Oak Grove649 Knotted Pine Dr$613,400$2722026-07-0120262,255
Conservation Of Summerbrooke1471 Summerbrooke Dr$667,900$2592026-07-0120262,582
Maple Ridge2351 Maple Leaf Way$1,420,000$3102026-07-0120244,587
Fallschase515 Bienville Pl$370,000$2412026-06-3020261,535
Fallschase505 Dartez Ct$399,900$2392026-06-3020261,670
Southwood4061 Brownstone Way$381,200$2122026-06-3020251,799
Fallschase507 Bienville Pl$430,000$1962026-06-2920262,198
Conservation Of Summerbrooke1479 Summerbrooke Dr$587,000$2282026-06-2920262,572
Pine Dove Estates5598 White Dove Trl$566,900$1962026-06-2920262,890
Fallschase457 Dartez Ct$399,900$2392026-06-2620261,670
Tower Gates5700 Flowerbrook Cir$340,000$2142026-06-2620261,592
Pine Dove Estates5368 Pine Dove Dr$624,900$2052026-06-2620263,044
None1007 Williams Landing Rd$1,169,000$4082026-06-2520242,864
Key Acres2715 Gerald Dr$295,800$1642026-06-2520231,800
University Green1978 Greencastle Ln$229,900$1872026-06-2320261,232
Canopy3737 Meadow Vista Ln$425,000$2362026-06-2220251,802
Fallschase4247 Thibodeax Trl$529,900$2312026-06-2220262,295
Fallschase425 Dartez Ct$399,900$2392026-06-1820261,670
Landon Hills8377 Bull Headley Rd$462,900$2152026-06-1820262,149
Conservation Of Summerbrooke1463 Summerbrooke Dr$568,900$2772026-06-1820252,055
None4520 Garden Oaks Way$424,900$1902026-06-1820252,239
Canopy3825 Ardmore Ln$580,000$2522026-06-1720252,302
Fallschase360 Bienville Pl$537,000$2092026-06-1720252,572
Pine Dove EstatesPeace Dove Trl$564,900$1952026-06-1720262,890
Olson Ridge2909 Ervine St$460,000$1802026-06-1620252,550
Pine Dove Estates5370 Pine Dove Dr$564,900$1952026-06-1620262,890
Golden Eagle Plantation2875 Royal Isle Dr$1,479,400$3792026-06-1220263,900
Hammock At Oak Grove8419 Knotted Pine Ln$579,400$2722026-06-1220252,130
Hartsfield Hills1632 San Damian Rd$499,000$2572026-06-1220251,939
Reserve At Rivers Landing4909 Sampler Dr$309,500$2242026-06-0920261,382
Fallschase4248 Landry Ln$446,700$2832026-06-0820261,580
Conservation Of Summerbrooke1427 Summerbrooke Dr$639,000$2692026-06-0820252,378
Conservation Of Summerbrooke1443 Summerbrooke Dr$618,400$2602026-06-0520252,378
Canopy2347 Briar Rose Gln$331,200$2592026-06-0320251,280

This concludes our March 2019 update on new construction home sales in Tallahassee, please give us a call at (850) 366-8917 or drop us a note if you have questions about buying a new home or building in Tallahassee.

Who’s the real estate agent in Tallahassee that has the happiest clients? Here’s what people are saying about working with Joe Manausa Real Estate, you can see their reviews reported on Google, Facebook and Zillow right here: http://www.manausa.com/testimonials.

Your Local Expert In Tallahassee

When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.

As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.

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