One Quadrant Leads Recovery In The Tallahassee Real Estate Market
One quadrant of the Tallahassee real estate market is recovering much faster than the rest. Can you guess which one?
Today's housing report shows year to date home sales after dividing Leon County into its NE, NW, SE and SW quadrants, and three of the four appear to be recovering at the same rate, while one is almost a full year ahead of the rest.
For the purpose of determining recovery rate, we are only addressing the number of homes selling each year. A future report will examine appreciation in each of the four quadrants in Tallahassee.
Home Sales By Quadrant
The following real estate graph shows the number of homes sold by quadrant in Leon County. The blue line measures home sales in the Northeast quadrant, the orange line measures home sales in the Northwest quadrant, the gray line measures home sales in the Southeast quadrant, while the yellow line measures home sales in the Southwest quadrant.
If you look at the slope of the recovery since 2012, Northeast Tallahassee leads the pack. Additionally, when we compare the North side (blue and orange) versus the South side (gray and yellow), the results are really skewed to the North.
This means that the number of home sales in North Tallahassee are returning to "normal" faster than are those in the South Tallahassee real estate market. And Northeast Tallahassee home sales are recovering far faster than anywhere else.
If you were to compare this year's sales through July to past years by quadrant, you would find:
- NE Tallahassee: Better than 2006
- NW Tallahassee: Better than 2008
- SE Tallahassee: Better than 2008
- SW Tallahassee: Better than 2007
Considering 2006 was the first year of the housing market recovery, and home sales were still very near record levels, this is a strong statement to the recovery of home sales in NE Tallahassee.
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Where Tallahassee Homes Are Selling
This next graph also shows home sales through July of each year, but each quadrant of the Tallahassee real estate market is plotted as a percentage of all sales. The left vertical axis goes from 0% to 100%, and each quadrant is displayed in terms of its percentage of the whole market.
Currently, home sales in Tallahassee are moving North and East.
- 81% of all home sales are on the North side
- 19% of all home sales are on the South side
- 66% of all home sales are on the East side
- 34% of all home sales are on the West side
I suspect when we reproduce this report using home values, we'll find a faster rate of appreciation in the North and East sides of Tallahassee. Over time, this will make homes on the South and West side more attractive and we'll see some of the percentages move in opposite directions.
If you would like to know more about the value of your home and how current trends in the Tallahassee real estate market are impacting you, simply drop me a note and we will be in touch with you right away.