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2012 Toughest Year To Sell A Tallahassee Home Thus Far

Tallahassee home owners considering a sale have most likely heard how tough the housing market is.

They might have heard some good news about Tallahassee home sales finally starting to turn around with modest gains over last year's "Worst Year Ever" performance.

Upon entering the market however, they will find that 2012 is the toughest year on record to sell a Tallahassee home.

Yep, that's right, the gains that we see in the Tallahassee real estate market are coming from distressed home sales, not from people with equity in their homes.

When we look at the real estate graph above, we see that distressed home sales comprise 37% of the closings in the Tallahassee MLS, and their share of the market is rising.

Tallahassee Home Sales Decline

When we look at arms length home sales in Tallahassee, we find that 2012 has seen the worst January through July performance in more than 11 years.

In the real estate graph below, all distressed property sales have been removed, revealing arms length Tallahassee home values that have depreciated 2% and the number of sales have dropped about 1% since last year.

YTD Tallahassee Home Sales

Tallahassee Home Sizes Grow With Buyer Strength

The average size of arms length Tallahassee home sales is growing. Buyers, armed with excess supply to choose from as well as falling interest rates, are choosing to purchase bigger homes and spend their full budget rather than choosing to spend less money than they can afford.

YTD Tallahassee Home Sizes

This dynamic is important to understand. Tallahassee home values are falling, even as average home prices are on the rise.

Buyers are getting "more house," as the graph above shows.

Many real estate reporters are noting rising "average prices," but they are failing to report that buyers are getting rising "average sizes." Interest rates falling have allowed buyers to spend more money, but it does not mean they are still buying the same Tallahassee home.

Do not fall into the trap of believing that average prices directly correlate to appreciation or depreciation during a short term trend.

Recent Arms Length Tallahassee Home Sales

Neighborhood Address SP Price/ SQF Closing Date SQF
Killearn Estates 2365 Ryan Place $109,000 $92 7/31/2012 1,189
Killearn Commons 8520 Hannary Cir $200,000 $106 7/31/2012 1,884
Southwood 3005 Dickinson Drive $225,000 $126 7/31/2012 1,782
The Timbers 806 Timbers Court $70,000 $71 7/31/2012 987
None 19104 Talquin Dr $415,000 $150 7/31/2012 2,766
Holly Hills 2107 Evergreen Dr $90,000 $80 7/31/2012 1,127
Huntington Woods 2827 Duffton Court $108,000 $87 7/31/2012 1,237
Huntington Woods 3116 Dunkeld Place $136,900 $80 7/31/2012 1,703
Magnolia Manor 903 E Call Street $124,000 $126 7/31/2012 988
Brockswood Park 1403 Devils Dip $139,000 $70 7/31/2012 2,000
Highgrove 4738 Highgrove Road $385,000 $119 7/31/2012 3,225
Pine Tip Hills 576 Frank Shaw Road $750,000 $160 7/31/2012 4,700
Waverly Hills 2808 Sterling Drive $244,900 $115 7/31/2012 2,128
Sweet Water Oaks 1739 Riverbirch Hollow $177,000 $97 7/31/2012 1,820
Buckhead 4602 Oakshire Ct. $410,000 $158 7/31/2012 2,591
Bull Run 2625 Opequon Way $279,900 $133 7/31/2012 2,102
Bull Run 2604 Ulysses Rd. $269,900 $149 7/31/2012 1,809
Glen At Golden Eagle 2396 Heathrow Drive $180,000 $104 7/31/2012 1,729
Hampton Creek 5038 Hampton RidgeAvenue $134,900 $121 7/31/2012 1,114
Killearn Estates 3112 Ferns Glen $214,900 $81 7/31/2012 2,662
Killearn Estates 3469 Hyde Park Way $225,000 $107 7/31/2012 2,100
Ox Bottom Manor 6103 Ox Bottom Manor Dr $342,500 $120 7/31/2012 2,856
Pheasant Ridge 2757 Fawn Ridge Court $314,000 $126 7/31/2012 2,500
Renegade Condominiums 403 Hayden Rd, #241 $41,900 $79 7/31/2012 531
Scenic Heights 1829 Devra Drive $137,000 $74 7/31/2012 1,856
Southwood 4235 Raleigh Way $200,000 $139 7/31/2012 1,444
Summerbrooke 530 Summerbrooke Drive $345,000 $128 7/31/2012 2,694
Wood Ridge Condominiums 1571 Stone Road $67,000 $66 7/31/2012 1,016
Linwood Manor 1102 Linwood Drive $111,500 $89 7/30/2012 1,253
Pine Grove 607 Truett Dr $138,000 $150 7/30/2012 920
Weems Plantation 3525 Lands End Lane $147,000 $114 7/30/2012 1,285
Timber Lake 4066 Cottage Wood Trail $120,000 $91 7/29/2012 1,314
Piney Z 1001 High Meadow Drive $180,000 $94 7/29/2012 1,919
Ox Bottom 7213 Ox Bow Cir $500,000 $112 7/27/2012 4,457
Ox Bottom Manor 6328 Pickney Hill Road $276,000 $125 7/27/2012 2,206
Eagle's Ridge 9042 Eagles Ridge Dr $205,000 $117 7/27/2012 1,755
Golden Eagle Plantation 2146 W Golden Eagle $687,500 $164 7/27/2012 4,197
Golden Eagle Plantation 9013 Shoal Creek Dr $450,000 $145 7/27/2012 3,104
Killearn Commons 8405 Wellesly Place $170,000 $111 7/27/2012 1,530
Killearn Lakes 1781 Copperfield Circle $225,000 $109 7/27/2012 2,059
Killearn Lakes 3309 Micanopy $228,000 $123 7/27/2012 1,848
Kinhega Landings 2613 SadieLane $314,000 $112 7/27/2012 2,801
Southwood 3751 Overlook Dr $365,000 $134 7/27/2012 2,726
Summerchase Condos 4434 Gearhart Road #701 $75,000 $56 7/27/2012 1,344
Hartsfield Plantation 1901 Setting Sun Trail $173,000 $84 7/27/2012 2,058
Westview 1334 Charlotte Street $67,500 $58 7/27/2012 1,154
Oak Wood 3213 Allison Marie Court $85,000 $70 7/27/2012 1,216
Tower Oaks 5535 Tower Woods Trl $96,000 $88 7/27/2012 1,090
Ben-Mor Hills 807 Devon Dr $155,000 $78 7/27/2012 1,994
Betton Oaks 1497 GoodwoodCourt $198,000 $110 7/27/2012 1,800
Lakeview 1243 N Adams Street $195,000 $155 7/27/2012 1,260
Breckenridge On Park 156 W Whetherbine Way $94,000 $98 7/27/2012 960
Starview 212 Nabb Loop Road $200,000 $102 7/27/2012 1,954
Sawgrass Plantation 2417 Silver Palm Lane $115,000 $88 7/27/2012 1,308
Breckenridge On Park 344 Whetherbine Way $66,900 $76 7/27/2012 880
Hollystone 4945 Hollystone $360,300 $139 7/27/2012 2,601
Southwood 3809 Piney Grove Drive $262,000 $116 7/27/2012 2,250
Killearn Lakes 8804 EdenrockLane $197,000 $103 7/26/2012 1,913
Golden Park 2524 Golden Park Lane $90,000 $70 7/26/2012 1,282
Town N Country Park 2219 Beech Drive $146,000 $93 7/26/2012 1,568
Lakeshore Estates 344 Lexington Rd $123,000 $82 7/26/2012 1,497
Park Charleston 1668 Osprey Pointe $220,000 $115 7/26/2012 1,905
Breckenridge On Park 263 Whetherbine Way E $89,750 $89 7/26/2012 1,008
Rexwood 2912 Oakwood Drive $36,000 $34 7/26/2012 1,044
Tallahassee Center 215 W College Ave 404 W $98,500 $246 7/25/2012 400
Hermitage 1316 Constitution Place W. $685,000 $146 7/25/2012 4,679
Killearn Estates 4052 Brandon Hill Drive $277,000 $122 7/25/2012 2,267
Highland Terrace 1344 Terrace $177,500 $94 7/24/2012 1,888
Waverly Hills 1106 Lasswade Drive $272,500 $124 7/24/2012 2,200
Linene Estates 2841 Green Forest Lane $180,000 $98 7/24/2012 1,844
Killearn Acres 6653 Man O WarTrail $160,000 $101 7/23/2012 1,584
Holly Hills 2107 Skyland Dr $160,000 $92 7/23/2012 1,731
The Timbers 2190 Timberwood Cir N $75,000 $59 7/23/2012 1,280
Betton Hill 1310 Dillard St $205,000 $116 7/23/2012 1,770
Bobbin Trace 3798 E Millers Bridge Road $585,000 $148 7/23/2012 3,943
Observation Pointe 6165 Observation Circle $214,900 $132 7/23/2012 1,629
Hutchinson Heights 1337 Hutchinson Avenue $18,500 $22 7/23/2012 844
Golden Eagle Plantation 2173 Gates Dr $325,000 $121 7/20/2012 2,693
Killearn Lakes 2237 Tuscavilla Rd $162,000 $113 7/20/2012 1,433
Killearn Lakes 2312 HaverhillRoad $225,000 $117 7/20/2012 1,918
Foxcroft 2987 Foxcroft Dr $189,250 $99 7/20/2012 1,912
Lone Star Camp 24098 Lake Talquin Rd $167,000 $109 7/20/2012 1,526
Plantation Woods 4214 Elder Court $112,000 $103 7/20/2012 1,087
Sombra Del Lago 5393 Sombra Del Lago Drive $85,000 $58 7/20/2012 1,474
Township One North Unrec 1622 Crosspointe $220,000 $106 7/20/2012 2,084
Wilson Terrace 414 Wilson Ave $325,000 $107 7/20/2012 3,040
Golden Park 2509 Fred Smith Rd $93,000 $73 7/20/2012 1,282
Adiron Woods 3000 Adiron Way $241,200 $146 7/20/2012 1,656
Arbor Hill 2732 Whitney Dr N $123,000 $99 7/20/2012 1,248
Southwood 3163 Nathaniel Trace $302,404 $151 7/20/2012 2,007
San Luis On The Park 1545 San Luis Rd $112,000 $82 7/20/2012 1,365
Summerchase Condos 4434 Gearhart Road $85,500 $64 7/19/2012 1,344
Bloxham Terrace 405 Mckeithen Street $85,900 $89 7/19/2012 960
None 414 El Destinado $295,000 $121 7/19/2012 2,440
Tallahassee Highlands 2487 Pennlyn Drive $125,000 $93 7/19/2012 1,350
Buckhead 4533 Timberloch Drive $400,000 $129 7/19/2012 3,105
None 24376 Lone Star Court $283,000 $152 7/18/2012 1,856
Betton Hills 2103 Lee Ave $370,000 $160 7/18/2012 2,307
Killearn Estates 3037 Corrib $255,000 $119 7/18/2012 2,145
Lee Manor 1014 Tanner Drive $35,500 $27 7/18/2012 1,325
The Vineyards 1902 Vineyard Way $335,000 $123 7/17/2012 2,718
Ox Bottom 8024 Evening Star Lane $560,000 $181 7/16/2012 3,089
Ox Bottom Manor 6353 San Martin Court $285,000 $118 7/16/2012 2,414
Beechwood Knoll Townhouses 2787 Beechwood Knolls $117,000 $76 7/16/2012 1,544
Bull Run 2567 Carthage Lane $289,900 $130 7/13/2012 2,225
Killearn Estates 3936 Leane Drive $222,000 $97 7/13/2012 2,296
Killearn Estates 2673 Nantucket Lane $165,500 $82 7/13/2012 2,024
Southwood 2471 Goldenrod Way $250,000 $135 7/13/2012 1,850

I hope this Tallahassee Home Sales Report has been enlightening, please come back and visit the Tallahassee Real Estate Blog for more reports on home values in Tallahassee.

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