Wakulla County Home Sales Report March 8, 2010
Wakulla County home sales are down 79% since the peak of the market in March 2006. Simultaneously, foreclosures are "through the roof" compared to historical averages. In the real estate graph below, the red area shows that the number of foreclosures (which historically averages about 2 per month) has jumped up quite a bit in the past year and a half.
Wakulla County Residential Lot Values Plummet
The bad news for lot values can been seen in the one year price trend (yellow line) in the real estate graph below. The average lot price in Wakulla County has dropped from over $80,000 to less than $20,000 in just a year and a half. But the good news is that activity has risen significantly, indicating that bulk sales are taking bad loans out of the market because belief is that new homes will be needed again soon. I expect to see the average lot sales price begin to rise again shortly.
Wakulla County Real Estate Trends
The average real estate prices show an interesting trend. Lot values (as we saw above) continue to decline, condo and townhouse sales are so infrequent that the trend line bounces all over the chart, mobile home sales are still on a steady decline, but we actually see a reversal in the average price of a single family home in Wakulla County.
The blue line with the blue diamonds show that the average price of a single family home in Wakulla has rebounded up two months in a row, from a low point in December of $137K to $143K in February. With unit sales still declining, I would have to see this continue for many more months before I could believe that the bottom for prices has been found. Additionally, with all the foreclosure sales occurring in Wakulla County, I suspect pricing pressure will continue for at least another year.
Great Tallahassee Real Estate Resources
Do you want to know more about the Tallahassee real estate market? It is not as hard as you might think keeping up with the movements in the housing market, you just have to know where to look. The following are some of the best resources that you can find on Tallahassee real estate:
- Daily Real Estate Blog (A Technorati Top 100): Tallahassee Real Estate Blog
- Current Housing Reports: Housing Market Reports
- Map Based Property Search Tool: MLS Property Search
- Foreclosure Reports: Lis Pendens and Foreclosures
- List of Distressed Properties in the MLS: Distressed Properties
- REALTOR® news and updates: Successful REALTORS®