by Joe Manausa on July 10, 2009
I have been conducting home appreciation studies on many Tallahassee neighborhoods, hoping to find some that are doing well despite the tough market that we are in. Most Tallahassee subdivisions have seen depreciation (from the peak of the market) in the 15 to 20% range, and reduced unit sales by greater than 60%. But this morning, I stumbled upon a Tallahassee neighborhood that has thus far bucked part of the recent trend.
The Royal Oaks Subdivision is located just off of Thomasville Road on the Northwest side of Killearn Estates. Home values have thus far appreciated quite nicely over the past 20 years, with growth in each of the last three years as well! This is the first Tallahassee neighborhood that I have found that has done this.
Of course, like many other subdivisions in Tallahassee, Royal Oaks has seen the number of home sales decline greatly. There has been an average of about 15 home sales in Royal Oaks each year for quite some time, only to see it fall to 6 last year and only 1 thus far in 2009. Most likely, prices are holding up because home owners are more entrenched and do not need to move. Regardless of the reason, it is nice seeing a real estate graph showing appreciation! [click to continue…]
by Joe Manausa on July 9, 2009
While the Tallahassee Real Estate Blog focuses on many things, the actual data and tracking that we do here primarily consists of the home sales in Leon County, Florida. Today however, we will take a look at the four counties nearest the Tallahassee real estate market as they co-exist in the Tallahassee MLS and often factor into the real estate market activity reports.
When we pull a complete Multiple Listing Report on home inventories, the months of supply are staggering at over 21 months of supply of homes for sale! If you read our blog regarding the updated Leon County Home Inventory Report from a few days ago, then you know that we have over 15 months of supply of homes on the market in Leon County. But what about the other counties in the Tallahassee MLS? [click to continue…]
by Joe Manausa on July 8, 2009
It’s time for another quick update of a popular Tallahassee neighborhood. Today we’ll take a quick peek at Summerbrooke, a golf course community located on the Northeast side of the Tallahassee real estate market.
In order to produce this report, I went to all recorded home sales in Summerbrooke and removed the “non arms length” sales. This means that if a bank was a buyer or seller, or if a quit claim deed was recorded, that information was not used for this report. Additionally, I only used existing home sales, so no builder homes were included in this report.
The resulting information should give people who own a home in Summerbrooke an idea of what the competition looks like should they decide to sell a home. Of course, this is not an appraisal for a specific home, as no final adjustments will be considered (for example, this report will show average prices, but will not distinguish between the higher valued golf course frontage homes and those on the interior). [click to continue…]
by Joe Manausa on July 7, 2009
The new Leon County Home Inventory Report is completed and has been posted at The Market Bulletin. Just as we have experienced over the past several months, this month brings more growth in the relative supply of homes in the Tallahassee real estate market.
The Leon County Home Inventory Report measures the current months of supply of homes for sale in Tallahassee by measuring the number of homes currently on the market and then by dividing them by the total number of sales over the previous twelve months. This results in what we refer to as the relative supply of homes for sale in Tallahassee.
Each quadrant of Leon County is represented individually in the report, showing new home supply, existing home supply, and over home supply in the Tallahassee housing market. The information is pulled from the Tallahassee MLS each month, allowing for close monitoring of the changing supply and demand dynamic in the Tallahassee real estate market. The changes this month show one area improving, the others not. [click to continue…]
