Signs Of Stability In Southwood Home Sales

The newest home sales numbers are showing that Southwood is finally showing signs of stabilization, mostly in the number of homes sold though average home price drops seem to have slowed as well  If you are a regular reader of the Tallahassee Real Estate Blog, then you know that we have reported on the Southwood Subdivision in Tallahassee for several years now, and have not been seeing much good at all.

While it is way too early to that a bottom is in sight for Southwood, I would think that it will all depend on new construction levels over the next 12 months. Currently, there are about 9 months of supply of homes for sale in Southwood in the $200K – $300K price range. If builder activity remains low, it should hit a stable level of 6 months of supply sometime early in 2010.

New Home Construction In Southwood

The average price of a new construction home in Southwood over the past 12 months was just under $290,000. Considering the average new home in Southwood was once selling for $413K, this is a drop of over 30%. The new construction has adapted to the market, but this is definitely putting serious pricing pressure on existing home sales in Southwood.

Existing Home Sales In Southwood

Existing home sales (resales) in the Southwood Subdivision seem to be finding the bottom of the market in terms of unit sales. There have been signs recently that unit sales might be thinking about climbing in the near future.

[click to continue and see list of Southwood Home Sales…]

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