Existing Home sales in Southwood, like in much of the rest of the Tallahassee real estate market, are still falling. Currently, the values in this popular Tallahassee neighborhood are similar to those found in 2004, meaning that most people who have purchased or refinanced their home in the past 7 years are upside-down.
Despite falling prices, new homes are still being built and sold, currently at an average rate of four per month. These homes seem attractive since they are hitting the market at new construction prices similar to what was seen in Southwood back in 2005 … but it’s not 2005 anymore.
New Construction Home Sales In Southwood
The following real estate graph shows the one-year trend of new construction home sales in Southwood, with average monthly sales in blue (left axis) and average home values (right axis). The rise in new home sales that parallels the Homebuyer Tax Credit period appears to be returning to pre-stimulus levels.
Existing Home Sales In Southwood
The sale of existing homes in Southwood (resales) seems to be picking up the slack of the slowing new home sales, but this is being fueled by falling prices. Note the red value line dropping down to levels last seen in 2004.
Existing Home Sales Values In Southwood
The following trends graph shows that the past 6 months in Southwood has seen a rapid decline in the values of existing homes in Southwood. We anticipated this would occur as new home construction was adding to the inventory of homes for sale in Southwood. With a shortage of homebuyers in our current market, we have to maintain a vigilant eye on supply and demand. The new construction competition has created additional competition for the homeowners who need to sell, thus the rapid depreciation levels that we are now seeing.
High-End Home Sales In Southwood
During the peak of the housing market boom, there were many high-end homes sold in Southwood, but the drop of the market has seen a significant fall-off for these homes. The yellow box shows that from 2005 to 2008, there were quite a few homes that were sold above $500K in Southwood, but prior to that period, and since, high-end homes in Southwood have not been popular with homebuyers. High-end home sellers in Southwood will need to utilize the best real estate internet marketing plan available to get a home sold in today’s housing market.
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