If you like to stay up to date with home sales in Bull Run, then you’ll be happy to find this quick market report for Bull Run in Tallahassee. I like to periodically “check in” to see how the top selling neighborhoods in Tallahassee are doing, so today we’ll look at recent home sales in Bull Run and compare them with past sales activity.
Bull Run is one of a few Tallahassee neighborhoods that has seen a continuance of new homes being built. With banks helping builders liquidate their inventories of home sites (lots), the recent sales are weighted with new construction at lowered prices.
Existing home sellers are having a tough time competing with brand new homes that are being built on lots with a drastically lowered land basis. In the simplest sense, home owners in Bull Run need to understand that the land under their homes has fallen in value by about $50K to $80K. I would expect new construction to continue until lot inventories are exhausted, or until existing homes for sale in Bull Run drop their prices below a level at which builders can no longer compete.
This first real estate graph shows that the average home sales price has risen slightly since 2009. This might appear to be good news if we did not know about the new construction going on in Bull Run, but this next real estate graph shows the real picture on what is happening to the actual value of homes for sale in Bull Run.
Note: If you think my recent real estate graphs are easier to view, then “thanks” are owed to reader Charlie Sawyer who gave me some tips on better imaging. Thanks Charlie!
The real estate graph above shows that home values in Bull Run have been falling since they hit their peak in 2007. The inverse results between average values dropping and average prices rising is simply due to the new construction of smaller homes in Bull Run. Builders are able to sell cheaper homes by keeping them smaller than what has been built in the past, and over time, we will see a change in the “average” type of home in Bull Run.
Much like the rest of the Tallahassee housing market, Bull Run is facing an inventory problem. We have too many homes for sale and not enough qualified homebuyers, so it will take quite a bit of time for all of the homes for sale in Bull Run to be sold. Finally, take a look at the “Year Built” column in the table of recent home sales below, and you will get a feel for how much new construction is impacting home sales right now in Bull Run.
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