Yesterday, a long-time reader asked why I had never written about Woodgate, a popular NE Tallahassee neighborhood.
I basically said that because I have limited time, I try to focus on the most-active neighborhoods in Tallahassee, but that I would take a quick look at home sales in Woodgate.
Currently, there are 6 homes for sale in Woodgate in the Tallahassee MLS, priced from $129,900 to $235,000. With only 15 homes sold in Woodgate in the 3 previous years, this means that Woodgate has a relative home supply exceeding 12 months.
This means if you want to sell a home in Woodgate, then you must have a better plan than your neighbors (your competition).
Home Prices In Woodgate
The average price of a home sold in Woodgate last year was $166,250, which is similar to home prices in Woodgate near the end of 2003.
Low interest rates have buyers purchasing "more home," so Woodgate, like many other Tallahassee neighborhoods, is seeing it's larger homes selling right now.
Home Values In Woodgate
Home values are still on the decline in Woodgate. As we have seen in so many other neighborhoods, the stronger buying power for homebuyers is not resulting in higher values for sellers. Buyers are just getting more for their money these days.
In the real estate graph below, we see more evidence of home values falling (real estate depreciation) even as many real estate agents are wrongfully reporting appreciation. They are confused by the fact that they only track the average sales price of properties, not which properties are actually selling.
Recent Home Sales In Woodgate
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