I was visiting my parents yesterday at their "new home" (they built it in 1987) and I got to thinking about the home in which I was raised. I believe my parents came to Tallahassee in 1964, a year before I was born, and ended up buying a home in Town 'N Country Park. Situated off of Old Bainbridge Road, between the Tallahassee Mall and Godby High School, Town 'N Country Park was a great Tallahassee neighborhood to grow up in. All the kids in the neighborhood played in the streets all day.
So I was wondering how home values were doing in the Town 'N Country Park subdivision. A quick look in the Tallahassee MLS yielded the following chart:
With nine months supply of homes on the market, the Town 'N Country Park neighborhood is doing a little better than the average Tallahassee subdivision. Prices seem to make sense, though a little bit down from the boom, and the average home for sale is just around the median price in the Tallahassee real estate market. Extracting the "blue line" from this chart yields a chart that demonstrates that the homes for sale in Town 'N Country Park are priced as if the market were appreciating.
This is the type of chart we would normally expect to see in a normal market, one weighted neither to the Buyer nor to the Seller. Due to the fact that Town 'N Country Park is full of homes near the median price point in the Tallahassee real estate market, this does not really surprise me. I suspect the really motivated sellers will be reducing their asking price a little bit though.
Taking a quick peak at home sizes, it seems that the sales in the past year were for larger homes (roughly 7% larger). I doubt that means much, but we'll take a look at that again when we next review Town 'N Country Park. Finally, let's take a look at the 17 year history of the Town 'N Country Park subdivision. In 1991 you could buy a home for $60,000, and today it would sell for $180,000. That is an average annual increase of 6.7%! Looks like the long-term resident in the Town 'N Country Park neighborhood are very happy!
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Joe Manausa is the Broker and Co-Owner of Century 21 First Realty. He can be reached by clicking on the comments button below, via e-mail through his company website at http://www.manausa.com/, or by calling (850) 386-2001.
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