This Simple Adjustment Turned The Whole Neighborhood Around

After receiving a reminder about its 4th annual neighborhood yard sale coming up on November 9th, I realized I was overdue to write an Adiron Woods home sales report.

This new Tallahassee neighborhood located off of Walden Road (near the intersection of I-10 and Mahan Drive) has seen the number of new home purchases rise nicely since home prices dropped down to $250,000.

But it took something else entirely to bring homebuyers back.

Home Prices Stable

With 61 new homes built and sold thus far in Adiron Woods, this hot little NE Tallahassee neighborhood has found it's place among homebuyers near the $250,000 price point.

Currently, there are 5 homes for sale in Adiron Woods, and all of them are priced below $250,000.

In the real estate graph below, the blue bars show the 12 month trend (average) number of homes sold each month, while the red line is the 12 month trend of home prices.

With historical low interest rates and aggressive pricing, home sales began accelerating at the end of 2011.

Home Values Are Recovering

Even though the average home price has fallen 36% from high reached in 2007, home values have been recovering nicely. Right now, home values are only 14% lower than they were at the peak. This is another example of home price and home values moving in opposite directions (this is why we do not use home prices to track real estate appreciation).

Average House Sizes Down 20%

So how are builders able to bring new product to the market at lower prices? They are building smaller homes. The average home being built and sold in Adiron Woods today is 20% smaller than what was being built when the neighborhood was brand new.

Current Home Listings

The following map shows all of the houses listed for sale in Adiron Woods. If you want to know more about a home, simply click on the picture and the entire detail page will be revealed.

Past Home Sales

I hope our home sales report has helped you, simply drop me a note if there is something more you would like to know about this or any other Tallahassee neighborhood.