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Will These Homeowners Yield To Relocation Urge?

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Real Estate Agent with Joe Manausa Real Estate 8508880888

Park Charleston is a ten year old community that is located on the South side of Miccosukee Road in Northeast Tallahassee, just outside of Capital Circle NE.

The sale of houses in Park Charleston began in 2006 and they are still being built today.

As with all boom neighborhoods, existing homeowners will likely need to move within similar time schedules (think of it this way, most of them moved in at the same time, many will need to move out at similar times). As with other neighborhoods that exploded into existence during the peak of the housing market, we are going to be dealing with pent-up supply and issues related to deflated values.

In this report, we will look at house prices, house values, and house sizes in Park Charleston, as well as show current listings in the Tallahassee MLS and all closed house sales going back to the beginning of sales in the popular NE Tallahassee neighborhood.

Park Charleston House Prices

For each of the 3 real estate graphs found in this report, you will find the number of closed house sales for each year (red columns, measured on the left vertical axis), and an important real estate statistic shown in blue (measured on the right vertical axis. It is important to note that the analysis of the information that we provide is current through the fourth week of May 2015.

Average house prices have declined 12% in 2015 versus 2014, but everything that is available now is at much higher prices. Through the fourth week of May in 2015, the two houses sold in Park Charleston averaged $228,500.

House Prices In Park Charleston

House sales activity in 2014 was the second least-active year since houses began selling, but this is not surprising as existing houses have begun entering the market at prices lower than new construction. There were 8 closed house sales in Park Charleston in 2014 and 2 so far in 2015.

Park Charleston House Values

It will be interesting to see how current sellers do in the months to come. They are asking prices far above what we have seen sold, but there are no inexpensive houses to be found in this popular neighborhood. I would expect lower prices to prevail as motivated homeowners yield to normal relocation urges and drop their asking prices to procure a sale.

House Values In Park Charleston

House values declined 13% so far this year, and that means current values are 23% lower than the market high set back in 2006. This means that most homeowners who have purchased or refinanced in Park Charleston are dealing with negative equity situations (and thus the higher than market asking prices).

Park Charleston House Sizes

The average house size sold in Park Charleston typically falls in a range of 1,800 to 2,000 square feet, and the two sales this year were very near the top of this range.

House Sizes In Park Charleston

The 2 houses sold in 2015 have averaged 1,962 square feet, and don't be surprised if the trend continues towards the larger homes. Bigger and cheaper is a common trend across all Tallahassee, as buyers try to lock-in as much house for the money using historically low mortgage interest rates.

Houses For Sale In Park Charleston

The following list of houses are the most recent listings in Park Charleston.

Houses on the market in Park Charleston

Park Charleston House Sales

The following list shows house sales going back to 2002 in Park Charleston.

House Sales In Park Charleston

I hope you enjoyed our May 2015 update on house sales in Park Charleston, please feel free to drop me a note if you have questions not covered in this report.

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Joe Manausa Real Estate
1934 Dellwood Drive
Tallahassee, FL 32303
(850) 366-8917

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