On the bright side of reviewing the Tallahassee Metro Area's real estate activities was the continued slight decline in the number of residential properties on the market for sale for the past few months. The Tallahassee Metro Area is made up of five counties. There are currently over 4200 residential (single family, condo & townhouse) properties for sale. There were 257 residential properties that closed in August which is about 6% of what was on the market. In Leon County, alone, there were 151 single family detached homes sold. There are currently 2106 active single family listings with 118 with Contingent contracts and there are 125 additional listings with Pending contracts. In Leon the average DOM (days on the market) is 144 days. Sellers may need to be asking their Realtor what they can do to try to attract a buyer so they can be part of this very small successful group of sellers each month. What are they doing that you are not? This past twelve months closed sales were down about one-third compared to the previous twelve month period. While property Location and Condition play a very important part in attracting buyers, the number one factor in today's market is PRICE. Your listed price needs to be lower than other comparable properties currently for sale and those that have previously closed in the past three months. That is, if you are truly interested in getting the property SOLD! Many sellers are still wasting their time with their over priced and "not ready for the market" homes, with little chance of attracting a buyer.
Below are the appreciation values back to 1994 for Leon County. You might find this can give you a "ball-park" current value. There are other factors that come into play in determining a good Listing price that your Realtor can be of help. Another consideration is having your property appraised.
Annual Single Family Appreciation for Leon County
1994 6%
1995 .2%
1996 10%
1997 2%
1998 2%
1999 3%
2000 7%
2001 8%
2002 6%
2003 15%
2004 8%
2005 19%
2006 8%
2007 -04%
2008 -5% through August
Don Pickett, Realtor, Coldwell Banker Hartung and Noblin, Inc. Tallahassee Real Estate N Data Services, 850-591-4725, donpick@aol.com Search the entire Tallahassee Area Real Estate Market.
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