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Home Sales Increase

By
Real Estate Agent with Coldwell Banker Hartung & Noblin, Inc

We had the usual increase in real estate home sales in May in Tallahassee (Leon County), though fewer than May last year.  There were 153 single family homes sold compared with last year‘s195.  122 homes sold in April; so, our sales in May was a 25% increase.  In May the average single family home in Leon County sold for $224,099, and the average listed price was $237,835.  Therefore the average home sold for 94% of the asking price.  The median sales price for May was $179,000.  The median sales price is what most published homes sales reports use for comparisons.  That is the reason why some buyers coming to Tallahassee find our prices are higher than what they have read about.  The average days on the market was 131 days based on the last listed price.  If a listing is removed from the market and re-entered as a new listing, the days on the market starts ticking anew; therefore, the actual days a home is on the market is likely to be higher.   There are currently 201 homes under contract that are contingent upon likely either inspections or financing.  Additionally there are 137 that are (pending) about to close. The number of currently listed single family homes on the market for sale in Leon County is 1,733.  You don't have to be a mathematical wizard to recognize at the rate homes are selling, it will take a considerable time to bring that number down.  Sellers, working with their Realtor, need to do everything possible to improve the attractiveness of their home in the market place to attract buyers.  Primarily, pricing it to current market conditions. IT MUST BE THE BEST BUY.  It is expected that in the next several months we will see further increases in the number of homes sold before the normal seasonal slow-down begins in September. 

 I frequently have been asked recently if we have bottomed.... "I think those properties that are on the market for under $400,000 are about at the bottom if they are priced were they should be in this market. For a buyer planning to purchase a home to live in, if he does not buy very soon, I think he will be "missing the boat".  Interest rates are very low and there are great dollar incentives for the first time home buyers.  Interest rates seem to be headed up and there is a deadline on the availability of the incentives.