Sales are up 3% from this time a year ago, while median prices are up 8% from that time.
February home sales in the Tallahassee real estate market barely budged from a year ago, while the median price – though up from a year ago – hit a 12-month low, according to a report from Florida Realtors on Tuesday. <!-- /GRAY BOX ARTICLE CONTENT-->
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Local Realtors closed on 109 existing single-family homes in the metro area up just 3 percent from 106 sales a year ago.
It was the sixth straight month of year-over-year increases, though the annual gap continues to narrow in recent months.
The median sales price was up 8 percent from $136,000 to $146,900, bucking the state’s downward price trend with the second-fastest price increase in the state, behind Pensacola’s 14 percent increase.
However, the February median is the lowest in Tallahassee since February 2009 and is down from $170,000 a month ago.
The Tallahassee foreclosure rate increased from 1.81 percent of mortgages in January 2009 to 3.84 percent a year later, according to CoreLogic, a real estate data firm. Delinquent payments were up from 3.97 percent to 7.43 percent.
Statewide sales were up 21 percent over the year – marking 18 months of year-over-year gains – and 14 percent since January, while the median price dropped 7 percent from $141,800 a year go to $131,300 in February.
Foreclosures and short sales are downwardly distorting median prices nationwide, according to the National Association of Realtors.
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