Summerbrooke home sales appear to be slowing, and home values are dropping far faster than we have seen in the past. The Summerbrooke neighborhood is one that we have reported about often in the past, but today’s graphs are new.
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Below, we see that the average home price in Summerbrooke has dropped from a high of $466K in 2006 down to its current average of $331K. This represents an average price decline of 29%, which is one point better than average for all Tallahassee neighborhoods (single family homes), but this very clearly demonstrates just how much equity is gone from the Tallahassee real estate market. How many owners can afford to lost $135,000?
Recently, we saw the best buy in Summerbrooke lower its asking price by $50,000. Lately, it is taking significant pricing corrections for home sellers to get noticed by the fewer buyers who remain in the market. With most of our buyers in the price range for a Summerbrooke home, they first have to sell a home before they are able to buy a home, and with such a significant reduction in equity, many just are not able.
Home values have also declined 29% in Summerbrooke, where the average price per square foot of a home sold in Summerbrooke this year has dropped to $115 (compared to $161 in 2006). If you have to sell a home in Summerbrooke, you had better use the best home selling plan on the internet to squeeze every last dollar from your home. If you are only “thinking about selling,” you need to recognize the market is still heading lower and you will have to wait years before values even return to levels that we are seeing today.