Tallahassee, like most of FL, has been impacted by the poor US economy, but not hurt as much as south FL. As the line shows on the chart below, sales have been steadily decreasing since 2005, although the chart also indicates that sales may have started to level off.
The bars in the chart above show the average sale price in Tallahassee since 2003. By the end of last year, values had fallen to 2004 prices, with the average sale price in Tallahassee at $180K. Prices are still falling and the current average sale price is $170K.
The next chart shows 2011 YTD sales vs 2010 sales.
While the YTD sales for this year are slightly below the same period last year, the spike in June 2010 may be a result of the last minute buyers trying to take advantage of the homeowner’s tax credit before it expired and 2011 sales may catch up or surpass 2010.
Sales for 2011 started off better than last year with a steady increase; sales for Jul and Aug are much better than last summer.
Here are some other pertinent statistics:
- Currently Active in Tallahassee (Leon County) : 2,251 listings
- Absorption rate: 191 sales/month
- Months of inventory: 11.9 (buyer’s market)
- Average sale price: $170,863
- Average days on market (sold): 147
It’s a buyer’s market and they can be very picky since there is a lot of inventory. Buying conditions in Tallahassee are ideal: prices are back to 2004 values and interest rates remain historically low.
Only about half the houses on the market are going to sell this year, so sellers must put their house in the best possible condition and price slightly below market to attract buyers and sell quickly. Values are still going down and to get the highest possible proceeds (which will likely be lower than the seller had hoped), pricing correctly is essential.
Comments(1)