A recent flurry of home sales in Summerbrooke have pushed this subdivision among the top 5 Tallahassee neighborhoods (as reported in yesterday's special report) based upon closed home sales so far in 2013.
But that is exactly what has happened through mid-year 2013.
Home Sales In Summerbrooke Are Hot
After years of tough times for home owners, the home sales in Summerbrooke are flowing thus far in 2013. In fact, people who have been waiting to sell a home in Summerbrooke should consider jumping into the market right now. Currently, there are fewer than 20 homes for sale in Summerbrooke, and demand is at a 8 year high (22 home sales in Summerbrooke have already closed in 2013).
The real estate graph above shows home sales through June of each year. The blue bars (measured on the left axis) show how many home sales in Summerbrooke have occurred through June of each year, while the red line (measured on the right axis) shows the average price per square foot for those sales. Currently, 2013 looks very much like 2004, in both units and values (but with lower interest rates for the buyers).
Distressed Property Sales Decline In Summerbrooke
The greatest reason that we see values appear to be rising in the graph above is due to the lower percentage of distressed home sales in Summerbrooke in the mix.
Currently, the distressed home sales trend for Summerbrooke past twelve months has fallen to 17%, and there are fewer and fewer distressed homes for sale in Tallahassee available each day.
When we look at arms length home sales in Summerbrooke (meaning we are not considering the distressed homes that sold), we see that home values are not really climbing in Summerbrooke.
The fact is that with fewer short sales, foreclosures, and bank owned properties, the "average" value has been higher. While the graph below is not exactly great news, it still represents forward progress for this battered real estate market when coupled with the graph above.