One area of the Tallahassee real estate market is recovering much faster than the rest. Can you guess which one?
Today's housing report shows year to date house sales after dividing Leon County into its NE, NW, SE and SW sections, and three of the four appear to be recovering at the same rate, while one is almost a full year ahead of the rest.
For the purpose of determining recovery rate, we are only addressing the number of houses selling each year. A future report will examine appreciation in each of the four sections in Tallahassee.
House Sales By Area
The following real estate graph shows the number of houses sold by quadrant in Leon County. The blue line measures house sales in the Northeast quadrant, the orange line measures house sales in the Northwest quadrant, the gray line measures house sales in the Southeast quadrant, while the yellow line measures house sales in the Southwest quadrant.
If you look at the slope of the recovery since 2012, Northeast Tallahassee leads the pack. Additionally, when we compare the North side (blue and orange) versus the South side (gray and yellow), the results are really skewed to the North.
This means that the number of house sales in North Tallahassee are returning to "normal" faster than are those in the South Tallahassee real estate market. And Northeast Tallahassee house sales are recovering far faster than anywhere else.
If you were to compare this year's sales through July to past years by quadrant, you would find:
- NE Tallahassee: Better than 2006
- NW Tallahassee: Better than 2008
- SE Tallahassee: Better than 2008
- SW Tallahassee: Better than 2007
Considering 2006 was the first year of the housing market recovery, and house sales were still very near record levels, this is a strong statement to the recovery of house sales in NE Tallahassee.
Where Houses Are Selling
This next graph also shows house sales through July of each year, but each quadrant of the Tallahassee real estate market is plotted as a percentage of all sales. The left vertical axis goes from 0% to 100%, and each quadrant is displayed in terms of its percentage of the whole market.
Currently, house sales in Tallahassee are moving North and East.
- 81% of all house sales are on the North side
- 19% of all house sales are on the South side
- 66% of all house sales are on the East side
- 34% of all house sales are on the West side
I suspect when we reproduce this report using house values, we'll find a faster rate of appreciation in the North and East sides of Tallahassee. Over time, this will make houses on the South and West side more attractive and we'll see some of the percentages move in opposite directions.
If you would like to know more about the value of your house and how current trends in the Tallahassee real estate market are impacting you, simply drop me a note and we will be in touch with you right away.