Southwood is located on the South side of Tallahassee, and it is one of very few bright spots south of the Capitol Building in the Tallahassee real estate market.
To put this popular neighborhood's impact on Southeast Tallahassee into perspective, there are 8.9 months supply of houses for sale in all other SE Tallahassee neighborhoods and I suspect their rates of sales would be as low as those in SW Tallahassee (9.2 months of supply) were it not for their draw to the area.
This means that Southwood is practically "the only game in town" when we look at the South side of the Tallahassee housing market.
In this report, we will look at average house prices, house values, and house sizes in Southwood, as well as show current listings in the Tallahassee MLS and all closed house sales going back to when sales first began in Southwood.
For the real estate graphs found in this report, you will find the number of closed house sales for each year (red columns, measured on the left vertical axis), and an important real estate statistic shown in blue (measured on the right vertical axis).
It is important to note that the narrative contained below is for sales through December for all previous years, but through the middle of September in 2015. The graphs and the closed sales table will be continuously updated into the future (meaning bookmark this page if you always want to know the current status of houses in Southwood).
Southwood Home Prices
Average house prices have declined 10% thus far in 2015, bringing back prices like we saw in 2012 and 2013. With very low mortgage interest rates still available for housebuyers, these lower prices could propel Southwood to its best year of house sales since 2005.
The activity in the Southwood housing market is still relatively robust, as the current rate of sales is consistent with last year's 8-year high. As of this writing, there are 49 houses for sale in Southwood which represents roughly 4 months of supply ... a condition that would seem to strongly favor sellers and thus rising house values.
Southwood Home Values
Average house values in Southwood are rising in 2015. Through the time of this writing, average house values are up 8% over the average recorded in 2014. Currently, house values are at an all-time high, equaling those recorded back in 2005. (NOTE: We are still back-filling values for new construction in the early years. Some of them are showing a zero right now, thus reducing the average house values in the 2001 through 2007 years. This report will eventually be historically accurate).
Through the first half of September, the average value of a house sold in Southwood has been $133 per square foot.
Southwood Home Sizes
The average house size sold in Southwood falls in a range of 1,900 to 2,300 square feet, a fairly wide range due to the many offerings one can find in this larger-than-most neighborhoods in Tallahassee. Much like our valuations in the past not being complete, house sizes are often reported as zero for new construction too, so they will be updated as we get their actual sizes.
The 125 house sales thus far in 2015 have averaged 2,150 square feet, which is a large increase when compared to last year.
Homes For Sale In Southwood
The following map and list of houses are the most recent listings in Southwood. Please note the map is shown in layers and you need to scroll through the layers (click "next" in the upper right hand corner of the map) to see all the houses for sale in Southwood.
Southwood Home Sales
The following list shows all house sales going back to the initial houses sold in Southwood.
I hope you enjoyed our September 2015 update on house sales in Southwood, please feel free to drop me a note if you have questions not covered in this report.