The Florida Statewide report of existing (resale single family) home sales for July gives you a good insight of what is happening in the entire State. This report is published every month about the 25th and reports the previous month's data. It is very encouraging to see a good number of Metro Areas through out the State are showing an increase of sales for July 2008 compared to last year. The Tallahassee Metro Area showed a minus 13% when compare with last years number of sales; which, is also the Statewide average. Of note: the Tallahassee Metro Area (TMA) includes Leon, Gadsden, Wakulla, Jefferson and Franklin Counties. The report also shows the Median Sales Prices where our TMA continues to show we have the most stable market in the entire State. In July it was $205,900 compared to last years $210,200. A look at our TMA sales number of resale homes shows a range of 150 last September to 169 for the remainder of 2007 and a drop to 120 in January with a very good climb to 218 in July, which is the usual trend for these months. An expected signification decrease can be expected for August based on current reports, as of this date, and continue for the remainder of the year, which is a norm.
Our number of active single family homes, both new construction and resale, continues to be in the 3,000 to 3,400 range. There has been an average of 233 homes, resale and new, sold per month for the past 12 months. The average sales price was $235,728 which was 96% of the last listed price for an average of 107 days on the market. If a listing is cancelled by the Realtor and reentered as a new listing, for marketing purposes with maybe a price reduction, that date starts the number of days on the market all a new and the resulting reported days on the market for that property is not accurate. You do not have to be a mathematician to see we have a huge supply of homes to sale and with our current economy will likely take a few years to level out the market. For sellers that REALLY want to sell you need to take note. Our real estate market has certainly changed and the old response of the 3 most important things in real estate, (location, location, location) has changed to location, condition and price.