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Century 21 Manausa & Associates - Tallahassee Real Estate
I’m meeting with a long time friend today to discuss his desire to build a house in a certain NE Tallahassee neighborhood.
For any long-time readers of the Tallahassee Real Estate Blog, you know that I have reported about the large new construction premium you must pay in this buyer’s market, and how I strongly advise you to find an existing home for your purchase.
But there are some reasons why you really should build a house right now if you fit into a certain category.
Long time readers of the Tallahassee Real Estate Blog are accustomed to a continual supply of housing reports, and we have been posting Tallahassee real estate supply and demand reports every month for more than 5 years.
This is the one report that consumers looking to buy a home and those looking to sell a home need to better understand their position when it comes to negotiating a real estate transaction.
Occasionally, I like to expand our normal Tallahassee Real Estate Supply And Demand Report in order to search for niche opportunities or concerns in the market.
After many years of continual bad news, it seems that just about every recent Tallahassee real estate report is filled to the brim with good news.
While is easy to see that any good news is reason to smile, it is important to keep a vigilant eye on what is being reported and to identify the market segments that are truly improving.
This Tallahassee real estate report will show the four areas of Tallahassee and identify the ONE that is making all the fuss (good news 
)
We have been keeping a close eye on Southwood home sales for several years, and I believe we might be experiencing a significant shift in this popular Southeast Tallahassee neighborhood.
Currently, there are 59 homes for sale in Southwood, and the composition of sale types is changing.
The graph on the right measures two important trends for existing homeowners in Southwood, the new construction trend as well as the distressed Southwood home sales trend.
These trends will tell us much about future home values in Southwood.
It is the top of the season for new listings in Tallahassee, as traditionally more home sellers put their home on the market now than during any other time of year.
When we look at the graph on the right, it appears as if more sellers are testing the market this year than did last year, perhaps signaling a turn in the confidence of homeowners that they will be able to sell a home in 2013.
As I was combing the Tallahassee MLS preparing for another Waverly Hills home sales report, I was pleasantly surprised to see that the last distressed home sale occurred there more than one year ago.
As we can see from the graph at the right, the distressed home sales trend (one year average) has been reduced to zero.
Considering the rest of the market is averaging more than 1 in 3 home sales as a short sale, foreclosure or banked owned property, Waverly Hills home sales appear to be much stronger.
The relative supply of homes in Tallahassee is on the rise again, and it will take a few more months to determine whether this is a seasonal event that occurs in the Spring each year, or whether something else is unfolding.
As a reminder, we measure the “real” supply of homes by counting all of the homes for sale in the Tallahassee MLS, but we estimate the “relative supply of homes” by dividing the real supply by the current rate of demand. This division provides a measurement of our real estate inventory in terms of “months of supply.”
Wouldn’t it be nice to have a housing market barometer that would provide us with an expected trend for home sales?
Several years ago I attempted to create one and called it the Manausa Housing Herd Barometer, and here is how and why it works:
Regardless of why you want to buy a home in Tallahassee, you should consider Tallahassee home cost as part of your decision making process to ensure that you buy wisely.
We get a lot of questions from buyers about determining Tallahassee home cost and property values, so I want to share a comment from a long-time reader who reminds us about the importance of real estate cost in the long term real estate cycle.
Piney Z home sales are finally starting to pick up, having seen the number of homes sold decline for 9 straight years!
2012 recorded 26 Piney Z home sales in the Tallahassee MLS, and 10 have already closed through March of 2013.
The real estate graph above shows that distressed home sales have been plentiful, but far below the Tallahassee average.
Currently there are 17 homes for sale in Piney Z, and 2013 looks like another upwardly trending year.
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