Tallahassee Real Estate

A Review Of The Tallahassee Real Estate Website

I have been doing a bit of research lately about using Google+ for real estate, and like any other "new" technology, I find it both fascinating and overwhelming at the same time.

I have decided to commit to bringing several articles to our readers to better explain Google+ [Follow Me Here] and why everybody should create an account in order to be part of Google's commitment to social networking.

For Century 21 Manausa and Associates, it is important that we continue to learn and grow our technological know-how, as 94% of buyers are using the internet so we have to continually push to expand our ability to market homes for sale online. I'm fairly sure that our plans for using Google+ for real estate marketing are going to help us provide even better exposure for our home selling clients.

Google+ For Real Estate Is No Longer Optional

The first thing that really hit me when trying to implement a plan to use Google Plus for real estate was that more than 100,000,000 people have a Google+ account, so it's not exactly a "new" technology :). All I can say is "lookout Facebook," and perhaps Zuckerberg should be calling MySpace for some tips on "what will happen next."

I hope you will take some time to follow my Google+ profile. Simply click on the "follow" button on the right (while logged into your Google account), and then add me to once of your circles.

I can promise you that it will be chaotic for the next few weeks, but over time, we will endeavor to provide some great links and tips on real estate in Tallahassee as well as listings, images, and anything we can find of value.

Understanding Google+ for Real Estate

This is the first article in a long series that I plan on writing in order to share my discoveries for the use of Google+ for real estate.

Understanding that nearly ALL homebuyers have moved to the internet, my company will sustain a relentless quest for growth, improvement, and expansion of marketing homes on the internet. This is not a fad, and it is not a trend. This is a major core competency at our company and we are committed to excellence.

One of my pet peeves from within the real estate community relates to how many individuals wrongly calculate and report home appreciation rates.

They look at the difference in average home prices (not values) over time and correlate the change to rising and falling home values. As I have proven in multiple articles in the past, this produces erroneous results.

However, there is a way that we can closely estimate the true home appreciation rate in Tallahassee, all we have to do is focus on house values.

Home Appreciation Has Returned For Many Owners

First things first. Most sources would define appreciation as an increase in the value of an asset over time, thus home appreciation is the increase in the value of "houses" over time.

These are different classes of assets, and thus they must be measured separately. For the purpose of today's article, I will be looking to determine the appreciation rate for homes in Tallahassee (using condominiums, townhouses, and single family detached homes).

Would you be surprised to discover that the annual appreciation rate for a house in Tallahassee, from the beginning of 1991 through September of 2013, is right at 3.15%? That's right, even with the housing market boom and subsequent bust, homes have appreciated at an annual rate of just over three percent.

Measuring Home Appreciation

The graph above provides home sellers and home buyers a lot of information to consume.

The vertical blue bars, measured on the left vertical axis, are the monthly recordings of the average price per square foot for existing (resales) arms length home sales from January 1991 through September 2013. The blue line shows the one-year average of those values, starting at $50 per square foot in 1991 an ending at $101 per square foot last month.

The red line measures the annual appreciation rate from every point looking back to January 1991, and is recorded on the right vertical axis as a percentage. So if you had purchased a home in January of 1991 and sold it last month, you would have recorded a 3.15% annual appreciation rate. Of course, had you sold that house in May of 2006, you would have recorded a 6.49% annual rate of growth.

Finally, the green arrow on the graph shows a continuous growth rate in home values based upon the growth rate in the 1990s. It is a projection of where we would expect to be had there not been a boom-bubble-bust in the Tallahassee real estate market. Based upon this non-scientific regression to the mean, the home value correction appears to be on track.

Current home values are below that "expected value" and will likely rise (on average) above the green line in the near term.

Home Appreciation And Your House

As a home owner, you should be happy to see real estate appreciation returning to the market.

But you also need to realize that supply and demand ultimately determine whether or not YOUR HOME is appreciating or depreciating.

If you own a $160,000 in Northeast Tallahassee, you are appreciating at a rate higher than 3.15% right now.

Of course, if you own a $600,000 home anywhere in Tallahassee, your home is depreciating due to the glut of homes for sale that will compete with yours.

So the key is to understand what your specific market (the market for your individual home) looks like, and what you need to do to be competitive enough to attract buyers to your home.

At the close of the third quarter of 2013, it is great to report that home sales in the 32311 zip code continue to rise.

32311 house sales have been accelerating since the the middle of 2011 (up 56%), and the number of distressed house sales reported have shown declines in the Tallahassee MLS.

While both of these statistics are excellent news, we continue to keep a diligent watch so that we can provide the most accurate guidance for home valuations in 32311.

House Sales In 32311

Currently, there are 220 houses for sale in 32311. Thus far in 2013 (through late September), there have been 263 homes sold in 32311 at an average price of $207,000 (which is an average home value of $116 per square foot. The average home size of those sold in 32311 this year is 1,779 square feet.

House Prices In 32311

The average price of a house in 32311 has been rising steadily (green line shows arms length home prices), and the current trend has pushed arms length home prices above $230,000.

House Values In 32311

The average arms length house value in 32311 is $124 per square foot, which is up 6 percent from the "floor" that was recorded in September of 2012.

Homes For Sale In 32311

The following map shows all of the houses for sale in 32311. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.

Homes Sold In 32311

The market for new construction in Tallahassee has turned, as both new permits and new sales are on the rise.

As we look forward to 2014 and what we should expect from development and new construction, we see a market that is faced with a conundrum of sorts, as the new home sales demand in Tallahassee might just be at a price-point that new home builders cannot profitably operate.

New Construction On The Rise

In the real estate graph above, the one-year trend of new home permits is plotted in red, while the one-year trend of new home sales is plotted in green. Though it is too early to call a market bottom in 2012, I suspect that will be the case when looking back in years to come.

Both new home permits as well as new construction are on the rise as both trends have moved up from a low of 20 reached last year. Considering both trends had peaked at an average of 140 new home sales (and permits) each month by July of 2006, our current numbers are still incredibly low.

New Construction Demand

When looking forward to what we should expect for the new construction market in Tallahassee, one might assume that the rise should continue to at least the 100 units per month rate that we experienced in the 1990s. After all, if Tallahassee's growth rate stays consistent with the past, won't we need new home sales to continue at a rate similar as what was experienced prior to the housing market boom?

The problem that we might encounter with this assumption relates to the cost of building today. Ask any home builder in Tallahassee about what it costs to build today versus any time in the past, and the answer is "more." That's right, while real estate values declined, the cost to build new homes has risen.

Taking that into account, when we study supply and demand in the Tallahassee real estate market, we find a trend that will lead to a need (demand) for homes priced below $300,000, but a glut of supply for those priced above $300,000.

The blue line in the graph above shows that the relative supply of homes priced above $300,000 is sufficient for all demand in the foreseeable future, thus home builders will need to target construction opportunities below that price point.

The Cost Of New Construction In Tallahassee

Average new construction prices are rising fast, and they look to be approaching the $300,000 level. As daunting as that might appear to be, there is a bigger concern that we can see in the graph below:

The blue bars show an average new construction price of $272K, while the average existing home sales price (red bars) is $164K, which means that new homes are being built and sold at prices 66% above the resale market.

If you are buying or build a new home in this market, just how long do you think you need to own the home before the resale market will catch up to what you paid?

Additionally, how can builders bring product to the market at the prices that will be short of supply first (roughly $125K to $175K)? This is the conundrum that Tallahassee home builders will face ... a demand for what they cannot supply.

This demand will help return property values to Tallahassee, but it will take time for the market to balance out.

Every month we provide a detailed breakdown of the houses for sale in Tallahassee, and compare them to the current rate of demand.

We publish our findings on our Tallahassee Housing Report section of our website, and we also offer a free one-page download that allows you to know the supply and demand for homes in each area and price range of the Tallahassee real estate market.

But every so often, we like to dig a little deeper, hoping to find something useful, and today I think we have.

Inventory Of Houses For Sale In Tallahassee

The following table shows a break-down of the houses for sale in Tallahassee by price range.

As a reminder, we consider a price range in balance (at market equilibrium) when months of supply are at or very near "6." The current "line in the sand" appears to be around $300,000, as months of supply start to go up too high after that point.

Remember, this table includes all areas in Leon County, but that does not mean that a $250,000 in one part of Tallahassee is as easily sale-able in all parts of Tallahassee. Supply and demand must be studied at the neighborhood level, so consider this information as a Tallahassee real estate market overview.

Status Of Houses For Sale In Tallahassee

We track the status of the houses for sale in Tallahassee each month to identify changing trends that homebuyers will encounter when they enter the market. This type of information is critical in knowing how to negotiate with sellers (if we know the seller's position in the market, then we can negotiate a better deal). Of course, the same is true for when we help a seller negotiate with a buyer. Regardless of your side of the transaction, knowledge of the other side's position gives you a leg up in the negotiation.

The real estate graph above shows that the number of houses under contract (blue and yellow area) is on the decline, while the number of houses for sale in Tallahassee that have no buyer contracts yet is on the rise (red bars). This means that buyers should be less frustrated today when inquiring on a property than they were at the beginning of the year, when they were often told "that one is already under contract."

Searching The Houses For Sale In Tallahassee

Our visitors tell us our new property search tool rocks! Why? Because they can have it remove all of the properties that are for sale but already under contract. Or they can look at just those that are under contract. Either way, it puts the control in your hands. Most real estate websites show you all of them lumped together and you have no idea which are under contract, and which are not.

The graph above shows the number of available listings in red and those under contract in blue (measured on the left vertical axis), while the ratio of those under contract to all available listings is shown on the right vertical axis in yellow. The number under contract has fallen to just 1 in 4, which is the lowest recorded ratio since February 2012.

This is either an indication that home sales are slowing down, or that short sale closings are speeding up. We'll know the answer to this in the next 90 days, as we closely monitor the Tallahassee MLS for closed house sales reported.

My favorite blog posts are ones that are inspired by reader questions, and today we respond to a doozy from "DC" who asks about investing and student housing.

We get all kinds of questions from our readers, but this one is very insightful in that I believe he suspects there could be a problem brewing for some of the investors in the Tallahassee real estate market.

And I believe he is correct.

Student Housing As A Real Estate Investment

Anybody who has taken a drive near Doak Campbell Stadium in Tallahassee has seen firsthand the boom of student housing that is being added to the market. Thus, it comes as no surprise that savvy investors are concerned about the impact of all this new supply in the rental market.

Recently, I received the following question:

What do you think the effect of all the new student housing under construction will be on the rest of the rental market? -DC

Well DC, I have two thoughts on this.

First, I think the impact for investors with properties nearest the schools (universities) will be hurt until we see the universities begin to grow again.

Secondly, I suspect "the rest of the rental market" will be less impacted the further away you get from the schools. Thus, I would say that the "student housing" subset of the rental market is taking a new beating right now, at a time when the recovery was just underway.

Student Housing As A Smart Investment

Student housing has served as an excellent investment in Tallahassee for as long as there have been schools here in town.

The student market has always been predictable, thus supply and demand were never too far out of whack ... until we made national news.

Back after the turn of the millennium, a few magazines reported Tallahassee as a great investment market. That begin a new era for student housing.

Local and regional investors developed student housing in Tallahassee in a mad rush, adding to the growing supply every year. Unfortunately, schools did not grow demand (by adding students), so the new supply created a unique inventory problem.

Additionally, it appears the student housing market nationwide has transformed from local players to national players ... meaning the trend is toward corporately held "student villages," properties loaded with amenities (like dining and shopping) are popping up everywhere there is a name-brand university.

Large investors are finding a formula that works at one university is likely to work at the others, so they are springing up nationwide.

And as soon as a new student village is built, it immediately fills with students who seem to have plenty of money.

Brand new = high demand.

So if the new places are filling up with students, and we are not adding students to the demand side of the market, then student villages are being filled with tenants who previously were renting from the established student rental market.

This means the older student rentals are falling out of favor, and if there is a glut of supply (and there is), it is being felt with the "not new" student rentals. They will be the ones that go unfilled with the grand opening of these new student villages.

My Concerns About Student Housing

I would be very careful before spending money for student rental properties (or any rental properties on the West side of the Tallahassee real estate market).

To be safe, you should work with an agent who has a great understanding of supply and demand, and one that can show you the niche areas that make the most sense. Not all student rentals are "bad," you just have to determine a ROI expectation before you start making offers.

Of course, if you are willing to skip the student rental market altogether, there are some excellent investments on the North and East side of town. The key is to have a plan before you start buying or selling properties.

I had just referred a client of my accountant to a Realtor in another State when he asked me why I have not written on this subject before.

He said he often has clients looking to buy or sell a home in another part of the Country, and he loves the fact that I can help him choose the best real estate agent in the area.

So based upon his recommendation, I have prepared this brief article on why you should seek help when choosing a Realtor.

The Value Of A Realtor Referral

You might not know that when one Realtor refers a client to another, the receiving agent often pays a "referral fee" to the sending agent. The fee is typically a percentage of what the receiving agent earns after the close of the transaction, so it does not cost the client any money.

It's important for you as a consumer to know that this exists. Why?

Because it shows you the sending agent has a vested interest (beyond just helping out a friend) to ensure that you get into the hands of a very good agent. But that is not the best part of being referred.

When a Realtor refers you to another, you now have a quality-control element in place. Knowing that the sending agent initiated the process, you can communicate your concerns (or praise) to the sending agent and keep that agent involved.

We do this all the time. While I cannot claim to be an expert on valuations outside of the Tallahassee real estate market, I can tell you that I understand what a real estate agent in any market should be doing to take great care of you. The knowledge of the business (as opposed to local market knowledge) allows me to find an agent who will service you to the same level that you would receive from any of my Tallahassee Realtors.

How To Seek Help When Choosing A Realtor

When you need a Realtor to help you sell a home or buy a home (or both) in any market, anywhere in the world, simply drop me a note and tell me what you're doing.

My office will communicate back to you, ask some qualifying questions, and then we will work with our network of expert Realtors to ensure that you are absolutely thrilled with the service that you receive.

Additionally, we will be there along the way to provide any answers that you might have. Occasionally, we have had to step in and work to get a different agent involved when personality conflicts arose, and we'll be there for you as well.

Think about it. Use our expertise to ensure that you get a local real estate agent who is great at what she or he is doing.

While we do not charge you for this service, we are compensated and we work very hard to make sure that you save money as well (we have written numerous articles on the value of working with a great Realtor).

I am always keeping a watch on who is selling homes in Tallahassee, and I can tell you with measured confidence the source for house sales in Tallahassee.

Right now, it is REALTORS that are selling homes in the Tallahassee real estate market, as our graph clearly shows.

With a glut of homes for sale in Tallahassee, it might be you who needs to by whom these homes are being sold.

Tallahassee REALTORS Are Selling Homes

Our real estate graph shows important information for determining the source of home sales in Tallahassee. The red area measures all recorded home sales in Leon County, while the white area shows all Leon County home sales posted to the Tallahassee MLS. The resulting yellow line (measured on the right vertical axis) measures the REALTOR "share" of the Tallahassee housing market.

In a nutshell, we are seeing 73% of all homes sold also appearing in the Tallahassee Board of REALTORS Multiple Listing Service. Does this mean that REALTORS are selling 73% of the homes sold in Tallahassee?

And does this mean that 27% of homes are sold "For Sale By Owner"?

Actually, no.

The Math Of Selling Homes

To understand the math behind this analysis, we have to explain the source of the information that we utilized to create our graph.

The red area measures "all" house sales in Tallahassee. These are found by examining all of the home sales recorded with the Leon County Property Appraiser, and we utilize a third-party company (Metro Market Trends) who compiles this information several times per month. This database is compiled for the purpose of understanding the trends in the real estate market in Tallahassee.

The white area measures the home sales recorded in the Tallahassee MLS. This is not a database created to determine trends, it is a marketing distribution system which is designed to allow REALTORS to market their homes for sale. Because of this, the data is raw and it is imperfect (from an analytical standpoint).

The MLS was not designed to "prove" that REALTORS are selling houses, it was designed to promote the houses that REALTORS need to sell.

Thus, there are some REALTOR sales that do not appear in the MLS because they were sold by REALTORS before they could be entered into the system.

There were also homes that were under construction (or even those not yet started) that were sold by REALTORS. Some of these homes are entered into the MLS after the fact (and thus appear in the REALTOR share above), while many do not.

Therefore, the graph above lets us know that REALTORS are selling houses at a rate higher than the 73% we see in the graph.

How high the number actually is cannot be determined with these numbers, but my experience leads me to believe it is over 80% but under 90%. The remaining 10-20% of all home sales are those done by builders, For Sale By Owners, Banks, and non-arms length sales executed between related parties.

The number of new lis pendens filed each month is on a sharp decline, possibly indicating the beginning of the return to normalcy for foreclosures in Tallahassee.

With roughly 1 new foreclosure for every 3 houses sold in the past year, Tallahassee has been looking for relief in the distressed properties market.

Foreclosures in Tallahassee MLS

Distressed properties in Tallahassee are still abundant, so we keep an eye on new lis pendens filings each month in order to be able to forecast changes in the coming months and years.

Currently, there are 220 short sales available in Tallahassee, and an additional 173 foreclosures for sale. That means there are nearly 400 distressed properties for sale in Tallahassee out of the 1950 listed in the MLS.

New Trend For Foreclosures in Tallahassee

Every month we take a close look at new filings and new sales for foreclosures in Tallahassee. We also track the ratios of new filings and new foreclosure sales to all home sales in order to see the strength of the distressed sub-market on the Tallahassee real estate market as a whole.

In the graph above, two key trends are being shown. The blue line shows the one-year average (trend) of new list pendens filed versus all homes sold, whereas the red line shows the trend of new foreclosure sales versus all homes sold.

Simply put, we can say that for every 5 homes sold over the past year, 2 new lis pendens we filed. We can also surmise that for every 3 homes sold last year, one new foreclosure sale took place.

Needless to say, foreclosures in Tallahassee are still a massive segment of the housing market.

But take a close look at the lis pendens trends (new foreclosure filings). This trend has just hit a 5+ year low, and it looks to be heading even lower. Obviously, we cannot expect the foreclosure sales to stop if the lis pendens aren't slowing. So this is good news.

While this news is positive for homeowners, the impact is not equally shared across the entire Tallahassee real estate market. Some areas and some price ranges are getting much more than their fair share, so home sellers have to do diligent research before they decide upon how to market their home for sale.

If you have a teenager in the Tallahassee real estate market area, then it is likely you have explored the zoning boundaries for each high school.

Having been born and raised here, I can tell you there is a fierce loyalty to your school (Go Big Red!) and it is something you take with you through your entire life.

Today, we'll take a look at what a shopper in the Tallahassee real estate market can expect for each of the five primary high schools.

Home Values Segmented By High School

The first thing that catches my eye when I look at the real estate graph of home values by high school is that values have risen this year in each one!

Now that does not mean that all price ranges are appreciating (we know there is still a glut of homes for sale above $250,000), but it is great news nevertheless. Just look how long values had been falling, so it is nice to see the recovery underway.

In the graph above, we see home values expressed as price per square foot, and the most house for the dollar today can be found in the Godby High School area (blue line). The black line shows that the most expensive homes are in the Chiles High School area.

Real Estate Appreciation By High School

As we mentioned above, all five high school zones are reporting real estate appreciation.

The Rickards High School area leads the recovery with 11% appreciation while the Leon High School area trails the rest at 5% appreciation.

Lincoln High area is doing second best at just over 6% real estate appreciation.

Again, not all price ranges are appreciating, and we should expect these types of appreciation rates to continue for quite some time, as the Tallahassee real estate market had been beaten down far below the cost of replacement for most homes.

It might be premature, but we might be seeing signs that the housing market recovery in the32312 zip code might be pausing for a breather.

House sales in the 32312 zip code have been accelerating since the beginning of 2011 (up 30%), but the past two months have shown year over year declines in the Tallahassee MLS.

While I doubt this will prove to be more than a mere "blip" in the continued return of homebuyers, we continue to keep a diligent watch so that we can provide the most accurate guidance for home valuations in the 32312 zip code.

House Sales In The 32312 Zip Code

Currently, there are 345 homes for sale in the 32312 zip code. Thus far in 2013 (through late September), there have been 439 homes sold in the 32312 zip code at an average price of $287,137 (which is an average home value of $121 per square foot. The average home size of those sold in the 32312 zip code this year is 2,378 square feet.

House Prices In The 32312 Zip Code

The average price of a house in the 32312 zip code continues to rise, and the current trend looks to take arms length house prices above $300,000 soon.

House Values In The 32312 Zip Code

The average arms length house value in the 32312 zip code is $125 per square foot, which is up 4 percent from the "floor" that we've seen for the past few years of $120 per square foot.

Houses For Sale In The 32312 Zip Code

The following map shows all of the houses for sale in the 32312 zip code. Simply hover over a marker and a picture of the home will appear, as well as limited information on the home. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.

Houses Sold In The 32312 Zip Code

There was an average of 10 house sales per month in Weems Plantation back in 2004, but today that monthly average still hovers around 2.

As a popular NE Tallahassee neighborhood, Weems Plantation is trailing the housing market recovery somewhat, but values are returning faster than the low demand might lead you to believe.

Thus far in 2013, there have been 16 houses sold in Weems Plantation for an average price of $162K and home values of $118 per square foot.

House Sales In Weems Plantation

Currently, there are 10 houses for sale in Weems Plantation. This means that at 5 months of supply, we are approaching levels seen in a seller's market and we can expect values to rise.

House Prices In Weems Plantation

The real estate graph below shows a leap in the average sales price of houses sold in Weems Plantation. Even so, average prices that were once $210K are still VERY ATTRACTIVE at just over $160K.

House Values In Weems Plantation

As distressed property sales have all but gone away, values are shooting back up in Weems Plantation. Unless we see a flood of these homes hitting the market, expect continued recovery for home sellers in 2014.

Houses For Sale In Weems Plantation

The following map shows all of the houses for sale in Weems Plantation. Simply hover over a marker and a picture of the home will appear, as well as limited information on the home. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.

Houses Sold In Weems Plantation

There is still a lot of distressed house sales activity in Killearn Acres, but this month's report shows improvement in unit sales (the number of houses selling each month).

As one of the most popular neighborhoods in Tallahassee, Killearn Acres represents the "median home price + 10%" crowd in Northeast Tallahassee.

Thus far in 2013, there have been 36 homes sold in Killearn Acres with an average sales price of $171K, and with average home values coming in at $99 per square foot (the lowest value of any of the top 10 neighborhoods in Tallahassee).

Killearn Acres House Sales

Currently, there are 14 houses for sale in Killearn Acres.

The real estate graph below shows the average number of house sales is on the rise in Killearn Acres. Increased demand will help reduce inventory and will eventually result in rising values. Unlike many of the other neighborhoods we have reviewed recently though, distressed house sales are on the rise in Killearn Acres.

Killearn Acres House Prices

The average arms length house sales price in Killearn Acres (green line) is significantly higher than the average distressed house sales price (red line), which might be a cause for concern for Killearn Acres house sellers. Most of the recent reports we have seen for other neighborhoods have shown these values moving together, no apart as we see below.

Killearn Acres House Values

Home values are moving off a market bottom, but very slowly. If distressed homes continue to pour into the market, it is possible that we could see values decline even further.

I suspect that there are many more upside down sellers waiting in Killearn Acres, but I think our market momentum will carry us through and I expect home values in Killearn Acres to begin to rise at an accelerated rate.

Houses For Sale In Killearn Acres

The following map shows all of the homes for sale in Killearn Acres. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.

Houses Sold In Killearn Acres

As we continue our review of the hottest selling neighborhoods in Tallahassee, we discover that Ox Bottom Manor has seen house sales accelerate due to incredibly low home values.

We recently found in our Summerbrooke Home Sales Report that low home values were attracting buyers, and it appears the same is true for neighboring Ox Bottom Manor.

Ox Bottom House Sales

Currently, there are 17 homes for sale in Ox Bottom Manor, which at the current rate of sales means that sellers are getting sold faster than at any time in the past seven years.

In the real estate graph above, the average number of existing house sales each month is shown in blue, while the average number of arms length home sales are shown in green, and the average number of distressed home sales are shown in red.

Ox Bottom House Prices

There have been 28 houses sold in Ox Bottom Manor thus far in 2013, with an average sales price of $327,000. Buyers, buoyed by low mortgage interest rates are scooping up what they believe are great values, and our next graph shows them to be correct.

Ox Bottom House Values

House values in Ox Bottom Manor have not pushed off the market bottom yet, though the increased demand that we are seeing now will likely start to propel values higher. The average price per square foot of a home sold in Ox Bottom Manor this year is just $120, which is just slightly lower than its neighborhood to the North (Summerbrooke) which is at $122 per square foot.

Houses For Sale In Ox Bottom

The following map shows all of the homes for sale in Ox Bottom Manor. Simply hover over a marker and a picture of the home will appear, as well as limited information on the home. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.

Houses Sold In Ox Bottom

Our latest Betton Neighborhood home sales report shows great news for homeowners in this popular NE Tallahassee neighborhood.

Demand has recovered completely, and now we are seeing the number of home sales exceed the levels recorded during the boom of the housing market. The secret is out ... there are some great value buys in Betton.

Currently, there are 14 houses for sale in Betton, and here is what buyers can expect:

House Sales In The Betton Neighborhoods

Currently, the rate of house sales in the Betton neighborhoods is just over four per month, which exceeds all sales levels on record going back 10 years. This wonderful rate of sales is likely due to the fallen house values and low interest rates, with buyers taking advantage of a limited time opportunity.

The strong results from Betton are not a complete surprise, as we have noted in previous reports that the Betton neighborhoods were leading the way in the Tallahassee real estate market recovery.

House Prices In The Betton Neighborhoods

The average sales price of a Betton house over the past year has been $290,000. Considering buyers were spending $110,000 more for the same houses just 6 years ago is reason enough to warrant the blistering pace of house sales in the Betton neighborhoods.

House Values In The Betton Neighborhoods

House values in the Betton neighborhoods stabilized far before the rest of the Tallahassee real estate market. Distressed house sales are all but gone, and real estate appreciation (albeit slow) has been the norm since the first quarter of 2011. So long as distressed house sales have completed, I think we'll see a continuous recovery of home values in all 7 Betton neighborhoods.

Map Of Listings In The Betton Neighborhoods

The following map shows all of the houses for sale in the Betton neighborhoods. If you want to know more about the house, simply click on the picture and the entire detail page will be revealed.

List Of House Sales In The Betton Neighborhoods

Our latest Summerbrooke House Sales report shows good news for homeowners in this popular NE Tallahassee neighborhood.

Demand has returned to levels last seen during the boom of the housing market, as buyers recognize great value.

Currently, there are 19 houses for sale in Summerbrooke, and here is what buyers can expect:

Summerbrooke House Sales On The Rise

Currently, the rate of house sales in Summerbrooke is just under four per month, which is consistent with sales levels from 2004 to 2007. This phenomenal rate of sales is likely due to the fallen home values and low interest rates, with buyers taking advantage of a limited time opportunity.

Summerbrooke House Sales Prices

The average sales price of a Summerbrooke house over the past year has been $345,000, or $351,000 if we omit the distressed home sales. Considering buyers were spending $100,000 more for the same houses just 6 years ago is reason enough for the new buying frenzy.

Summerbrooke House Values

Home values in Summerbrooke appear to be stabilizing, though arms length values are still falling. I believe the rise in distressed home values will impact existing home sales values, and we'll see an end to Summerbrooke depreciation real soon. The very reason that buyers are so active (home values have bottomed) is the reason that home sellers can start having hope.

Summerbrooke House Sales Map

The following map shows all of the houses for sale in Summerbrooke. If you want to know more about the home, simply click on the picture and the entire detail page will be revealed.

Summerbrooke Closed House Sales