A Look At The 2016 Year Over Year Stats Shows Tallahassee FL Market Is Improving - For Sellers!
CENTURY 21 First Story Real Estate takes a look at the 2015-2016 statistics year over year, showing some encouraging news for home sellers, and not so great news for home-buyers. Prices are increasing and the number of homes available to purchase is lower. Inventory issues continue to plague new home construction, in part because of inability for contractors to get financing for speculative home construction, forcing builders to have custom home buyers before building to lower lending risks. That, coupled with the lack of new developments and the high price of developing subdivisions in Leon County have caused new construction prices to soar. New home prices are in most cases $25 – $60 per sq.ft. higher than re-sales.
An overview of the Tallahassee Real Estate market reveals:
- Traditional Sales are up 20.1% in 2016 over 2015.
- Foreclosure Sales are down 30.7% in 2016 over 2015.
- Short Sales are up 2.6% in 2016 over 2015.
- Median Sales Prices are up by 2.6% on traditional homes, 2.3% on Foreclosures and 1.5% on short sales.
- Closed Sales Volume in 2016 was $846.1 Million UP 14% over 2015.
- Median Time to Sale was down 3.8% in 2016 over 2015.
- Average Sales Price was up 5% overall in 2016 over 2015.
- Months Supply of Inventory was down 25.6% to a 4.3 months supply at the end of 2016. (Anything less than 5.5 months is considered a seller’s market)
- Sales between $100,000 – $200,000 was the largest percentage of sales. However in total, these sales were down 45.6% since 2015.
A lack of inventory is certainly recognized and is carrying on into 2106. Without inventory for the “move up” buyer, many of which desire new construction, affordable resale homes do not become available for many first time buyers.
What Buyers Need to Know: Be Prepared For Competitive Offers and Longer Searches
The lesson in the coming year is that with higher interest rates, lack of inventory, and lack of new construction, anyone coming to the Tallahassee are in hopes of purchasing a home, needs to be prepared for rising prices, and fewer choices. Start your search early, connect to a Realtor for first look exposure to inventory and be prepared with prequalification in hand in order to make a viable, competitive offer. Sellers are in the driver’s seat. They still want to move...but they are getting their prices and then some in this market.
Want to start your Tallahassee home before your move or relocation? Contact Us to learn how we can show you properties long distance - We'll do the legwork ahead of your arrival!
Statistics courtesy of Florida Realtors.