March 29th, 2015
Northeast Tallahassee home values rise as consumer confidence improves and employment continues to rise. In the first quarter of 2015, the average sale price of northeast Tallahassee homes was $271,893, a 9% increase from the same period in 2014. Overall sales volume was up by 24% from last year, topping $83 million. The total number of homes sold was up 13%. These numbers all point to a healthy improvement in northeast Tallahassee home values.
Northeast Tallahassee home values rise
Stories Support Northeast Tallahassee Home Values
Beyond the numbers we hear stories everyday that lend truth to the statistics. Some buyers have lost offers in multiple bid situations, something not seen too often since 2007. We see many homes selling in under 4 weeks. We have northeast Tallahassee listings that are attracting multiple showings the first day on the market. Yes, northeast Tallahassee home values are doing well.
Curious about northeast Tallahassee home values around your home? Just fill out our quick form, and we’ll send you a full detailed report of home values and price trends.
February 14th, 2015
Will January Home Sales Point to a Rise in Home Values?
Economists and housing watchers have been predicting a better 2015 for the real estate market. That’s good news for the millions of home owners that are still underwater or have very little home equity. They’ve been waiting for home values to rise – and home values have been rising over the past few years, albeit very slowly. Now, a significant rise in January Tallahassee home sales point to a rise in home values.
Rise in Sales Produces a Rise in Home Values
In general, as demand for homes rises, so do home values. The decline in homes values during the great recession was directly linked to the decline in home purchases. That’s why the rise in Tallahassee home sales is exciting: increased sales points to increased demand.
This January, there were 149 home sales – the most home sales since January 2007 at the peak of the real estate market. Compare that to January 2014 when there were 128 home sales. The biggest increases occurred in the northwest area of Tallahassee (Old Bainbridge Highway, US27, FSU) and the southeast area (Southwood, Apalachee Parkway). Northeast Tallahassee was virtually unchanged.
The January 2015 level of home sales continue an unbroken rise in January home sales since 2010. This boost in sales has mirrored a rise in home values over the same period. In January 2015, the average sales price was $213,896. This is up from the average sale price of $206,443 in January 2014. The largest jump in January to January average sale prices occurred in southeast Tallahassee.
Are you interested in the rise in home values in your neighborhood? Each neighborhood and each house is different. Let us provide you with a free home value analysis. You can feel confident in how much you will benefit from the rise in home values.
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January 3rd, 2015
Homes sales are starting to gain steam after several slow years of economic growth. And home buyers are starting to think about more than price when looking for that perfect home.
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5 Future Trends That will Add Home Value.
Unique Outdoor Living Spaces. It can be as simple as a fire pit surrounded by seating or as big as a custom designed tree house. Outdoor living spaces are big. A wood or metal garden house, pergola, gazebo, or an elegant outdoor seating area can add style to your home and bring in a higher value.
Home Theaters. Today’s big screen TVs can dwarf the average living room. With society accepting ever more sophisticated electronics and home entertainment, TV and movie viewing have no place to go but a special room. A home theater can be working into an existing basement or unused formal living room space.
Water features. Fountains, ponds, and waterfalls are becoming more common focal points – both inside and outside a home. An attractive feature cleaning designed in wood or concrete can help bring the outdoors in – a trend increasingly popular with today’s buyers.
Modern, spacious Kitchen designs. Gone are the days of the 1950 galley kitchen. Today kitchens are more than a food preparation area. They serve as the social center for families, and can also be the meeting place for entertainment gatherings. A kitchen specifically designed for entertaining will definitely add home value.
Green ideas for interior design. Beyond traditional energy efficiency, future buyers will have an eye for sustainability and health. This translates into home features such as indoor gardens and green spaces.
Today’s home market is rapidly changing with advances in technology and design. If you’re interested in appealing to future buyers (and living in a great house in the meantime) you should look for ways to incorporate these future trends that will add home value.
December 24th, 2014
The Tallahassee median home value for 2014 is $154,900. That’s up a half percent (0.5%) from the 2013 value of $154,000. While Tallahassee home values continue to show improvement, the half-percent rise represents a slowdown from the previous 2 years where values have risen in the range of 3%.
Tallahassee Median Home Value in 2015?
Where will Tallahassee median home values go in 2015? Zillow predicts values will rise by about 1% based on their model forecasting. National forecasters says the market will remain relatively stable in 2015. So, for Tallahassee home values, we can expect the median home value to rise between 155,000 and 157,000.
Steady appreciation is good news, but many homeowners are still feeling pain because the current median home value is significantly below 2007 and 2008 when home values were up around $175,000. Current values are 11% below this peak. At the current appreciation rate, it would still take about another 9 years to reach the peak home value highs.
Each neighborhood is different, so you may see a higher number than the overall median value. For example, Ox Bottom median prices are up about 1%. Betton Hills median prices are up about 14%! That may not match the true rise in values, but it’s certainly not a bad thing to have prices rise so nicely! On the flip side, townhome median prices in northwest Tallahassee fell this year by about 4%.
Are you curious about the Tallahassee median home value? Submit the request below and receive a free, accurate home value check! Or call us – 850.445.2476!
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November 8th, 2014
Liberal Blue States See Surge in Home Value Increases, Red States Lag
We caught you with that headline, right? Self-identified liberals reading this are cheering and conservatives are fuming. Well, the headline is true according to an analysis by Zillow. Blue states have seen home value increases since the last election, but digging into the data reveals a more complicated and interesting picture.
According to Zillow’s analysis, blue state home values have increased at 17.8% while red state values have only improved by 8.9%. Does it have anything to do with political leaning? Maybe not. Most blue states are coastal states where housing saw the biggest gains during the bubble years, followed by the biggest declines. These areas then saw the biggest rebounds because they had fallen so far. Meanwhile, red states overall saw a smaller recovery because their home value declines were not so steep.
But here’s something for red state owners to cheer about: overall red state median home values are 5% below their value peak before the recession. Blue state median home values are still 18% below their peak. This translates to a much larger number of underwater homeowners in blue states.
In addition to categorizing states as either red or blue, Zillow added a third type: purple swing states. Florida is one of those purple states. According to Zillow, Florida home values fell a whopping 35% in the recession, second only to Nevada which fell an even more stunning 39%. Florida has done well since then, gaining the highest home value increases since 2013.
Tallahassee and Leon County experienced very similar home value declines and home value increases. It just seems like Tallahassee lagged behind the national trends by about 6 to 12 months. If you’re curious about your Tallahassee home value increases, fill out the short form below. We’d be happy to provide you the best information!
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October 31st, 2014
Home values in Tallahassee are up at a faster pace this year according to Freddie Mac, the secondary mortgage market buyer. Freddie Mac’s Home Price Index reports that Tallahassee saw a 3.34% gain in home prices from June 2013 to June 2014. The steepest rise in the price index has been from March to June – that’s good news since the index declined several points during the later half of 2013. The home price index is a good, but not perfect, proxy measure for home values. Over the long term, it follows trends of home values in Tallahassee.
Home Values in Tallahassee, Long Term
Looking at Freddie Mac’s historic data, home values in Tallahassee have inched up to fourth quarter 2004 level. This means if you bought a home before 2004, you probably have home equity. But if you bought during the peak of the cycle 2005-2009, your home value may be less than what you paid for your home.
Home values in Tallahassee seem to lag other parts of the state. For instance, values in south Florida rose sharply in 2012 and 2013. They are now cooling off, at a time where home values in Tallahassee are still rising. We can expect that the pace of value appreciation may slow down here also in the coming months.
Looking at Florida as a whole, home values in Florida have grown 9% in the past year. Florida is one of the sun belt states that seem to be growing fastest, along with Texas, Nevada, Arizona and California. However, Florida values are still far below peak levels. Freddie Mac data indicates values are about 32% below 2006 prices.
Of course, not only do home values differ by city, they also differ by neighborhood. Areas such as Betton Hills have very low inventory, and are much in demand. Areas such as Killearn Lakes still have a large inventory, even during this time of the year when inventories typically decline.
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October 26th, 2014
Ox Bottom Manor Home Values and Home Sales
Ox Bottom Manor is one of Tallahassee’s sought-after neighborhoods. There continues to be strong demand for Ox Bottom homes that have been upgraded and maintained in good condition. Here’s a quick snapshot of Ox Bottom home sales, median sale prices, and values expressed as price per square foot. Almost all Tallahassee home sales peaked in 2007. Ox Bottom is interesting in that it peaked in 2007 and slowed through the next few years. However, the number of homes sold surged in 2013 to the highest in recent memory. However, Ox Bottom home sales declined significantly in 2014, back to typical post-boom levels. Tallahassee home value levels are largely a function of the demand for homes. A slowing number of home sales will probably impact home values. we can expect to see a slight decline in prices, or at best, a leveling off of prices.
Ox Bottom median sales prices bottomed out in 2011 and slowly rose through 2013. But prices have slipped slightly in 2014.
Ox Bottom price per square foot numbers have held strong through the past 3 years, which is a good indicator of Ox Bottom home values remaining strong. Overall, Ox Bottom remains at the forefront of strong Tallahassee home value.
October 14th, 2014
You’ve heard the old real estate adage: location, location, location. When it comes to the pace of Tallahassee home sales, nothing could be truer. Different neighborhoods have vastly different sales rates. Let’s take a look at a few popular neighborhoods – some are more popular than others when it comes to homes sales.
Tallahassee Home Sales Recap
Tallahassee Home Sales – Overall, there are currently 1,535 single family Tallahassee homes for sale. Over the past 3 months, 712 has sold. If the supply of homes for sale and the sales rate of homes both remain relatively the same, than it would take 6.5 months to sell the entire inventory of 1,535 homes. Thus, we can say that there is a 6.5 month’s supply of homes. Not a bad number, but still not back to the norms of 4 -5 months that we would see in a healthy market. Now, let’s look at specific neighborhoods.
Killearn Lakes Home Sales – Killearn Lakes is the slowest-selling big neighborhood on the east side of Tallahassee. There are currently 85 homes for sale. 35 homes have sold in the past 3 months giving us a 7.2 month’s supply of homes for sale.
Killearn Estates Home Sales – Killearn Estates currently has 68 homes for sale. 34 homes sold in the past 3 months. There is a 6 month’s supply of homes.
Ox Bottom Home Sales – Ox Bottom has experienced a quicker pace of sales than the Killearn area. There are currently 20 homes for sale in Ox Bottom. Over the past 3 months, 11 homes have sold. Therefore, there is a 5.5 month’s supply of homes.
Betton Hills Home Sales – Finally, we come to a relatively hot location. Betton Hills currently has 14 homes for sale. 10 homes have sold in the past 3 months, giving us a 4.2 month’s supply of homes.
With Killearn Lakes selling almost twice as slow as Betton Hills, it’s clear that location does have a huge impact on home sales. Questions about Tallahassee home sales? Contact us!
September 27th, 2014
Improve your home value with big energy efficiency rebates from the City of Tallahassee Utilities.
One of the best ways to attract home buyers and improve your home value is to make your home more energy efficient. Today’s buyers consistently rank energy efficiency as one of their most important factors in selecting a home for sale. In Tallahassee, you can improve your home value and save a lot of money with Natural Gas Appliance Rebates from the City of Tallahassee.
Even better – Tallahassee is offering DOUBLE REBATES from now until September 30 if you purchase a natural gas appliance. Some examples of the double rebate:
Gas Dryer – Up to $400
Gas Water Heater – Up to $1350
Gas Range – Up to $400
Gas BBQ – Up to $200
Installation work can be completed up until December 5, so there is plenty of time if you purchase your gas appliance now.
Today’s home buyers are really into saving money and living a convenient lifestyle. How does this affect your home value? As with any type of sales, the more your product – your home – matches what a buyer wants, the more the buyer will pay. Think iPhone6. Gas appliances are hot! Natural gas prices are down so they provide residents with a cheaper alternative to electricity. Plus, gas appliances provide quicker heat – faster showers, faster meals. It’s the convenience home buyers are looking for.
Natural gas service is available in many Tallahassee neighborhoods including Ox Bottom, Betton Hills, Summerbrooke to name a few. Questions about you home value?
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