Tallahassee Real Estate

The Army Football Letterwinners Club Reunion is this weekend and my annual trek back to West Point begins today. My “great” golf team has won the tournament 6 out of the last 9 years, and we are heading back up there to take the trophy back from last year’s winners. With over 200 ex-football player/golfers, it is a really fun event. A few years ago, we had players representing every decade of Army Football from the 1940s to present.

Today will be a quick post about home sales in Rosehill, a very nice upper-end community on the Northeast side of the Tallahassee real estate market. I had a recent request for sales information for this community and figured I would knock it out before I got out of town.

Rosehill Home Values Have Declined

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I have been conducting home appreciation studies on many Tallahassee neighborhoods, hoping to find some that are doing well despite the tough market that we are in. Most Tallahassee subdivisions have seen depreciation (from the peak of the market) in the 15 to 20% range, and reduced unit sales by greater than 60%. But this morning, I stumbled upon a Tallahassee neighborhood that has thus far bucked part of the recent trend.

The Royal Oaks Subdivision is located just off of Thomasville Road on the Northwest side of Killearn Estates. Home values have thus far appreciated quite nicely over the past 20 years, with growth in each of the last three years as well! This is the first Tallahassee neighborhood that I have found that has done this.

Of course, like many other subdivisions in Tallahassee, Royal Oaks has seen the number of home sales  decline greatly. There has been an average of about 15 home sales in Royal Oaks each year for quite some time, only to see it fall to 6 last year and only 1 thus far in 2009. Most likely, prices are holding up because home owners are more entrenched and do not need to move. Regardless of the reason, it is nice seeing a real estate graph showing appreciation!

[click to see color graphs and list of Royal Oaks Home Sales…]

While the Tallahassee Real Estate Blog focuses on many things, the actual data and tracking that we do here primarily consists of the home sales in Leon County, Florida. Today however, we will take a look at the four counties nearest the Tallahassee real estate market as they co-exist in the Tallahassee MLS and often factor into the real estate market activity reports.

When we pull a complete Multiple Listing Report on home inventories, the months of supply are staggering at over 21 months of supply of homes for sale! If you read our blog regarding the updated Leon County Home Inventory Report from a few days ago, then you know that we have over 15 months of supply of homes on the market in Leon County. But what about the other counties in the Tallahassee MLS?

[click to see real estate charts on Wakulla, Gadsden, Jefferson & Franklin Counties in Florida…]

It’s time for another quick update of a popular Tallahassee neighborhood. Today we’ll take a quick peek at Summerbrooke, a golf course community located on the Northeast side of the Tallahassee real estate market.

In order to produce this report, I went to all recorded home sales in Summerbrooke and removed the “non arms length” sales. This means that if a bank was a buyer or seller, or if a quit claim deed was recorded, that information was not used for this report. Additionally, I only used existing home sales, so no builder homes were included in this report.

The resulting information should give people who own a home in Summerbrooke an idea of what the competition looks like should they decide to sell a home. Of course, this is not an appraisal for a specific home, as no final adjustments will be considered (for example, this report will show average prices, but will not distinguish between the higher valued golf course frontage homes and those on the interior).

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Just a reminder that the Tallahassee Real Estate Newsletter shipped out to subscribers on Monday. If you haven’t taken the time (about 15 seconds) to subscribe, you can do so in the sidebar to the right.

The Tallahassee MLS is an excellent source of information when you want to compare supply with demand. We can pull a lot of useful information out of the MLS when we compare active listings and past home sales, but one of the most important trends that I like to follow is the “Relative Supply” trend. We use this to measure housing consumption, or the rate at which homes are being purchased.

The relative supply is the number of homes available, measured in months of supply, when compared to the previous years rate of sales.  While we know that the actual supply of homes for sale in Tallahassee has been dropping, we need to also keep our eye on the relative supply.

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Everybody has gone to calling this day the “4th of July,” but as a veteran I will always think of it as what it is.

This is the day that we celebrate our Independence.

Happy Independence Day Active Rain!….

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