Welcome to the 3nd installment of our weekly sales report. Remember, I am using the same format for each report which details the total number of sales, the prices ranges of those sales, where those sales took place, and a few explanatory notes.
For the week of September 19th through September 25th, there were 24 residential sales in Leon County. That figure is 40% lower than last week (39 sales), but basically the same number as two weeks ago (25 sales). I think that we will continue to see weekly sales hover in the mid 20s throughout the remainder of the year (holiday weeks being an exception).
Of the 24 sales, 8 of those were over $200,000 with 3 of those 8 being over $300,000. With the expiration of the 1st time homebuyer tax credit, we should expect to see a higher percentage of sales taking place in these higher ranges (simply because there are fewer 1st timers buying less expensive properties).
As a result, it would not be surprising to see average and median prices increase. However, that is far from a signal of recovery unless it is sustained over time and coupled with increased sales volume (3200-3500 sales is probably a sustainable, healthy norm for the future, but it may take a few years to get there).
By quadrant, 10 sales were in the Northeast, 7 were in the Northwest, 7 were in the Southeast, and no property was sold in the Southwest this week. The "flight to quality" discussed in an earlier blog continues as the NE remains the dominant sector. In fact, over 50% of the homes sold in Tallahassee this year have been in that quadrant.
This week's average ($177,674) and median ($176,000) sale prices were both relatively close to the yearly marks of $182,387 and $159,500, respectively.
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