As we reach a milestone in the weekly sales report (now 2 months strong), the market is reaching milestones of its own, and they are not good. Inventory and prices are both going in the wrong direction (both locally and nationally) and the foreclosure scandal is muddying the water of recovery.
Thankfully, amid all the bad news, the week of October 24th through October 30th held some positive news. Last week's sales more than doubled from the week prior (25) to an astonishing 54. That figure breaks a string of three consecutive weeks with weekly sales in the mid-20s. I guess that folks must have been really anxious to have trick-or-treaters to their new homes!
Of the 54 sales, twenty-two percent (12) were under $100,000; this is a sign of investor activity increasing. Twenty-four of those 54 sales were over $200,000 and 38% (9 of the 24) sold for more than $300,000. The median sales price per square foot this week was $101.63 (more than a $4 per square foot increase from last week).
By quadrant, 29 sales (54%) were in the Northeast, 15 were in the Northwest, 6 were in the Southeast, and 4 properties sold in the Southwest. The northern half of town is still seeing the majority of sales, and the Northeast continues to see around half of the total sales in Leon County (958 of 1966 year-to-date).
MY ADVICE: If you are looking to buy, then buy in the Northeast or in an established Northwest subdivision. If you are looking to sell, make sure that your home is in pristine condition and priced below the median price per square foot in your neighborhood.
This week's average ($193,525) and median price ($172,000) were both up significantly and stood above the yearly figures of $190,180 and $162,500, respectively.
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