Year over year 3rd Quarter Tallahassee Residential Real Estate Market Statistics in a nut shell.
-There was a 3.6% increase in the number of properties listed for sale in Leon County in the 3rd quarter of compared to the same time period in 2011
-There was a 4.4% increase in the number of homes sold in Leon County in the 3rd quarter of 2012 compared to the same time period in 2011.
-Home prices were down by 3.1% in the 3rd quarter of 2012 compared to the same time period in 2011.
-The average sale price/listing price ratio (what a home actually sells for compared to what it is listed for sale at) increased from 94.51% in 2011 to 96.04% in 2012.
-The average number of days it took to sell a home in the 3rd quarter of 2012 decreased 8.7% from 138 days in the 3rd quarter of 2011 to 126 days in the 3rd quarter of 2012
-In the 3rd quarter of 2012 distressed sales (foreclosures and short sales) made up 23.1% of total residential property sales. That is an increase from the 3rd quarter of 2011 when distressed sales only made up 18.1% of residential property sales.
Distressed property sales usually sell at a discount compared to non distressed property sales. This increase in the proportion of distressed sales most likely explains why year over year prices are down in Tallahassee in the 3rd quarter of 2012. With banks increasing the number of foreclosure properties they are releasing on to the market Leon County, we can expect this trend to continue into at least the near future. The year over year increase in the number of properties sold in Leon County in the 3rd quarter of 2012 along with the decrease in the average number of days it takes to sell a property in Leon County and the increase in the average sale price/list price ratio all indicate that our real estate market is headed in the right direction. However, the negative impact that the increasing amount of distressed sales is having on home prices is currently outweighing the positive affect that the increasing demand has on home prices giving us an overall price decline.