The Tallahassee FL Housing market Finishes Strong for 2012
2013 has arrived and here’s a review of the 2012 housing markets sales, home pricing and financing statistics in Tallahassee, FL and it finished strong! We can only hope that this is a real estate trend to continue in 2013.
Detached, Single-Family Home Sales finished strong with 1942 Total Sales. this was an increase of 11.5% since 2011. 224 more homes sold in 2012 than in 2011! Average Days on Market were 136 Days, that is not very long for homes to be on the market considering for most loans a 45 day closing is typical for processing loans. The average Home Listing Price was $210,169 and Sales Price of $200,833. That is a 4.4% accuracy rate for sales using Realtors.
What does this mean for the Tallahassee, FL economy? The National Association of Realtors estimates that one job is created for every two home sales. That means, in 2012, 112 jobs were created as a result of home sales. NAR Also estimates that up to $60,000 in economic activity is generated with each home sale over time. With 224 additional single family home sales in 2012, an economic impact of $13,440,000! That’s a lot of money putting a lot of people to work!
Of the 2012 Sales, 421 were distress sales. This was up 3.4% from 2011. Cash Sales, 472, were also up from 2011 by 4.1%. FHA Financed loans were used for 441 sales, down from 2011 by 3.2%. Conventional Financing was up, 877 closings, by 1.2% from 2011.
Interestingly, in addition to increase numbers of sales, the average home sales price slightly increased in 2012. In 2010, the median single family detached home price was $181,00, in 2011 it was $171,200 and in 2012 the median home sales price was $175,000. So, prices are increasing, number of available properties are decreasing and driving home prices up as inventory becomes more in demand.
Tallahassee, Florida is slowly recovering from the housing recession. 2012 was a better year for real estate sales and successful transactions. Realtors have worked hard, longer hours and with home buyers through tedious lending processes and continue to fight for the right of home ownership for Americans. Our team’s sales record was among the top in Tallahassee. We have worked hard for our customers all year long. Realtors are also working to help current homeowners remain in their homes. Counseling homeowners how to work with lenders through loan modifications and refinancing are also services that Realtors have provided during the recession years.
If you are looking to purchase a home, or to sell your current home but find yourself looking at a home, or in a home that is need of repair, consider the FHA 203K Renovation Loan. It’s a great way to appoint that tired home in the desirable neighborhood you want with today’s modern, updated appliances, floor plans or proceed with needed repairs.
It has been a pleasure to work with home buyers and sellers in 2012. I look forward to 2013, a stronger local economy and many more smiling homeowners. If you are SEARCHING for homes for sale in Tallahassee, FL just hit the SEARCH button above for a tool to help you search and organize your favorite properties.