Leon County Single-Family Homes Sales Climb with Prices

Leon County Single-Family Homes Sales Climb with Prices

Single-Family homes sales in Leon county continued to increase in the month of May as did average sale prices.

For the month of May, 273 single-family homes were sold in Leon County for an average price of $244,880. Both numbers are 12-month highs.

Since 2010, when single-family home sales reached a 12-month low of 1,499, home sales have steadily increased each year.

However, the current pace of home sales surpasses previous growth rates.

Since the end of 2014, the number of annualized sales has increased from 2,488 to an annualized rate of 2,674 in May, 2015.

Just before the recession, in 2007, single-family homes were selling at a 12-month rate of 1,960.

The chart below shows the 12-month sales of single-family homes for each month since October 2014.

RESalesMay15During this period, average sales prices have also increased.

Unlike sales activity which began to recover in 2010, single-family prices remained stagnant until 2013.

While the number of single family home sales has surpassed pre-recession rates, the average sales price before the recession was $248,000, well above the average reported in May 2015.

However, since 2013 the average sale price of a single-family home has increased from $209,600 to the 12-month average of $224, 217 reported in May, 2015.

The chart below shows the 12-month single-family average sales price for each month since October, 2014.REPricesMay15

The overall health of the resale real estate market in Leon county comes at a time when other economic indicators are showing signs of slowing.

Tallahassee Reports has written about the loss of jobs here and the slowdown in the new construction here.

The question now is which indicator will reflect future economic trends in Leon County: jobs or residential resales.

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