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Single-Family Home Resales Hold Steady in February, Prices Trend Downward

Posted on March 31, 2016

Single-Family Home Resales Hold Steady in February, Prices Trend Downward

February numbers for single-family home resales show that the annual-rate of sales is holding steady on Leon County. There were 2,855 single-family units sold over the previous twelve months.

As the chart below indicates, resales crossed the 2,800 unit threshold last July and has held steady since that time.

As we have previously reported, there have been double digit percentage increases in transactions over the last three years.

Comparing the first two months of this year with January and February transactions from last year, newly released data show that there were 310 single family transactions in 2015 and 319 transactions in 2016.

If resales are to hold steady, or begin to increase again, resales over the next two months will have to be at or above 500 units.

 

L1RealEstate1

February information also shows that average sale prices are starting to trend downward.

The chart below shows the average sales price of single-family homes sold over the last 12-months began to trend downward in August of last year after reaching a high of $221,500. Based on the latest information, sale prices have decreased to a 12-month average of $215,700. That is a 2.7% decrease.

Even with this decrease, sale prices have increased xxxx over the last 12-months.

As we move into the spring, when transactions increase, experts expect the downward pressure on prices should begin to turn around.L1RealEstate2

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