Growth in Home Resales, Prices Slow in September

Growth in Home Resales, Prices Slow in September

Sales of existing single-family homes in Leon county were slightly down when compared to numbers sold in the same month one year ago. There were 314 single-family home resales in September 2020 and 313 resales in September 2021. Last month there were 357 existing single-family homes sold.

The average sales price in September 2021 increased 5.5% to $334,660. Last September the average sales price was $317,718.

Annual trends show that single-family home sales transactions came in at a rate of 3,773 in September, 2021. The September 2021 annual rate of sales is 19.3% above the annual rate of 3,162 reported one year ago. The annual rate of sales last month was 3,774.

The average price of homes sold over the last twelve months in Leon county was $314,114. This is 12.2% above the $279,962 sales price reported one year ago.

The average sales price chart below shows the 12-month and 3-month average sales price of single-family homes in Leon county over the last two years.

The chart below shows the annual rate of single family sales in Leon county over the last 36 months. The annual rate of sales did not increase for the first time since July, 2020.

The inventory of homes for sale was slightly down from one year ago. There were 867 homes listed for sale in September, 2021. This is approximately 1.4% lower than the 879 homes listed for sale in September, 2020.

Also, homes are selling faster than a year ago. The average days on market in September 2021 was 34. One year ago it took approximately 50 days to sell an existing home.

4 Responses to "Growth in Home Resales, Prices Slow in September"

  1. @fedres — Developers will put their money where they get the “best” return — a combination of profitability and safety. With FSU on a ridiculous growth path lately there has been a focus on student housing. About 5 years ago (or so) the city offered subsidies/guarantees to an out of town group to come in and build student apartments. I was not a fan as I know quite a few folks in different aspects of real estate and/or construction and felt that the money should have been invested locally. As far as retirement condos, that’s not likely to happen until student growth slows or one of the local officials finds a friend in the business that they want to “invest” in.

  2. Hope:
    Have you seen Red Hills Village Retirement Resort on Coldwater, just south of the Walmart? Very nice. Way better than Westminster.

    The “Zillow Effect”, if you saw their train wreck yesterday (“Wanna buy 7,000 homes we bought too high, because we thought we could flip them and cannot?”) has left the station, and is barreling towards the curve in the tracks at 78 mph.

    Meanwhile, still har-haring over the near clean sweep in yesterday’s political races.
    I hope the little socialists double down on their garbage for the 2022 cycle.

  3. Tallahassee is terribly under serviced in luxury retirement facilities. Take a trip to South Florida to look at one and then come back and build some.

  4. Can the builders in Tallahassee please construct some additional condominiums on the northeastern side of the city? The type of developments that would encourage more retirees to move into the city by including pools, hot tubs, exercise rooms and quick access to local hospitals.
    If Tallahassee had something along the lines of those Century Village developments that are sprinkled throughout southeast Florida the city could easily become a mecca for retirees from throughout the country.

Leave a Reply

Your email address will not be published.