Home Sales Report:  Nationwide Sales Strongest in Seven YearsThe National Association of Realtor's issued their home sales report for December showing sales numbers that were the highest since 2006.  Median prices also remained strong.

Nationwide for all of 2013, there were 5.09 million sales, which is 9.1 percent higher than 2012.  This was the strongest home sales report since the 2006 boom when sales reached a high of 6.48 million. “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” said Lawrence Yun, NAR chief economist.

Home Sales Report on PricesThe National Association of Realtor's home sales report also addressed prices.  The national median existing-home price for all of 2013 was $197,100, which is 11.5 percent above the 2012 median of $176,800, and was the strongest home price gain since 2005 when the median price rose 12.4 percent. The shrinking share of distressed home sales accounts for some of the price growth.  Ten percent of December sales were foreclosures, and 4 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in December, while short sales were discounted 13 percent.

The median time on market for all homes was 72 days in December, up sharply from 56 days in November, but slightly below the 73 days on market in December 2012.  Month to month differences in marketing time are bound to show up in home sales reports.  The important information here is that marketing time has consistently been less than in 2012, a sign that demand is stronger.

Regional homes sales reports showed good news in most areas. In the South, existing-home sales increased 3.0 percent to an annual level of 2.03 million in December, and are 4.6 percent above December 2012. The median price in the South was $173,200, up 8.9 percent from a year ago.  Source: National Association of Realtor's

Would you like a home sales report for your neighborhood?  Contact us – 850.445.2476

Good real estate market, or bad?  Yes.One of the common complaints we hear as real estate agents from would-be home sellers is that Tallahassee home sales are not good.  This is not a good real estate market, they say.  So, is this a good real estate market, or bad?  The answer is yes.

Depending on how you define “good real estate market”, defines how you view the market.  It goes like this:


It’ a Bad Real Estate Market if

• You bought your home in 2007 and are $30,000 underwater
• You live in a newer neighborhood like Dry Creek Run where homes have dropped 75% in home value since they were built in 2006.
• You live on a street with several foreclosed homes that have been vacant for 2 or more years.

It’s a Good Real Estate market if

• You live in one of the many Tallahassee neighborhoods where home values have risen 5% in the past year.
• You bought a home at the 2011 market bottom, and have made $10,000 in equity since then.
• You bought your home in the 1980s and are sitting on $100,000 of home equity.
• You see homes on your street sell in 60 days or less.

The truth is Tallahassee home prices, as an indicator of Tallahassee home values, have risen by 4 to 5% over the past year.  2013 home values are at about the same level as home values in June 2004 as measured by Freddie Mac’s Home Value Index.  Did you hear anyone in 2004 say “My home value stinks”?  I didn’t hear that either.  Yet home sellers complain about it today because they are comparing values to the bubble prices of 2006 and 2007.  So, yes, it is a good and bad market, depending on your circumstances.  One day, though, it will be a good market again… for everyone.

How fast has your neighborhood home values been rising?  Call us 850.445.2476.