Southwood, Tallahassee Market Statistics – 2024
Southwood is one of the few neighborhoods in Tallahassee that has a CDD or a community development district. A CDD is a quasi-governmental governing body created to serve the long-term specific needs of a neighborhood. They are created under Florida Statute Chapter 190, a CDD’s is created to plan, finance, construct, operate, and maintain community-wide amenities, infrastructure, and services specifically for the benefit of its residents.
Southwood Inventory
First, let’s look at Southwood’s Months Supply of Inventory, which is at 1.89. This number indicates how long it would take for all current homes on the market to be sold, given the current sales pace. A lower number like 1.89 suggests a strong seller’s market, where there is high demand for homes compared to the supply available.
Next, the 12-Month Change in Months of Inventory is at -83.54%. This means that there are significantly fewer homes on the market this year when compared to last year. This decrease indicates a tightening market with homes selling faster.
Days on Market – How long to sell a Southwood home?
The median number of days that Southwood homes are on the market is 25, this is lower than most other neighborhoods in Tallahassee. This means that homes sell quickly once listed, due to high demand and low inventory.
Percentage of Asking Price in Southwood
The List to Sold Price Percentage is at 97.2%, indicating that homes generally sell close to their asking price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price. While this has slipped a little since 2020, buyers are still willing to invest in Southwood homes.
Median Sales Price in Southwood
Lastly, the Median Sold Price is $495,000, this is a healthy median price point for Tallahassee neighborhoods. This could be attributed to the high demand for homes in the market, leading to higher prices. Southwood is a popular neighborhood and has been since construction began, making it a solid investment.
Overall, these metrics show a strong correlation between low inventory, quick sales, high list-to-sold price percentage, and higher median sold prices. This indicates a competitive market with high buyer demand and a potential for sellers to receive strong offers. Buyers may need to act quickly and be prepared to make competitive offers. And sellers benefit from pricing their homes strategically to attract multiple offers, no matter the neighborhood in which they are located.
Contact Information
If you are considering selling your Southwood home, or buying into the beautiful resort-like neighborhood, I would love to chat with you. Hiring an experienced and educated Realtor will help you protect your real estate investment.
Abbe Justus
Ketcham Realty Group, Inc.
850-203-0209
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