7345 Ox Bow. This beautiful executive home has 3499 square feet. Built in 2004 on 1.56 acres.
2 July 2018
TALLAHASSEE MARKET UPDATE
Tariffs by President Trump have caused retaliation from countries around the globe. Concerns seem to continue over a trade war. However, these concerns have actually helped hold down mortgage rates. Fed chairman Powell confirms the fact that raising interest rates remains a strong possibility. He recently cited solid economic growth and full employment.
Jobless claims have fallen for the fourth straight week. The fear that persists is that labor shortages are likely to lead to wage growth and inflation. All the while building continues to demonstrate strong demand. There is frustration with labor shortages and rising costs for lumber. New housing starts have surged to an 11 year high.
It s looking like consumer confidence is down slightly into June suggesting that economic growth may temper a bit. This is most likely driven by trade disputes. There is some fear that these trade issues could set the stage for recession. However, at this point, the Fed does not appear too concerned regarding that.
New home sales, nationally, climbed 6.7 % in May led by sales in the South. New home sales have risen by 8.8% for the first 5 months of 2018. Pending home sales are down falling for the 5th straight month. It seems that there are a lot of places where offers resulting in contracts run off the track. Tight inventories continue to be blamed for the slower pace of sales.
The market in Tallahassee through June 26th seems to reflect growth but not what you could call robust. There were 4219 sales this past year. Reflected against the previous years sales of 4106 this indicates a 3% increase. The value trend for detached homes shows $224,900 current year vs. $210,000 for the prior year. That shows a 7.1% increase in home value. Tallahassee shows a 4.2 month inventory. A balanced market continues to be a 6 month inventory.
There are a lot of "For Sale by Owner" signs out there as well as lots of people using Craigs List, Zillow and lots of other DIY measures. Recent market dynamics and seller/buyer traps persist out there. There has not been a more important time to use the professional. Choose one you know well or is highly recommended. I would consider it an honor to work with you or anyone you refer my way.
Worthy of your trust and recommendation.
Lee Vass, Owner-Broker