About Tallahassee's Betton Hills

Home sales in the Betton neighborhoods continue to climb, which is remarkable considering the housing market in Tallahassee is still declining in both the number of homes being sold every day as well as in depreciating home values. This popular Northeast Tallahassee neighborhood currently has 23 homes listed for sale in the Tallahassee MLS, which represents just over 8 months of supply at the current rate of demand.

Map Of Betton Home Sales (All Betton Neighborhoods)

The map above lists all of the home sales in the Betton Neighborhoods through December 23rd of 2011. If you click on a red dot, it will give you the details of the home sale. If you like this feature in the Tallahassee real estate blog, please comment below and let us know its worth adding to our Tallahassee Neighborhood Reports. For our subscribers who receive the Tallahassee Real Estate Blog by email, you must click here to see the map of Betton home sales.

Home Prices In Betton

In the real estate graph below, the number of home sales each year are recorded as vertical bars (the green portion measure arms length home sales, the red indicates distressed property sales), and the average price each year is shown in brown. Betton had appeared to be beating the market when the average sales price of a home settled in 2010, but 2011 has brought continued price declines. Homeowners in Betton should be concerned about the growing number of distressed property sales over the past three years. If this trend continues, it could have a huge impact on home values.

Currently, the average price of a home sold in the Betton neighborhoods this year is $275,000, down from $290,000 last year. This means that home prices in Betton Hills are down about 27% from the peak of the market in 2007 (the peak for Betton was hit in 2007).

Home Values In Betton

Home values are down 30% since the peak of the market, which is consistent with most other Tallahassee neighborhoods. The average value of a home sold in a Betton neighborhood this year is $114 per square foot, which is 5% lower than the $119 per square foot measured last year.

Recent Home Sales In The Betton Neighborhoods

Home sales in Betton Hills appear to be stabilizing in a housing market that is still declining in both the number of homes being sold every day as well as in depreciating home values. Located south of the I-10 and Thomasville Road exchange, this popular Northeast Tallahassee neighborhood offers in-town convenience with the wonderful “old Tallahassee” feel. It is not surprising that such a well established neighborhood is able to defy current market trends, as many Betton Hills homeowners have lived in their homes for quite some time.

Map Of Betton Hills Home Sales (All Betton Neighborhoods)

The map above lists all of the home sales in the Betton Neighborhoods since January 2009. If you click on a red dot, it will give you the details of the home sale. If you like this feature in the Tallahassee real estate blog, please comment below and let us know its worth adding to our Tallahassee Neighborhood Reports. For our subscribers who receive the Tallahassee Real Estate Blog by email, you must click here to see the map of Betton Hills home sales.

Home Prices Improve In Betton Hills

With so many neighborhoods still seeing major declines in home prices, it is nice to find that Betton Hills appears to have made the turn. In the real estate graph below, the number of home sales each year are recorded as vertical bars (the green portion measure arms length home sales, the red indicates distressed property sales), and the average price each year is shown in brown.

Currently, the average price of a home sold in Betton Hills this year is $336,000, up from $296,000 last year. This means that home prices in Betton Hills are down about 18% from the peak of the market, which puts it near the top of all Tallahassee neighborhoods for value retention.

Home Values In Betton Hills Beating The Market

Home values are down 25% since the peak of the market, which is still a bit stronger than most Tallahassee neighborhoods. The average value of a home sold in Betton Hills this year is $127 per square foot, which is 10% higher than the $116 per square foot measured last year.

Click Here To See Full Table Of Betton Hills Home Sales

Most US housing reports confuse the difference between real estate values and real estate average price movements. Today we observe the Betton neighborhoods which have seen average home prices rise, even as home values decline.

Average home prices and real estate values might correlate over the long haul, but the reality is that the average price of homes sold show how much consumers are paying, whereas values address the change (real estate appreciation or depreciation) of the homes in any given market. The easiest way to “see” this is with a few real estate graphs produced from homes sold in a specific Tallahassee neighborhood.

Real Estate Values In The Betton Neighborhoods

Real estate values in the Betton neighborhoods peaked in 2007, where the average home was selling for over $160 per square foot. In the graph below, the number of home sales recorded each year are shown by the vertical blue bars, while home values are shown with the red line.

Betton Average Home Price Versus Betton Real Estate Values

We get a different picture when we look at a graph of the average homeprice in the Betton neighborhoods. With historic low interest rates, consumers are gravitating to the great real estate values and buying the larger homes without seeing the impact on their monthly mortgage payments. This activity makes it appear as if values are rising, but instead it is really a view at what is selling.

Real Estate Values Require Closer Inspection

So the next time you see a report showing the change in real estate values, see if the author of the report has used a finely tuned comparison of similar properties, or just average home prices. If it is the latter, you can know that there is a good chance that the findings of real estate appreciation or real estate depreciation are skewed.

The 32308 zip code is in the Northeast quadrant of the Tallahassee real estate market, and it features many of the most popular neighborhoods in Tallahassee. This post will provide a quick examination of homes sales in the 32308 zip code and identify some current trends. You will also find a list of recent home sales at the end of this article.

Average Home Prices In The 32308 Zip Code

Home prices in the 32308 zip code have showed some recent strength, though the average price of a home is down from nearly $260,000 at the peak of the market to just $235,000 in June. Currently, the average price trend of homes selling in the 32308 zip code is well under $230,000, but with relative housing inventories on the rise, we can expect the decline to resume.

Average Home Values In The 32308 Zip Code

Home values in the 32308 zip code show a continued trend of decline, though lately home values appear to be bouncing around like they have bottomed. The average price per square foot of homes sold in June was $111, which is 35% lower than it was at the peak of the market in the 32308 zip code.

The growth in the relative supply of homes should cause existing homeowners some concern should they need to sell a home in the 32308 zip code any time soon. The (repeated) advice to home sellers is the same, plan to hold on for many years, or sell fast and get the top price that you can.

List of Recent Home Sales In The 32308 Zip Code

Anybody who has lived in Tallahassee for more than a few months has heard about the Betton Neighborhoods. Located well-south of the I-10 and Thomasville Road exchange, the neighborhoods of Betton offer in-town convenience with the wonderful “old Tallahassee” feel. I had not yet written about Betton, so I’ve produced some neighborhood summaries that we can explore to see how these Betton communities have withstood the brutal real estate market.

First of all, lets look at a list of what we’ll refer to as the Betton Neighborhoods. There are seven subdivisions in Tallahassee that define the neighborhoods Bettton, and they are listed below. You can follow this link to find current homes for sale in Betton Neighborhoods.

• Betton Brook
• Betton Estates
• Betton Hill
• Betton Hills
• Betton Oaks
• Betton Place
• Betton Woods

I have pulled all the Betton Neighborhoods home sales from the Tallahassee MLS since the beginning of 2002, and we see that most of the sales occur in the larger Betton Hill and Betton Hills neighborhoods.

When we try to bunch them all together for the purpose of seeing average home price movements, we get a much-too-busy real estate graph, but nevertheless, the eye-in-the-sky view provides valuable insight.

We can see that the average sales price of homes in each of the Betton Neighborhoods has followed the same trend as the rest of the Tallahassee housing market, but perhaps with a little less fluctuation. There are too few homes in most Betton subdivisions to get enough data for a clearer picture.

Betton Neighborhood Home Values Fairly Stable

This next real estate graph shows that Betton home prices are still falling, but at a slower rate than the overall market. I believe this is due to the established nature of the neighborhoods and the limited opportunity for new construction. The majority of these home sales are existing home sales and this means that the Betton neighborhoods have not seen builder competition like we observed in yesterday’s analysis of the Bull Run Subdivision in Tallahassee.

The final graph that we observe today is exciting, as it shows that home values thus far in 2011 are higher than they were in 2010. It is far too early to really call it a change, as we are comparing “first of the year” sales in 2011 with all of the sales in 2010. Regardless, it sure beats what we have been seeing in other neighborhoods in Tallahassee.

Recent Home Sales In Betton Neighborhoods