About Tallahassee's Weems Plantation

Weems Plantation is a popular Northeast Tallahassee neighborhood that is undergoing some turmoil related to the age of the community, as are all newer neighborhoods around Tallahassee.

With home sales happening at half of our historical rate, we know that a shadow inventory of pent-up supply is growing, and thus so too will the list of homes for sale in Weems Plantation.

People who want to move, but know they owe more on their homes than what is worth, are growing in number. They want to flee, but do not know how.

The impact that this is having on neighborhoods in Tallahassee that are less than 15 years old is greater than it is on those that have been around for a longer period of time.

Why you say?

Because young neighborhoods all have one thing in common for certain. Everybody who owns a home there purchased it in recent years.

Everybody who lives in Weems Plantation moved in after June of 1999, and the majority of homeowners in Weems Plantation have been there 5 to 7 years. This means that normal move cycle trends forecast that the majority of homeowners currently want to sell their home.

All neighborhoods undergo this phenomenon as they grow out of their infancy, but unfortunately for Weems Plantation and other young neighborhoods, they are going through it during the worst real estate market to hit Tallahassee in a long, long time. I suspect if prices were to suddenly increase by 30% and buyers flooded back to the market (don't hold your breath), we would see a lot of homeowners step out of the shadows in Weems Plantation.

Because of this, there will be an abundance of supply on hand for many years to come. Homeowners who choose to sell a home sooner rather than later, will get the best prices for the next five or more years. The decision for homeowners will be to either sell immediately, or hold the property for 15+ years for the decision to make smart financial sense (I dedicated an entire previous post explaining how to calculate the best "financial" decision on whether to sell or hold).

Weems Plantation Home Prices

The average sales price of a home in Weems Plantation in 2011 was $157,800, which was down from the $209,000 average in 2006. The graph below shows no signs of the decline stopping anytime soon, even though the first and only sale of 2012 is higher. The percentage of recent sales that have been distressed properties is on the rise, which will make it even harder for arms length home sellers to compete for a sale in 2012.

Weems Plantation Home Values

Home values have fallen 25% in Weems Plantation, from nearly $150 per square foot in 2007 to an average of $112 per square foot thus far in 2012. With more short sales and foreclosures hitting the market, we can expect to see further real estate depreciation in Weems Plantation.

List Of Recent Home Sales In Weems Plantation

Weems Plantation is a popular Northeast Tallahassee neighborhood that is undergoing some issues that we have been observing in newer neighborhoods all around Tallahassee.

With home sales happening at a rate less than one half of our normal, we know that a shadow inventory of pent-up supply is growing, and thus so will the list of homes for sale in Weems Plantation. People who want to move but know they owe more on their homes than what is worth are growing in number, and the impact that this will have on neighborhoods in Tallahassee that are less than 15 years old is going to be greater than on those that have been around for a longer period of time. Why you say?

Young neighborhoods have one thing in common for certain. Everybody who owns a home there purchased it in recent years. Nobody who lives in Weems Plantation got there any earlier than June of 1999, and the majority of homeowners in Weems Plantation have been there 5 to 7 years. This means that historically normal, demographically-based movement trends will be causing the majority of homeowners to want to sell their home.

All neighborhoods undergo this phenomenon as they grow out of their infancy, but unfortunately for Weems Plantation and other young neighborhoods, they are going through it during the worst real estate market to hit Tallahassee in a long, long time. I suspect if prices were to suddenly increase by 30% and buyers flooded back to the market (don't hold your breath), we would see a lot of homeowners step out of the shadows in Weems Plantation.

Because of this, there will be an abundance of supply on hand for many years to come. Homeowners who choose to sell a home sooner rather than later, will get the best prices for the next five or more years. The decision for homeowners will be to either sell immediately, or hold the property for 15+ years for the decision to make smart financial sense (I dedicated an entire previous post explaining how to calculate the best "financial" decision on whether to sell or hold).

Weems Plantation Home Prices

The average sales price of a home in Weems Plantation in 2011 has been $157,000, which is down from the $209,000 average in 2006. The graph below shows no signs of the decline happening anytime soon, as the number of homes selling is still at an all-time (12 year) low. Additionally, the three most recent sales have been distressed properties, which makes 2011 the worst year for the percentage of homes sold in distress (33%).

Weems Plantation Home Values

Home values have fallen 23% in Weems Plantation, from nearly $150 per square foot in 2007 to an average of $115 per square foot in 2011 through Mid November. With more short sales and foreclosures hitting the market, we can expect to see further depreciation in Weems Plantation.

List Of Recent Home Sales In Weems Plantation

I recently received a request from an out-of-state reader who wanted to find information about a neighborhood in Tallahassee and was having trouble. Specifically, she wanted an updated Weems Plantation Home Sales Report and did not know how to find one. I will use this blog post to show you how to get a neighborhood update anywhere in Tallahassee, and then of course will provide a newly updated report on Weems Plantation.

Three Ways To Find Tallahassee Neighborhood Real Estate Reports

There are many ways to find real estate reports on your favorite neighborhood in Tallahassee, but here are the three that I most-often use (I use Weems Plantation as the example, but any Tallahassee neighborhood will do).

1. Favorite Bookmark: This is the master Tallahassee Neighborhoods Page on our website, featuring over 3,000 links to articles and homes for sale in Tallahassee neighborhoods. You should bookmark this link in your browser header, and it will give you immediate access to any neighborhood you want.
2. Direct URL: You can simply go to the navigation bar in your internet browser and type the following, ensuring to use all small characters (no capitalization). You type the base of our website + "/tag" + "/full-neighborhood-name". That is all. For example, you will find the latest Weems Plantation Home Sales Report at "http://www.manausa.com/tag/weems-plantation". Additionally, you can find all the current homes on the market in a neighborhood by typing the base of our website + "/tallahassee-mls" + "/full-neighborhood-name". For example, you will find all 16 of the current listings of homes for sale in Weems Plantation at "http://www.manausa.com/tallahassee-mls/weems-plantation".
3. Google: Go to google.com and simple put this information "weems plantation manausa" and you will be shown a long list of information on Weems Plantation that include my last name. Typically, one of my neighborhood reports will show in the first or second result. By the way, this technique works well for any topic that I have written about.

Weems Plantation Home Prices Fall

Home prices are on the decline in Weems Plantation.The average home price peaked at $208,760 in 2006, but has declined to a 2011 average sales price of $157,233, which is a 25% decline. The number of home sales is very low compared to the peak of the market, suggesting that Weems Plantation could very well be seeing pent-up supply which could result in faster-than-normal depreciation over the next few years.

Home Values Declining In Weems Plantation

Just like the rest of the Tallahassee real estate market, home values are declining in Weems Plantation. But this popular Tallahassee neighborhood has only seen a 23% value decline since the peak of the housing market, with 2011 home sales averaging $115 per square foot, compared to $149 per square foot measured in 2006. Home sellers should be advised that values will continue to decline until market balance is restored, meaning a quicker sale will often yield the highest home sales price.

Recent Home Sales In Weems Plantation

Weems Plantation and the Gardens of Weems have been around since the late 1990s and these two Tallahassee neighborhoods are active due to their proximity (location, location, location) to the public schools that service their section of Tallahassee. With over 350 homes, the neighborhoods of Weems Plantation are a popular choice for families with school aged children who want to go to Moore Elementary, Swift Creek Middle School, or Lincoln High School.

Home sales in Weems Plantation have dropped with the market, and home values have declined like the rest of the Tallahassee housing market. The average price for a Weems Plantation home has dropped roughly 25% since the peak of the market in 2006, which means that home values in Weems Plantation have held steadier than the average home in Tallahassee.

Home values in Weems Plantation and the Gardens of Weems have moved in line with prices. Currently, we have seen values drop about 24% which again is better than the average home value decline in Tallahassee.

Currently, there are 8 homes for sale in Weems Plantation, and like with the rest of the Tallahassee real estate market, home sellers in Weems Plantation will be facing falling values and plentiful competition, but if the past is any sign of things to come, these home sellers will out-perform the rest of the Tallahassee housing market.

If you have to sell a home in Weems Plantation, sell it now and sell it fast, or plan on holding on to the home for at least 5 to 8 more years if you want to receive a higher sales price. The abundant supply of distressed properties all across Tallahassee is going to provide all the competition that you (don’t) need, so either choose to stay in your home or sell if quick.

The following is a list of recent home sales in Weems Plantation and the Gardens of Weems Plantation from the Tallahassee MLS.

Recent Home Sales In Weems Plantation

One statistic that a good listing agent in Tallahassee should discuss with you when you are considering selling a home is the turnover rate in your neighborhood. Turnover rate is defined as the number of homes selling each year divided by the total number of homes.

So, if your Tallahassee neighborhood has 250 homes, and on average 25 sell each year, you can say that your neighborhood has a turnover rate of 10%. We can also measure how often somebody chooses to sell a home by taking the inverse of this turnover rate. So in the previous example (1/10%), the average length of home ownership would be 10 years.

By tracking the trend of turnover rates in an area, you can find out a lot about the stability of a neighborhood in Tallahassee. You can also find out whether or not you should expect more homes to come on the market (to compete with yours). The following real estate graph is an example of turnover rate measured in Weems Plantation in Tallahassee, Florida.

More Information And Turnover Rate Graphs