I was doing some research on property values in order to see how the market is handling the increased inventory. Two graphs of the data caught my attention. First, it appears that home prices are relatively stable in the Tallahassee Real Estate Market, as seen below:
Average Home and Townhome Prices
New Construction Home Prices have increased 10.6% over last year, while resale prices are down about 4.4%. The overall market of single family homes, townhomes, and condo's is priced down about 1.5%, with the average residential unit in the Tallahassee Real Estate Market selling for $203,500. I then wanted to see how Condo's were doing. Even though the residential market has slowed down 28% in units-sold, we can see that Condo's are still having a top-2 year on new construction sales, and a top-3 year on resales:
Apparently, The Tallahassee Condo Market has only slowed down from "Great" to "Good." I will be keeping an eye on this and reporting these statistics every month.
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Joe Manausa, MBA, CRB, CRS | Broker / Owner | Century 21 First Realty
2365 Centerville Road | Tallahassee, Florida 32308 | 850-386-2001 | http://www.manausa.com/
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