Tallahassee home values have declined 34% on average since the peak of the housing market. After doing an exhaustive study of all the home sales in the Tallahassee MLS, I can now demonstrate which neighborhoods are finding the most difficulty holding value in the current housing market.
Condominiums Hit The Hardest
The explosion of the condo market in Tallahassee in 2004 has now been replaced by the implosion of the condo market in 2011. Many of the worst performing subdivisions in Tallahassee are condominium communities, and they have seen their values drop 56% on average, compared to 42% in the townhouse neighborhoods, and 30% for the single family homes.
This study included all home sales from 2002 through 2011 and values were established looking at the average price per square foot of homes sold at the peak versus average price per square foot of homes sold recently. A total of 1,222 neighborhoods posted a sale during that time, and 44 of them were below the median value decline of 34%. The “worst of the worst” are shown in the graph below.
There could be an argument for “extremism” in these results, as many of the recent sales that are showing lowered values are distressed properties. Historically, we did not include distressed property sales because they were a small minority of the overall market, but their numbers are rising and have exceeded 30%, so I have included them in this analysis. If you have to sell a home, the abundant supply of distressed properties will be your competition.
I was expecting to see mostly newer subdivisions in the list of hardest hit neighborhoods in Tallahassee, and though many of these are less than ten years old, there was still a strong showing from the more established neighborhoods in our housing market.
The following table lists all 44 of the below-average performing subdivisions in Tallahassee, and I have shown the “age” of each based upon the first sale registered in the Tallahassee MLS. Older neighborhoods (meaning that were created from 2003 and prior simply show “< 2003″ as their age.
See List Of Worst Performing Neighborhoods In Tallahassee
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