Tallahassee condominium and townhouse prices have finally joined single family detached homes with a dramatic drop in their average prices, according to the newest information recorded at the Leon County Property Appraisers office.
The sales of condominiums in downtown Tallahassee, which are relatively new to the Tallahassee market, were bolstering the average sales price of condos and townhouses for the past several years.
Even though we were measuring depreciation at very similar numbers as single family detached homes, the actual average price was remaining stable as expensive condos downtown were keeping the average up.
But downtown sales have stopped and the rest of the Tallahassee condominiums and townhouses are having a greater impact on the overall average.
The average price trend has reached $95,000, which is consistent with the average condominium and townhouse price last seen in May 2003.
Unit sales figures have trended down to levels last seen in May of 1996, with the current monthly average at only 38 units per month.
The glut of available condominiums and townhouses that were over-developed during the housing boom most likely means that pricing pressures will exist for many more years, and we can expect falling condo and townhouse prices.