Tallahassee Real Estate Market - Average Price Update

By
Real Estate Agent with Joe Manausa Real Estate 8508880888

Every month I report on the average prices in the Tallahassee Real Estate Market. With the September numbers now completed, we see that our average prices are holding pretty well, with the exception of lot sales.

real estate tallahassee fl

The key to remember is that we have come through a booming market and we expected to see prices softening. To give this some perspective, take a look at how prices are this year versus previous years.

Category2006 2005 2004 2003 2002 2001
Average Single Family-0.2%10.7%27.9%41.0%58.2%67.2%
Average Condo/Townhome-3.0%10.0%36.9%64.6%86.1%81.0%
Mobile/Manufactured Homes-4.2%-11.2%16.8%21.2%46.3%57.2%
Residential Lots-23.1%11.1%40.9%49.3%105.9%71.5%

This table shows us that prices now are less than 1 percent down on Single Family homes versus 2006. But versus 2005, that same category is up nearly 11%. If you bought a home in Tallahassee in 2001, most likely it is worth 67% more today than it was when you bought it!

Condos are down 3% this year versus last year, but up 10% versus 2006. Using the same scenario as above, had you purchased a condo/townhome in 2001, most likely it is worth 81% more today than what you paid for it!

This is an excellent move-up opportunity for someone who has been in a townhome for 5 years and would like a single-family home. There is plently of inventory and the townhome owner has built-up a nice bit of equity towards the purchase of the new home.


Subscribe to this Blog:

RSS 2.0 Feed for this blog

ATOM 1.0 Feed for this blog

Add Joe Manausa as an Associate


Joe Manausa, MBA, CRB, CRS | Broker / Owner | Century 21 First Realty

2365 Centerville Road | Tallahassee, Florida 32308 | 850-386-2001 | http://www.manausa.com/

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Florida Leon County Tallahassee
Tags:
tallahassee real estate market report
tallahassee condo market
average sales price in tallahassee real estate

Spam prevention
Show All Comments
Anonymous
Larry

Joe,

Great Info again, as we can see. lot prices are falling, I bet local builders have not sold many homes lately.

The average Lot price has gone up from $40,000 in 2002 to $110,000 in 2006. That's $70,000 increase !!! That's the reason that the average home price has gone up more than $70,000.  It would be intersting to see what happen to the single family home prices if the lot price continue to drop.

How low do you think the lot price will go, Joe?

Oct 29, 2007 01:28 PM #1
Rainmaker
1,179,744
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Larry, you're observations are correct. I am not so sure that we are seeing lot prices drop. I am not aware of many subdivisions where land has gotten cheaper. I think we are seeing builders slow down (or stop) building the expensive homes and move to the subdivisions where the land is cheaper. So the average is dropping, but not necessarily prices dropping.

I will be doing a blog on permits and sales in the next day or so. You will see the decrease in both permits and new home sales.

Oct 29, 2007 10:46 PM #2
Rainmaker
147,121
Kaye Thomas
Real Estate West - Manhattan Beach, CA
e-PRO, Manhattan Beach CA
We are built out so all new construction has to happen via lot sales of homes to be torn down..Builders who are buying now may be stockpiling for the future.. I'm guessing that even tho they pay less for lots prices for new homes won't go down that much .. if any
Oct 30, 2007 03:39 AM #3
Rainmaker
1,179,744
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Thanks Kaye. Tallahassee is a long-way off from being a tear-down market. That would be a fun challenge.
Oct 30, 2007 06:14 AM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,179,744

Joe Manausa

Tallahassee Real Estate
Looking for Tallahassee Real Estate?
*
*
*
*
Spam prevention

Additional Information