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.
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.
|Average Single Family||-0.2%||10.7%||27.9%||41.0%||58.2%||67.2%|
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.
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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/