It has been quite some time since we have reported on Tallahassee Condo and Townhouses, so today will serve as an update on this ever-growing segment of the Tallahassee real estate market.
If you are in the market to buy a Tallahassee Condo, you need to understand the diversity of what you will find and the basis of value around town. You need to decide if you are looking for a student condo (condo and townhouse will be used interchangeably for the purpose of this report), a downtown Tallahassee Condo, or if you are just looking for great affordable living space.
Condominium And Townhouse Sales Report
When we plot the one-year trend of condominium and townhouse sales, we see rising average price trends and rising unit sales trends. In the graph below, the blue line represents the average sales price trend while the purple vertical bars measure the trend of average monthly unit sales.
Before we can come to any conclusions, we also need to see what is going on with new construction for condominiums and townhouses in Tallahassee. The next graph is similar to the one above, but it measures new construction only.
New Construction Condominiums And Townhouses
When we look at new construction information for Tallahassee Condos and Townhouses, we get a completely different picture. Unit sales are at a healthy level (when compared to past, non-boom years), but the average price is trending down 45%.
So, why the big difference in results in terms of new condo sales versus existing condo sales in Tallahassee? The difference is due to "liquidity," meaning relatively few units are selling and so when the Downtown Tallahassee Condo Market chimes in, it has a significant impact on the average price reports.
We will go into more detail regarding the variances in condominium and townhouse sales in Tallahassee in an upcoming blog. In the meantime, have you heard about the last remaining 100% financing for both owner-occupants and investors in the Tallahassee Condo Market? If you want to know more, just click this link to ask your questions.
Happy Birthday Sami Manausa
Today is my eldest child's birthday. 13 years ago she blessed us with her presence (on a Sunday when I was supposed to be playing golf) and every day she amazes me more and more. Happy Birthday Sami!
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.