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There has been much discussion about the Tallahassee real estate market, specifically on the number of residential units that are selling and how home prices are moving. There appears to be a consensus that home values have remained relatively stable in the past (our market saw a decline of .25% of the median home price last year), but we are not seeing prices start to adjust downward. A chart of the residential real estate sales in the Tallahassee real estate market shows this:
From the chart above, we can see unit sales dropped, as expected, off of the highs of the boom market. When we segment the residential market between attached and detached housing, we get the following charts.
We can see that the average “attached housing unit” saw a greater drop in the median price than did the attached units. It will be interesting to see the progress of the market in the coming months and years.
So, where do you think the median price is heading?
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850)Â 386-2001.
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{ 2 comments… read them below or add one }
Joe,
How are your foreclosure numbers in Tallahassee? If there are an exorbitant number which are selling at a discount, that could explain the drop in median price.
That is not the case here in Dothan, but I can see where it could happen in some markets.
Hey Charles, I suspect we are similar to your market. Our foreclosures are up, but not exhorbitantly.
Thanks for stopping by again.