Average Home Prices In Tallahassee March 14, 2010
Average home prices continue to fall in Tallahassee, perhaps a sign that the Homebuyer Tax Credit is stimulating the market more actively in median price homes than in the higher price ranges. Through February, the average price of a home sold was $164K, which is $2000 less than the average home price in 2004!
In the real estate graph above, the green bars represent the overall average residential sales prices each year in Tallahassee, while the red bars represent average existing home sales prices, and the blue bars are for new home sales. It is interesting to see that builders have adapted to the market, with the average new home sales price falling back to 2000 levels.
Often times, we see real estate reports that mistakenly correlate real estate depreciation and appreciation to the movement in average home prices. This is not an accurate analysis, as average home prices are more indicative of what home buyers are buying as opposed to price movements.
A good example of this would be the mass sale of condos that we saw in January and February. A developer liquidated nearly 100 units that month, so the liquidation sale was an abnormal proportion of the entire market and thus brought "average home prices" down.
The accurate way to measure appreciation and depreciation is by doing an analysis of sales that occurred this year and comparing them with the previous sales on the same units. A "close enough" process would be to measure the price per foot of all sales over time.
Useful Tallahassee Real Estate Web SitesDo you want to know more about the Tallahassee real estate market? It is not as hard as you might think keeping up with the movements in the housing market, you just have to know where to look. The following are some of the best resources that you can find on Tallahassee real estate:
- Tallahassee Short Sale Listings: Tallahassee Short Sales
- Daily Real Estate Blog (A Technorati Top 100): Tallahassee Real Estate Blog
- Current Housing Reports: Housing Market Reports
- Map Based Property Search Tool: MLS Property Search
- Foreclosure Reports: Lis Pendens and Foreclosures
- List of Distressed Properties in the MLS: Distressed Properties
- REALTOR® news and updates: Successful REALTORS®