Average Real Estate Prices In Tallahassee April 7, 2010
Average real estate prices in Tallahassee continue to fall, with price levels consistent with the later months of 2004. The following real estate graph shows that the average price of the collection of single family detached homes, condominiums and townhouses is still dropping, and local builders have figured this out.
The blue line in the graph above shows that for the past year+, new construction prices have been lower, on average, than resales. This means that builders are building less expensive homes in order to satisfy the demand of today's buyer. When we look back over 20 years, this is the only time that builders have been below existing home sales!
When looking at average home prices in an area, we have to remember this is more of an indication of what home buyers are buying as opposed to a direct reflection of appreciation or depreciation. The home buyer tax credit has stimulated the lower end of the market, and when this comes to an end this summer, I suspect we might see average home prices rise.
This rise in average prices will not correspond to appreciation, rather depreciation will still be occurring while the lower end of the market cools off in proportion to the total market.
Tallahassee Real Estate InformationDo 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:
- Building A Better Real Estate Web Site: Best Real Estate Web Site
- Daily Real Estate Blog (A Technorati Top 100): Tallahassee Real Estate Blog
- Tallahassee Neighborhood Report: Tallahassee Subdivisions
- 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®