December Market Report Preview
The numbers are in for December and I thought I'd take a quick moment to give us a sneak-peak at what they are. I will cover the Tallahassee Real Estate Market Report for December in a future blog soon. In a year-over-year comparison with 2006, the Tallahassee real estate market was down about 28% for residential units (Single Family Homes, Condominiums, and Town Houses). This is no big surprise.Residential lot sales were down about 43% compared to 2006. Mobile home sales were up 1%, and the commercial market (not vacant land) was down about 18%.Average prices declined, but did not drop drastically as the doom-sayers predicted. The only large decline was in lot prices, and it is too early to tell if actual prices were dropping or if the slowing of speculative building on the higher priced lots brought down the average. The Lot-Sales Trend chart is very busy. Finally, the New Construction market in Tallahassee saw its toughest year in quite a while, but a turn-around appears to have started. New single-family permits started to trend higher a few months ago, and new construction sales have started to trend higher as well. I will be conducting a much more detailed analysis of the 2007 Tallahassee Real Estate Market in a future blog.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. 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) 386-2001.