Average Real Estate Prices Settling In Tallahassee
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Average real estate prices continue to drop in the Tallahassee real estate market, with the exception of condos/townhouses. One has to remember that the drop in average prices does not absolutely represent depreciation, rather it represents the prices that buyers are currently buying. One has to measure both the average price as well as the comparative changes in the "average" house in order to determine whether or not depreciation is occurring.
We know from previous blog articles that home prices in Tallahassee are depreciating. Fallen average prices are also being accompanied by the sale of larger average home sizes. One of the things to keep an eye on however is the impact of the First Time Homebuyer Program. This will bring a lot of buyers into the market that purchase the less expensive homes, thus bringing down the average sales price of a Tallahassee home without necessarily affecting appreciation/depreciation.
Average Real Estate Prices In Tallahassee
The graph above shows the one-year trend of the average price for four key segments of the residential market in Tallahassee. The red line shows the trend of single family detached homes, which basically doubled between the years 2000 and 2007, but has since cooled off by a little over 10%.
Condo/Townhouse Price Trend
The condominium/townhouse market has paralleled the single family detached market between the years 2000 and 2007, but recently has seen the average price find a new high.
Average Lot Prices Tumbling
At the height of the housing market, the one-year trend for residential lot sales was approaching $120K. Currently, (see yellow line in graph above), the average lot price has trended down below $73K, with the last month recording lot sales with averages falling below $50K per lot.
Average Mobile Home Prices Stable
Mobile Homes values do not appear to have seen much impact from neither the rise, nor the fall of the housing market. Average mobile home values are up just under 50% over the past ten years, which is roughly a 4% annualized appreciation rate.
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Joe Manausa is a real estate blogger, 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.