Tallahassee Condo Sales
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You may have noticed that a large portion of the explosive growth seen in the Tallahassee real estate market over the past ten years came from condominium and townhouse sales. As the cost of land started growing in 2000, builders and developers adapted with smaller home sites and attached housing.
The graph below shows that while Tallahassee condo/townhouse prices have dropped about 10% from the peak of the market, unit sales have dropped significantly more. But unlike single family residential sales (which have dropped below previously recorded levels), condo and townhouse sales have returned to “pre-boom” levels.
Tallahassee Condo and Townhouse Sales
Scarcity Of Land Still Exists In Tallahassee MSA
With lot prices holding steady above $70K per lot, Tallahassee condo and townhouse prices presently have a solid floor. The short-run might see some home-site liquidation, but when normalcy returns to the market, the limited access to develop-able land inside of the services area will help keep valuations growing.
Location, Location, Location In Tallahassee
The return of valuation based upon location is not far away. Just as we see in the larger cities around the country, centrally located properties will again demand a premium in the future.
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Discussion
Joe,
Not sure I quite understand this "condo and townhouse sales have returned to “pre-boom” levels." Is that referring to monthly sales volume or average sales price?
Hey Doug, monthly sales volume.
Joe,
Correct me if I'm wrong, but on the determination "condo and townhouse sales have returned to “pre-boom” levels." It just looks to me that they are not returning but heading down (looking at the chart). So if this is the case they are heading south of pre-boom levels, which could bring it on par with pre-boom residential levels (in time). Am i reading the graph wrong?
That's quite a boom in Condo sales.
Doug, you're 100% correct. We can't "call it" yet, because it hasn't happened, but it certainly looks like if the trend continues, it will be. One point in this though is that condos are doing better (as a whole) than the single family homes. Also, because of a somewhat limited land situation, they might have some bottom stability.
Joe,
I wonder if the condo sales aren't skewed due to the downtown condo's. Quite a few new ones to the market....sales of units that were already committed to , years ago. Plus with sales numbers already low, it doesn't take many high priced condo's to to bump the sales price figures abnormally high.
Doug, the downtown condos definitely pull the average higher, just as the foreclosures and short sales of the student rentals pull it lower.
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