Condo Market — Real Estate Market Reports

The downtown Tallahassee condominium market exploded with the housing market boom in 2004, and many people have asked me how that part of the Tallahassee real estate market is doing. I just received this question from reader “Joyce” who asked:

Joe,

I would like to see condo market [high rise luxury, etc] in zip 32301, prices, past selling prices, etc.

Thanks.

Joyce

After knocking out the Tallahassee Real Estate Newsletter yesterday, I have a limited amount of time for today’s blog, so I will give a brief overview of what has occurred in the downtown Tallahassee market.

Downtown Tallahassee Condo Sales Still Relatively Strong

The first thing that I discovered when viewing the downtown Tallahassee condo sales was that it was performing differently than the rest of the Tallahassee housing market. While it did see a boom, and then a great fall-off from the boom, we have seen the downtown market return to levels that were “normal” prior to 2004.

In the real estate graph below, new condo unit sales are shown in blue, while existing condo unit sales are shown in red, for the 32301 zip code in downtown Tallahassee. The one year trend shows that we are averaging about 7 units sold per month, half new and the other half existing units.

Condo Prices Recover To An Affordable Level

Many people who are interested in condominiums and townhouses in downtown Tallahassee will be happy to know that the average price for one of these units is around $180,000. Some units sell for upwards of $1M, or as low as $125K, but there are plenty that can be found below $300K.