Single-family home prices are climbing upward with demand, according to the City of Tallahassee. An update from the City’s Office of Economic Vitality says single-family home construction permits are at their highest number since 2007.
After the housing market bubble burst in 2008, Tallahassee’s recovery was slow going. But now, prices for single family homes are rising as demand is the highest it’s been in a decade. Ben Pingree, City director of Planning, Land Management and Community Enhancement, put the numbers in perspective during Wednesday's City Commission meeting.
"New single family construction permits in Quarter 1 of 2018, the most issued in the first quarter of a year since before the Recession," Pingree said.
The desire for new homes has driven median single-family prices up more than 17 percent since March 2017, to $215,000 in March of this year. And Pingree reports prices have jumped 11 percent within the current calendar year alone.
Despite rising prices, Pingree says there is good news for consumers. Since climbing back from the housing market collapse, the local market has found stability.
"There’s been sustainability coming on – we’re not spiking or falling like other communities," Pingree said. "We’re learning from our experiences and we’re growing at sustainable rates to provide great new homes."
The City is reporting 111 mortgage foreclosures for the first quarter of this year, nine percent fewer than in the final quarter of 2017.