Tallahassee ‘bucking the trend’

House prices in Tallahassee, Florida, seem to be immune to the credit crunch…

The statewide average median sales price dipped 5 percent, according to a study by the Florida Association of Realtors and the University of Florida Real Estate Research Center, but rose about 1 percent in the Tallahassee area. The report considers metropolitan statistical areas, which for Tallahassee includes Gadsden, Wakulla and Jefferson counties in addition to Leon.

Local Realtors said it is the stability of Tallahassee's economy, among half a dozen other factors, that is making the difference. "The job market is so stable here," said Don Pickett of Tallahassee Real Estate N Data Services. "You know, it's all supply and demand."

Throughout 2007 a number of Florida real estate markets experienced price stress. Tallahassee and Miami led the state all year in median sales price performance, ending the year adding 1 percent, according to the report. Next best were Pensacola and Ocala, each with no Change in annualized price data between 2006 and 2007. Punta Gorda was worst, losing 14 percent from $217,900 to $186,900.

The Tallahassee median price at the end of 2007 was $179,400, third lowest in the state.