Northwest Tallahassee Market Report
In yesterday’s blog, I analyzed the Northeast Area of the Tallahassee Real Estate Market for the purpose of demonstrating how to use the Free Monthly Tallahassee Real Estate Market Report that anyone can download from the Century 21 First Realty web site.
Today, we’ll conduct the same analysis on the Northwest Leon County real estate market. The picture below represents the Northwest Section of Leon County. The price ranges are featured on the left, and then 9 columns of data fall to the right of each price range. Those 9 columns are actually three sets of three columns. The first set of three are homes for sale in Northeast Tallahassee (All, New Construction, Resales), the second set of three columns are homes that sold in Northwest Tallahassee in the past twelve months, and the final column displays the amount of homes for sale in Northwest Tallahassee (measured in ‘months’ of supply).
Based upon what the above numbers show us, the Northwest quadrant of the Tallahassee real estate market has more over-supply than the Northeast in all of the lower price ranges. Generally, the market is balanced when the months of supply fall between 4 and 6 months.
Using this information I would advise somebody who wants to sell a home in Northwest Tallahassee, with a value between $200,000 and $250,000, that they have a lot of competition. With 70 comparable resale homes on the market and half that many again newly built and available for a total of 105 homes, this price range is going to be very competitive for home owners. The Northwest Tallahassee real estate market sells roughly 8 to 9 of these homes per month, so a serious seller would need to be one of the best 9 buys in order to get a serious look from buyers in todays market.
We can see a “picture” of this data below, and it does not look nearly as friendly as the Northeast Tallahassee real estate market.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. 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.
March 17th, 2008 at 6:42 am
These numbers are great. I speak for a lot of folks who say thanks for not holding these numbers close and instead opting to share the info with those who don’t have access to the MLS.
I would say that the numbers would be more meaningful if we had something to compare them to. In other words, just how good/bad is 10 months supply of resale and 81 months supply of new construction? I suspect it’s pointing to a major buyer’s market that we haven’t seen in some time.
Keep up the good work!
Thought I would share another perspective on the US real estate market.
http://money.cnn.com/2008/03/14/news/economy/krugman_subprime.fortune/index.htm