Since we have entered a new year (and a new decade), it's time to take a look at the state of the Tallahassee housing market as it stands right now. I think the mode for 2010 will be "Improvement" as many of our real estate trends are moving upwards.
The key for 2010 is finding out whether the improvements that we saw at the end of 2009 were (as one reader put it) a "dead cat bounce," or if in fact the recovery cycle has begun. 2010 will provide an answer to that question. So, what do our current real estate trend reports show ...
Home Sales Success Rates On The Rise
One exciting trend is that our sales success trend (the total number of homes sold divided by the total number of homes listed, over the past 365 days) is rising! When we look at the real estate graph below, we see that the one year trend is over 42%, which is the highest point on the graph.
Home Inventory Levels Continue To Decline
The number of homes for sale in Tallahassee continues to drop. This is very good news for property values, as we must get back to market equilibrium before we see appreciation in the Tallahassee real estate market.
Tallahassee Real Estate Trends
The following graph shows four key trends, and they are all moving in a good direction:
- The number of homes being listed for sale in Tallahassee each day is dropping
- The number of homes failing to sell in Tallahassee each day is dropping
- The number of homes sold in Tallahassee each day is rising
- The number of homes put under contract in Tallahassee is rising
New Contracts On The Rise In Tallahassee Housing
The purple line in the graph above looks much better if we isolate it in its own picture. New contracts continue to rise, suggesting that the number of sales that we will see in the next 50 to 60 days should be one the rise as well.
Daily Home Sales In Tallahassee Rising
Just as the previous real estate graph predicted, we are seeing an increase in the number of daily closed home sales in Tallahassee. When we look at the graph below, we see that the trend of the home sales is up 10% since August of 2009!
How To Monitor The Tallahassee Housing Market
If these graphs give you a better understanding of what is going on in the Tallahassee real estate market, you will be happy to know that you can always find current versions of them at The Tallahassee Housing Report. This site features charts, graphs, and analysis of the Tallahassee housing market, and it is updated several times each week.
Twitter And Real Estate
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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.