Residential Inventory in the Tallahassee Real Estate Market
Today’s posting on the Tallahassee Florida Real Estate Blog will be short and sweet. I’ve just come back into town and have a lot of catch-up work to do.
I’ve been out of town since Thursday and the first thing that I want to know is whether or not we’ve seen a directional change in the residential inventory in the Tallahassee real estate market. The easiest way to do this is to go to the Tallahassee Real Estate Market Bulletin and check the graph. If the yellow section is below the zero line, then inventories are finally dropping. If the yellow is still above the zero line, then we are continuing to add inventory.
As we can tell from the graph above, our sixty-day trend is still “above the line.” This means that our residential inventory in the Tallahassee real estate market is growing by about 2 homes per day.
I am looking forward to the day that we see the yellow band drop below the line, which would mean that residential inventory in the Tallahassee real estate market would finally be dropping!
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Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible.
Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the 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.
May 27th, 2008 at 7:15 am
Do you feel that this situation will be repaired soon? I’ll be keeping a close track on how the market continues in the coming weeks.
May 27th, 2008 at 5:15 pm
Do you have any idea how many of those 2 home per day are REOs (lender-owned foreclosures)?
The increased foreclosures certainly must have impact on how many homes we’re adding to the inventory.
Perhaps when this subprime mess finally passes, we’ll return to a normal market.
Also, I noticed that the 60-day trend does seem to be decreasing slowly. That’s at least promising. It’s still 2 homes per day, but it’s better than 5 homes per day we were seeing in April.
May 28th, 2008 at 6:44 am
John, I do not have the data to correctly identify exactly how many are either REO or REO-in-nature. The number of homes being sold due to mortgage issues is certainly higher than we’ve seen in the past.
Yes, the trend also seems to be heading in a better direction, though above the line is still “above the line.”