Have you ever seen something that is so extreme that you think to yourself that you are truly witnessing something remarkable? No, I don't mean have you seen UFOs flying over the back of your home or Big Foot running through the neighborhood, rather I'm talking about certain market conditions that defy all historic norms and trends.
Below is a real estate graph depicting the 365 day trend of daily home sales in Tallahassee going back to 1991. What this means is that each point on the graph represents one full year of sales (divided by 365 days) to generate a non-seasonal daily average.
Daily Home Sales In Tallahassee Continue To Decline
What this graph shows is that just since December, our daily sales rate has dropped 25%! Ouch. But what if we look at a longer-term view of this same information. What if we graph daily sales all the way back to 1991?
Daily Home Sales In Tallahassee At 20 Year Low
This long-term view shows that we appear to be just making up for the boom period, and fortunately it also looks like we've taken a pretty big bite out of the over-sold market. Time will tell, but the end of the year is looking better and better.
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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.