As I was assembling the 12th Edition of the Tallahassee Real Estate Newsletter (which goes out to all subscribers later this morning), I was happy to find that there were good signs showing up in many of my reports. For the past three years, we have been reporting nothing but declining home sales in Tallahassee, but today finally brings a different story.
As a little preview for what subscribers will be able to find in the newsletter, the following real estate graph shows home sales activity in the Tallahassee MLS. This data represents the entire MLS, not just the immediate Tallahassee housing market. Even with all of the surrounding counties included in the report, we see good things occurring.
Good News Comes In Threes In Tallahassee Real Estate
The real estate graph above reports three important trends in the Tallahassee MLS. All three trends are doing better than last month:
- The green line shows that the number of homes sold over the past year rose (for the first time in over 3 years)
- The red line shows that the number of homes for sale in the Tallahassee MLS declined again
- The purple line shows that relative home supply (months of supply of homes) has been dropping since April
The Next Cycle Phase In Tallahassee Real Estate
As excited as we are to see home sales on the rise, it is important to note that the next cycle phase will include falling prices and reduced inventories. The supply of homes will seek market equilibrium at 6.0 months of supply, but until then, the buyers' market remains and pressure will still exist on home prices.
If you would like to know more about the Tallahassee housing market and receive monthly updates on the analytics of our market, just subscribe to the Tallahassee Real Estate Newsletter and it will be delivered right to your email inbox.
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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.