If you are curious about what is happening and what is going to happen to home values in the Tallahassee real estate market, I suggest you start your study with a close look at the inventory of homes for sale in Tallahassee (and its surrounding counties). A study of home inventories (and more importantly the movement of inventory) will clue us in quickly as the the current and near future state of the real estate market in Tallahassee.
Home Inventory Levels Dropping In Tallahassee
If I've written it once, I've written it a hundred times. The start of the turn of the market begins with a long-term trend of home inventory reduction. That is why we measure home inventory levels in Tallahassee every day at Joe Manausa Real Estate in Tallahassee. It is a critical that we see inventory levels drop back to where the "normal" pace of sales balances the market.
The graph above gives us the following information about housing inventory in Tallahassee:
- 432 fewer homes on the market versus 270 days ago
- 792 fewer homes on the market versus 180 days ago
- 378 fewer homes on the market versus 90 days ago
- 90 fewer homes on the market versus 30 days ago
Fewer homes is better, but we still have the issue of seasonality in real estate that we must think about. Seasonality in real estate is measured as the fluctuations in home sales due to "time of year" issues. The only way to remove all affects of seasonality on our data is to look at 1-year trends. Our data is not sufficient to do that yet, but we will be able to accomplish this in the first quarter of the coming year.
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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.