Once a month, I go into the Tallahassee Board of REALTORS® Multiple Listing Service (MLS) and download two key sets of information. I look at all the active home listings (Condominiums, Townhouses, and single family detached homes for sale) and then I compile a list of all the ones that have sold in the past year. By combining both sets of data, I am able to determine how many months of supply of homes are on the market in Tallahassee.
Over 13 Months Of Tallahassee Homes In Inventory
Even though we are seeing the supply of homes in Tallahassee continue to drop, the decreased sales activity is resulting in an increase in the months of supply of homes. By graphing the four quadrants of Leon County (the Tallahassee real estate market), we can see that some areas and price points result in over 7 years worth of home supply!
If you consider that 5-7 months of supply is typically considered a balanced market, this is not a pretty picture.
Months Of Supply Of Homes In Northeast Tallahassee
Northeast Tallahassee is doing the best of the four quadrants in Leon County, but it has too many homes for sale. If we take a look at the following chart, we see that nearly every price range is well beyond the 5-7 months of supply of homes for sale.
From this chart we see that homes priced from $250K - $300K have over a years' supply, with resales over 13 months. In a nutshell, this means if sales continue at the pace they have performed over the past year, we can go over 13 months without running out of home (and that is assuming no other homes come on the market!).
Months Of Supply Of Homes In Northwest TallahasseeNorthwest Tallahassee has some serious oversupply situations. Look at the highlighted portion of the following chart: The chart above shows that the MLS has 148 homes for sale in Northwest Tallahassee and yet we only experienced 21 sales in that price range last year. That amounts to over 84 months (7 years) of supply, and over 25 years supply of new construction. Ouch!
Months Of Supply Of Homes In Southeast TallahasseeWith over a year's worth of homes, the housing situation in Southeast Tallahassee is just a little better than average, but only by a few days supply. The 13.0 months of supply of homes in Southeast Tallahassee is only 3 days better than the 13.1 months of supply that we see across the entire Tallahassee real estate market.
Months Of Supply Of Homes In Southwest TallahasseeWith over 18 months of supply of homes for sale in Southwest Tallahassee, you have to wonder how the homeowners are hanging in there.
Download Your Free Housing Report
Would you like to have a handy, 1 page reference guide to housing supply in Tallahassee? If so, just click on the link to download the free Tallahassee housing supply report.
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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.