We continue to monitor the housing inventory movement in order to have an idea of the direction of the real estate market. Anybody who wants to know "How is the housing market" really should be looking at the movement of inventory. If housing inventory is dropping, we know that eventually demand will outrace supply, and we will see prices moving up again in the housing market. The contrary has been true for quite some time now, seeing inventories grow in the Tallahassee real estate market for the past two years.
Fewer Homes For Sale In Tallahassee
Perhaps the most exciting thing that I can report this week is that the inventory of homes for sale in Tallahassee continues to drop. The short term trend (orange line) for inventory of Tallahassee homes continues downward at a nice pace of six homes per day, while the medium trend (green line) is shrinking by two homes each day.
Housing Consumption Is Worth Watching
I look forward to early next year, when we will be able to start posting a long-term trend (one year) that will give a great look at the Tallahassee housing market without any affects of real estate seasonality. But as far as the short-term goes, inventory is finally moving in the direction that we have been desiring for two years!
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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.