One unique measurement that we maintain at The Market Bulletin is what we refer to as the home sales success rate. This is simply the measurement of the number of homes sold over a period of time versus the number of homes listed for sale over the same period of time. For example, if 200 homes sold over the past 30 days, and 400 homes were listed for sale, we would say the the Sales Success Rate for the past 30 days is 50% (200 ÷ 400).
In order to get a feel for the kind of success Tallahassee home sellers are finding, we measure this ratio from the 30 day trend all the way to the one-year trend. By doing so, we can see both the current action of the market due to seasonality, as well as the long term movement of the housing market with seasonality removed. It is this "non-seasonal" trend that is so important to watch.
Tallahassee Home Sales Success Rate Stable At 35%
The one-year trend of the Tallahassee Home Sales Success Rate continues to stay around 35%. This means that the number of home sales in Tallahassee over the past 365 days has been equal to 35% of the number of homes listed during that same period of time. While this is not truly an accurate rate to measure "what percent of homes are selling," it is a great way to track the trend of home selling success in Tallahassee.
In the real estate graph below, we track four different trend lines:
- The purple line shows the 3 Month Trend of the Tallahassee Home Sales Success rate has risen to 25%
- The green line shows the 6 Month Trend of the Tallahassee Home Sales Success rate has stabilized at 27%
- The red line shows the 9 Month Trend of the Tallahassee Home Sales Success rate has fallen to 31%
- The blue line shows the 1 Year Trend of the Tallahassee Home Sales Success rate has stabilized at 35%
What The Tallahassee Home Sales Success Rate Trends Tell Us
In the simplest sense, we can say that Tallahassee home sellers are experiencing about a 35% rate of success in selling their homes over the past year. That means that 65% of home sellers are failing to sell their homes! The shorter-term trends are all lower than the 1 year trend, meaning we should expect that the long term trend is still falling.
If you have a home for sale in Tallahassee (or want to sell a home in Tallahassee), you need to understand that there is a lot of competition out there. Choose your real estate professional wisely, as it is not as simple as "sign up and you're sold!"
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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.