I am writing today's blog from historic Hotel Thayer located at West Point, NY. My family and I are snugly fit into a room overlooking the United States Military Academy and the Hudson River, so today's blog will be short but bountiful.
Real estate graphs often provide a much clearer picture of what is going on in the housing market than merely reading the numbers. With this in mind, I have selected four graphs to provide both a clear picture of where the Tallahassee real estate market is today, as well as how that compares to the past 20 years.
July Housing Report Sees Continued Decline
The real estate graph above shows the one-year trend on both unit sales as well as the average sales price of a home in Tallahassee. The unit sales trend is far lower than any point in the past 20 years, while the average price has returned to levels last seen in 2005. Based upon everything we are seeing, there is still more room for prices to drop.
View Leon County Homes Sales Through July
This next graph shows the total number of homes sold, by type, in Leon County, Florida through July of each year. The crimson portion of each vertical bar represents the number of single family detached homes sold, while the pink portion of each bar represents the total number of condominiums and townhouses sold.
Tallahassee Single Family Detached Home Sales At Historical Low
The next real estate graph shows that home sales have dropped to lower levels than ever recorded, going back to 1991. With the Leon County population being roughly 30% larger than 20 years ago, it is amazing that we can continue at this slow pace.
Tallahassee Condo and Townhouse Sales Worst In 14 Years
Unlike single family detached homes, the Tallahassee condominium and townhouse market is doing better than the early 1990s, but not as good as the last 14 years.
Pictures Tell A Story For July Housing Report
All four real estate graphs tell the story of a real estate market that continues in its decline. We have yet to see the turn begin like it has in many other parts of the country. If you follow the Tallahassee Real Estate Newsletter, than you know why we believe this is occurring and why we think our turn will come around November.
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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.