Housing supply and demand In Tallahassee is measured on a daily basis at Tallahassee Housing Reports in order to discover changes in real estate market trends. The current trend is moderately good.
When looking at all of the housing data in the Tallahassee MLS, we find a trend of slight improvement on the demand side, while the supply side has leveled off. The following real estate graph was created from information for all of the counties in the Tallahassee Board of REALTORS Multiple Listing System.
The real estate graph above displays the current number of homes for sale in North Florida in red, the total number of home sales in North Florida in Green, and the resulting "relative supply" in purples is measured on the right vertical axis. For the first time since the summer of 2008, the relative supply of homes for sale in North Florida has dropped below 18 months of supply. While this number represents 3 times the amount that we would like to see, the fact that it is falling is good news.
North Florida housing covers quite a large area, though most of the population centers around the Tallahassee MSA. The total area includes Leon County, Wakulla County, Gadsden County, Jefferson County, Franklin County, Madison County, Taylor County, Liberty County, and Other Areas (general area in the MLS for properties sold by members outside of these counties).
Statistics for the homes for sale in North Florida are listed in the table below. The column labeled "Avg. Reduction" shows the percentage drop in average asking price, while the final column shows what percent of the total region each county represents. For example, Leon County is 68% of the North Florida real estate market.
North Florida Homes For Sale
|County||Avg. Price||Avg. PPSFT||Avg. Size||Avg. Reduction||% of MLS|
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.