For those of you who like to carry a one-page summary of the current supply and demand report for Tallahassee housing, you can download this report from the right sidebar of the Tallahassee Real Estate Blog. It looks like the picture on the right and you only need to click the top link. Every month I post the updated report at this location.
Relative Home Supply Dropping!
As we have discussed often in the past, there exists a glut of homes for sale in Tallahassee. The Home Inventory Reports tell us not only how many homes are available (real home supply), but they also show home availability in terms of months of supply (relative home supply).
Both real and relative home supply dropped again during the month of October by just over 1/2 months of supply. Currently, Tallahassee has 13.7 months of supply of homes (more than double a market at equilibrium).
Buyers' Market Continues In Tallahassee
This tells us that while still a very strong home buyers' market, we are seeing improvement in the number of homes for sale in Tallahassee.
In the real estate graph above, the red line shows that real home inventory in Tallahassee has dropped below 2,500 homes, while the green line shows current rate of sales (182 homes in October). The vertical blue bars show the relative home supply, which dropped below 14 months of supply for the first time since February of this year.
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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.