If you want to know the latest news on real estate supply and demand in Tallahassee, just create a short-cut in your browser to www.manausa.com/market-report.
Every month, we post an updated real estate supply and demand report for each of the four quadrants of the Tallahassee housing market, and we even break it down by price range.
This report is gold for builders, developers, and anybody who is thinking about buying or selling a home in Tallahassee.
Current Real Estate Supply And Demand In Tallahassee
Currently, supply is falling, demand is rising, and we are starting to see stabilization in the central section of the market. The following chart shows the months of supply for homes in each area of Tallahassee.
When we look at the relative supply of homes in the Tallahassee MLS (months of supply of homes measured at the current rate of demand), the magic number hovers around 6.
If we see the months of supply drop below 5.0, we can say it is a seller's market (something we haven't said in over 7 years). When the months of supply rise about 7.0, we say it is a buyers market.
While we are still in a buyers market, we do have a few areas and price points that are well into equilibrium (balance).
Year Over Year Change
The real estate supply and demand change over the past twelve months has been very good for almost everybody. Looking at the chart below, areas in red represent falling relative supply, while areas shown in black have rising supply.
The SW quadrant of the Tallahassee real estate market has been performing the worst since the peak of the market. The table above however, shows that it is the most improved over the past twelve months.
Home Sellers Should Understand Supply And Demand
If you are thinking of selling a home in Tallahassee, you should understand your competition. Most of the real estate reports you catch on TV or in the paper are generalized, with average sales prices and consolidated data used to talk about the overall market.
But you likely have just one home to sell, so you must understand the competition (real estate supply and demand) for your specific home. The following table shows the average number of home sales in each area and each price range each month.
As an example, if you were selling a home valued from $250,000 to $300,000 in Northwest Tallahassee, you should understand that only one sells each month. Make sure you're the best deal, or you'll not likely sell.
If you would like to know how to best use information from the Tallahassee real estate supply and demand reports for buying or selling a home, just drop me a note and we can review it for your specific needs and goals.
Joe Manausa, MBA is a 25 year veteran of real estate brokerage in the State of 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.