One of the best ways to keep tabs on real estate in Tallahassee is through monitoring our Market Bulletin. This site is updated multiple times each week and contains charts, graphs, and analysis of the real estate market in Tallahassee.
As I was updating the Tallahassee Real Estate Web Site this morning, I realized we hadn't used these graphs in our blog for quite some time, so today is an updated review of the current housing market conditions in Tallahassee.
Tallahassee Housing Market Inventory Change Trends
This first graph shows the short, medium, and long-term trends in housing inventory in Tallahassee. If you have any interest in real estate in Tallahassee, then this is one graph you should keep monitoring on a regular basis.
The good news is that all trends show inventory reduction, with the all trends moving to greater reduction. While the absolute numbers are not all that critical due to the nature of the measuring process, the key is to note that they are all heading South!
Daily Closed Homes Sales In Tallahassee
Tracking the daily home sales trend in Tallahassee shows us the current "mood" of home buyers. Having monitored this trend for many years in the Tallahassee MLS, it is frustrating to see this trend continue on its downward path. The rest of the country has pretty much registered a turn in the direction of buyers, but the Tallahassee housing market continues to seek the bottom.
Homes Failing To Sell In Tallahassee
Just as we would expect from seeing the real estate graph above, homes that are "failing to sell" continue to mount in the Tallahassee real estate market. The following graph shows the percentage of new listings that failed to sell compared to the number of new listings that came on the market, as a one-year trend. While not a accurate absolute value for home failures, the trend is undeniably heading in the wrong direction.
Real Estate In Tallahassee, Florida
Based upon what the market is dictating, home sellers in Tallahassee have two real options.:
- If you do not absolutely need to move, stay in your home until the market recovers. We are talking years for anybody who purchased their home since 2005
- If you must move now, price your home to sell. It will not sell if listed to high, and most likely a "start high then lower the price" sales methodology will result in less money to the home owner.
Home values are dropping and in many price ranges have more room to drop. With inventory levels much too high, any non-serious home sellers will do the entire market a favor by pulling their homes from the market.
Happy Birthday Mike
Today is my older brother's birthday, so if you happen to see Mike Manausa, remind him that he's two years older than me again!
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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.