Every month we take a look at housing inventory in Tallahassee in order to see whether or not the supply is growing or if the supply is shrinking. We have come to learn that there are two ways to look at home supplies in Tallahassee:
- Absolute Home Supply - This is the total number of homes for sale in Tallahassee
- Relative Home Supply - This is the number of months of supply of homes for sale in Tallahassee, as measured using the current rate of sales (demand).
I have just completed the August Home Supply Report which can be downloaded by clicking the picture on the right. This report is updated each month and the current version can always be downloaded from the Tallahassee Real Estate Market Reports Web Page.
This month we find some good news in both relative and absolute supplies, with both levels dropping for the first time in seven months! Relative supply dropped to 14.6 months of supply, the lowest level since March of this year. Absolute supply dropped to 2,536 homes, the lowest level recorded on our graph below.
Tallahassee Home Supply Dropping Again
In the real estate graph above, absolute supply (current active listings in the Tallahassee MLS) are measured in red, homes sold each month are measured in green, while the relative supply (months of supply of homes for sale in Tallahassee) is measured in blue.
Homes For Sale In Tallahassee
We can use a real estate graph to show the supply of homes for sale in Tallahassee by price range. While the graph is very busy, it can be useful for people who want to sell a Tallahassee home, as it shows how much competition is in each price range, as well as the current movement in that price range.
Relative Supply Of Homes For Sale In Tallahassee
We can also view another very busy real estate graph that shows relative supply of homes, by price range, that are currently on the market in Tallahassee. While the overall picture got a lot better last month, you can see that several price ranges continued to get worse. For example, if you own a home for sale for more than $500,000, you can see that this price range flew right off the chart and currently resides at 25.9 months of supply!
Lots Of Competition In Tallahassee Housing Market
The reason that we continually publish Tallahassee housing market reports in our blog and on our web site is to create awareness of just how tough the market is running right now. If you look on the graph above, you can see that the lowest measurement of "months of supply" starts at 8.0, yet we all know that a balance market is around 6.0.
So, home sellers in every single price range are facing a buyers' market. The key to succeeding in this market is to stay vigilant to market moves and to heed the advice of your real estate professional. One great way to stay on the leading edge of market movements is to subscribe to our Tallahassee Real Estate Newsletter, which you can do by clicking the graphical link below.
|Subscribe in a reader||Subscribe by email|
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible. Additionally, if you would like to respond (leave a comment) to this article, you will need to “click through” to the blog site to post your feedback.
If you like this Article then please subscribe to my blog through a full RSS feed, or you can Subscribe by Email. You will be able to stay informed about the happenings in the Tallahassee Real Estate Market.
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.