Well, we've seen another month come and go in the Tallahassee real estate market. I have recorded all of the sales in the MLS for the past twelve months and compared them with the active listings in order to produce the monthly Tallahassee Housing Inventory Report.
One of the handiest reports available for Tallahassee homeowners, the inventory report shows the amount of homes available by area and price range in Leon County, Florida. Homeowners that are considering placing their homes on the market for sale can find out exactly how many homes they are competing against.
Northeast Tallahassee Has Strongest Housing Market
While the entire region covered by the Tallahassee Board of REALTORS Multiple Listing Service (MLS) is suffering through its worst real estate market that I have seen in the past 18 years, the Northeast section of Leon County is weathering the storm better than the rest.
The data above is sorted by price range (on the left axis) and by property condition (new versus resale versus all on the top axis). Nine columns of data represent, from left to right, three columns of homes for sale (# of units), three columns of past year's sales, and then finally three columns of months of supply.
As an example, somebody who is trying to sell a home in Northeast Tallahassee for $260,000 is competing against 192 other homes, which is more than a year's worth of supply. The bottom tally shows that there are 1,161 homes for sale in Northeast Tallahassee.
Northwest Tallahassee Real Estate Market Lags Behind Other Areas
The Northwest Quadrant of Leon County (Area 2 in the MLS) has "double too-many" homes for sale as measured in "Months of Supply." With 14.3 months of supply of homes, NW Tallahassee has more than double the amount of homes needed to declare it a Buyers' market.
Southeast Tallahassee Has More Than 1 Year Of Home Inventory
The Southeast quadrant of the Tallahassee real estate market pretty much is average in terms of supply of homes for sale. With 13.1 months of supply of homes, Southeast Tallahassee does not need to see any more homes coming on to the market.
Southwest Tallahassee Real Estate Market Slowest In Leon County
The southwest quadrant of Leon County is by far the poorest performing section of the county, with over 20 months of supply of homes for sale. Homes priced under $75,000 are doing the best at nearly 9 months of supply (5-7 months of supply is a balanced market), whereas there are 5 years worth of homes for sale in Southwest Tallahassee priced from $300K to $500K!
Be Informed If You Need To Sell A Tallahassee Home
Based upon what we have reviewed above, it is clear that Tallahassee has more homes for sale than it currently needs. People who are discretionary home sellers (meaning they do not absolutely need to sell their home) should choose to remove their home from the market. In the case of somebody who is considering putting a home on the market for sale, I would recommend against it until some of the competition clears out, unless you plan on buying another home in this same market.
While much of this report is gloomy, there is some good news to notice on this report. As we report this same format every month, this report clearly shows a reduction in the total number of homes for sale in Tallahassee. The reason the months of supply of homes continues to rise is because the number of sales is lower than we have seen in Leon County since the 1980s!
I suspect the pace of sales will increase dramatically when consumer morale returns. Our new President has his hands full but if he can restore the consumers' faith in the economy of the United States, we will see an orderly rebound in the Tallahassee housing market.
|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 . You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.
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.