As most of our analysis of the Tallahassee housing market focuses on inventory (and specifically supply and demand of homes for sale in Tallahassee), we must always keep a vigilant eye on the state of the new home construction market in Tallahassee.
Each month, we record the number of new single family building permits issued in Tallahassee (Leon County) in order to see what kind of effect new homes will have on the market.
Tallahassee New Home Construction Continues To Slow
The real estate graph above clearly demonstrates that new home permits and new home sales in Tallahassee have dropped to their lowest levels since prior to the 1990s. The drop from peak to trough is roughly 2/3rds (67%) and the trend is still on the way down.
While this is a terrible market to be a new home builder, it is helping the market by not adding to the glut of home inventory still available in Tallahassee. We will continue to keep a close eye on new home building in Tallahassee as we monitor the entire picture of the housing market.
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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.