Tallahassee Real Estate Market - Inventory Moving?

Posted by Joe Manausa on Monday, March 24th, 2008 at 4:06pm.

Today's Tallahassee Real Estate Blog

This has to be a short one, as we have a lot going on in the office today. It is nice to see that plenty of people are still looking to buy a home in Tallahassee! And speaking of buying a home in the Tallahassee real estate market, it looks like people are doing just that. This new chart was created from the most current data from the Tallahassee Board of Realtors Multiple Listing Service. Of particular interest is the blue line and the green line. The blue line is the "pend trend" meaning the trend of new "under contract" homes. This began rising in September of last year and continues to do so. The green line represents the trend of the "consumed pendings" and historically hovers in the 70-80% range. This means that roughly 75% of contracts that are put under contract in the MLS actually make it to closing. When we see the number rise above that, we are either getting more efficient or the market is shrinking. Also, when we go above 100%, that means we are closing on more homes than we are putting under contract, meaning the market is definitely constricting. Above, the green line is a great sign, finally dropping below the 100% level. Once we see it settle in low 80's or high 70's, I will feel much better.


 

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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.

 

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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.

2 Responses to "Tallahassee Real Estate Market - Inventory Moving?"

DP wrote: Joe,

I just saw on TV this morning that National Housing Resales are reported up 2.9%. They say this is the first increase in a long time. Does this indicate that Tallahassee should be rebounding as well?

Posted on Tuesday, March 25th, 2008 at 9:28am.

Joe Manausa wrote: DP - Glad to see that you saw that too. In the grand scheme of things, the simple answer is yes. We must realize, however, that real estate markets, while globally affected, are truly local in nature.

Posted on Tuesday, March 25th, 2008 at 1:53pm.

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