I like to keep the Tallahassee Real Estate Blog focused primarily on the housing market in Tallahassee. Often times however, I will look at other aspects of the real estate industry and even different elements of the Tallahassee real estate market (such as population trends or land sales). Today, I'd like to take a look at what our neighboring counties are doing.
My first stop is to go to the Tallahassee MLS and pull an "All Areas Housing Report," which will show us the supply and demand dynamics in the entire MLS. We have been seeing relative home supplies rise for nearly 4 years, even as real home supplies have been dropping over the past 14 months.
Tallahassee Area Home Inventories Finally Dropping
The real estate graph above is for all the counties that make up the Tallahassee MLS (including Leon, Wakulla, Gadsden, Jefferson, Franklin, and "other" counties). Since we just reported housing supply and demand in Leon County, we can see that the surrounding counties must be faring worse than Leon County.
In the real estate graph above, the real supply of homes (red line) has been dropping for 14 months, but unfortunately so has buyer activity (green line) which has been dropping since 2005. The purple line is the resulting relative supply (months supply of homes).
The relative supply of homes dropped each of the past two months, hopefully this will be the start of a long-term trend. Unfortunately, at nearly 21 months of supply, we are far from the balanced 6 months of supply that the market really needs. With the entire market doing worse than Leon County, we can conclude that our surrounding counties are having a tougher time in this market than we are in Tallahassee.
The next few real estate graphs show average real estate prices in each of our surrounding counties.
Wakulla County Average Real Estate Prices
The following graph shows the one-year price trends in the Wakulla County real estate market. Overall, price movement is still heading lower, though mobile homes might have stabilized. Condos and Town homes are very volatile since such little activity occurs in this category.
Gadsden County Average Real Estate Prices
The following graph shows the one-year price trends in the Gadsden County real estate market. Overall, price movement is still heading lower. Condos and Town homes are flat since such no activity occurs in this category.
Jefferson County Average Real Estate Prices
The following graph shows the one-year price trends in the Jefferson County real estate market. Overall, price movement is still heading lower, though all property types are very volatile since such little real estate activity occurs in Jefferson County.
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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.