We like to track as much of the Tallahassee residential real estate market as we can at the Tallahassee Real Estate Blog. We know that vigilance in our observance will generate insight that will guide us in the future movement of the housing market in Tallahassee.
As we were preparing our monthly real estate graphs (for the month of December 2008), one statistic really jumped out from all of the others. If you weren't paying very close attention yesterday, you might have missed it. Did you catch it?
Tallahassee Lot Sales Increase During December of 2008
The number of residential lots selling each month has been dropping for quite some time (since March of 2007). We used to average between 150 and 200 lot sales in Tallahassee each month, but we have seen the trend recently drop to an average of just 53 per month. But December showed a rebound with 174 residential lots which sold for an average price of $75,775 (the highest average since September).
Increased Lot Sales Could Mean Increased New Home Construction In 2009
While it is encouraging seeing any kind of increased activity in the Tallahassee real estate market, we have to be a little concerned that this could be a sign of increased new home construction before our dropping inventory levels have hit the balance that would return price stability to the market. Time will tell. We will pay close attention to the January permits report when it comes out next month!
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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.