As I was assembling the 12th Edition of the Tallahassee Real Estate Newsletter (which goes out to all subscribers later this morning), I was happy to find that there were good signs showing up in many of my reports. For the past three years, we have been reporting nothing but declining home sales in Tallahassee, but today finally brings a different story.
As a little preview for what subscribers will be able to find in the newsletter, the following real estate graph shows home sales activity in the Tallahassee MLS. This data represents the entire MLS, not just the immediate Tallahassee housing market. Even with all of the surrounding counties included in the report, we see good things occurring.
Good News Comes In Threes In Tallahassee Real Estate
The real estate graph above reports three important trends in the Tallahassee MLS. All three trends are doing better than last month:
- The green line shows that the number of homes sold over the past year rose (for the first time in over 3 years)
- The red line shows that the number of homes for sale in the Tallahassee MLS declined again
- The purple line shows that relative home supply (months of supply of homes) has been dropping since April
The Next Cycle Phase In Tallahassee Real Estate
As excited as we are to see home sales on the rise, it is important to note that the next cycle phase will include falling prices and reduced inventories. The supply of homes will seek market equilibrium at 6.0 months of supply, but until then, the buyers’ market remains and pressure will still exist on home prices.
If you would like to know more about the Tallahassee housing market and receive monthly updates on the analytics of our market, just subscribe to the Tallahassee Real Estate Newsletter and it will be delivered right to your email inbox.
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Century 21 First Realty. 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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Well I know I am happy to see Florida real estate turning the corner (hopefully) I believe prices will take care of themselves after some of this inventory has finished being cleaned up. As I have mentioned elsewhere, I still have my former house in Orlando area (West Volusia) and for the better part of 3 years been sitting vacant, but I was never interested in just unloading it, and at the same time not trying to get out of it what I could have 3 years and 6 months ago. But with the corner being turned hopefully by double mortgage payments may come to an end within the next 12 months.