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The newest supply and demand information have been culled from the Tallahassee Board of Realtors Multiple Listing Service (MLS) and there are no real surprises for the month of August. Inventory levels are finally creeping down, but the trend for home sales is still dropping.
Three Immediate Fixes For Tallahassee Housing Market
As I have addressed numerous times in the past, we need to see a great reduction in the inventory of our homes before we will see this market turnaround. The three actions that could accelerate the recovery in the Tallahassee real estate market include:
- Discretionary buyers move back into the market and start buying homes
- Builders reduce the amount of new homes they are building
- Non-serious Sellers remove their homes from the market
This graph shows the supply and demand relationships in the Tallahassee Board of Realtors Multiple Listing Service (MLS) (This information comes from MLS areas – Leon County, Gadsden County, Wakulla County, Jefferson County and Franklin County):
The one piece of good news that jumps off the Tallahassee Housing Supply and Demand Graph is the inventory trend appears to be dropping for the first time since 2004. This next graph shows the same information but greatly simplified.
So, how do you play your part in helping the Tallahassee Real Estate market recover? Simple. Do not list your home to sell unless you absolutely have to sell it. Home values must drop if inventory levels stay high, so reducing the inventory should be our focus for quite some time.
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{ 6 comments… read them below or add one }
Discretionary buyer’s moving back into the market place is the tricky part. The psychological hurdles must be removed, and that will only happen when inventory is reduced (Your other two necessary actions), and the buyer pool is worried about not being able to get a good deal.
There is a housing market slump here in Illinois, and the major cause is the loss of jobs. Couldn’t the problem in Tallahassee be fixed by making or advertising real jobs, not just box store greeters.
Great point Bob. All the fear is on one side of the market and all the greed the other. It takes balance to right the ship.
Alex, we are actually blessed in that aspect here in Tallahassee. We have high employment and a very stable job market due to government (both State and Federal). Good luck and thanks for stopping by and commenting.
Can you post a blog on the recent developments with Fannie Mae and Freddie Mac?
Thanks for the great idea Summer, it is posted today.
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