The most obvious way to predict future home sales would be to take a look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS. The real estate graph [...]
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Pending Home Sales Continue Slide
The most obvious way to predict future home sales would be to take a look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS. The real estate graph [...]
Keep Reading...Relative Home Supply Drops In Tallahassee MLS
The Tallahassee MLS shows that the relative home supply in the entire MLS dropped during the month of June. While the Tallahassee Real Estate Market Report mostly focuses on Leon County, Florida, we occasionally look at the overall and surrounding markets including our neighboring counties. By using information in the Tallahassee Board of REALTORS® Multiple [...]
Keep Reading...Daily Closed Home Sales Shows New Trend
The daily closed home sales information graph has been updated. The Homebuyer Tax Credit has come and gone, and by the looks of it the Tallahassee real estate market benefited as planned by our leaders in Washington. The real question now is will the stimulus provided over the past year be a starting point in [...]
Keep Reading...YTD Home Sales Up Thus Far July 5, 2010
The overall number of home sales is better year to date this year than it was at the same time in 2009. This is good news! We have not been able to make that claim since 2006, as we have seen the number of sales in our market drop like a lead balloon. Last year [...]
Keep Reading...Tallahassee Condo Sales June 30, 2010
When we look at year to date sales of condominiums and townhouses in the Tallahassee real estate market, we get a feeling that things are nearly “back to normal.” After all, unit sales appear to be at pre-boom levels, so why shouldn’t we rejoice in a market segment that is posting the same number of [...]
Keep Reading...Tallahassee Land And Lot Sales June 22, 2010
Currently, demand for residential lots continues to fall, as barely more than 30 lots per month are selling in Leon County. Considering our normal level for the past twenty years is closer to 175 lots per month, this is a major drop. And prices have followed the trend set by unit sales. The average price [...]
Keep Reading...June Housing Report (with VIDEO)
Welcome to the June 2010 edition of the Tallahassee Housing Report. This month, we are experimenting with video and will base future reports upon the feedback that we receive from this and other editions. Just click the play arrow in the video below to get started. You can also make it full-screen size (recommended) by [...]
Keep Reading...Pending Home Sales Report June 14, 2010
Pending home sales measurements is our favorite way to predict future home sales so we look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS. The real estate [...]
Keep Reading...Housing Market Overview May 31, 2010
When conducting a simple housing market overview, we like to look at the “big 4″ trend lines to determine what is happening in the Tallahassee real estate market. Of course, by the “big 4,” we mean daily new sales, daily new pendings, daily new failures, and daily new listings.
Keep Reading...Pending Home Sales Continue Rise May 15, 2010
Pending home sales measurements is our favorite way to predict future home sales so we look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS. The real estate [...]
Keep Reading...Home Buyers More Active In Tallahassee May 11, 2010
Home Buyers have been increasing their activity in the Tallahassee real estate market, but the ending of the Homebuyer Tax Credit could slow them down. The peak of the market back in 2006 saw sales of nearly 16 homes per day, but by the time the market bottomed, we were seeing just 6 home sales [...]
Keep Reading...3 Out of 4 Home Sellers Failing May 7, 2010
The rate at which home sellers “failed to sell” has been dropping since August 2009, when the rate hit 85%. We measure the total number of listing failures (homes that expired, canceled, or were withdrawn) in the Tallahassee MLS, and divide that number by the total number of new listings over the same period of [...]
Keep Reading...Long Term Home Sales Trends In Tallahassee May 2, 2010
Long term home sales trends in Tallahassee are still working their way down from the peak of the market established in 2006. For our readers who have been following this new technique (new to us and new to real estate market analysis), you will be able to see this report updated each month. For our [...]
Keep Reading...Home Sales Success Rate Remains Stable April 29, 2010
One statistic that we have been maintaining at The Market Bulletin is a measurement that we refer to as the “Sales Success Rate.” Currently, the one-year trend is at a two-year high, but has held steady for the past two weeks. By dividing the total number of closed sales by the total number of new listings, over a specific time period, we can show a trend that gives a hint at how many homes (as a percentage of the total) are actually selling.
Keep Reading...The most obvious way to predict future home sales would be to take a look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS.
The real estate graph above shows is the one-year trend of pending home sales, so the changes that we see are not due to any annual seasonality in any way (every point on the graph contains a full 365 days worth of information).
With the tax credit ending as a stimulant to new pending home sales, this report unfortunately appears to be showing fairly instant feedback. 14 weeks after the end of the Homebuyer Tax Credit, pending home sales are down 6.7%. This might not be terminal, but it is not good.
Thus far, the steep decline that started on May 1st seems to be unabated, and it is going to be critical that we see more buyers enter the market, and soon! Already, the pace of new contracts has dropped back to where we were last October, so hopefully we won’t see a new bottom develop.
Join us keeping a close eye on the Pending Home Sales Report at The Market Bulletin.
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