By closely monitoring the short term inventory trends in the Tallahassee housing market, we see evidence that we are poised to see the number of homes for sale in Tallahassee start to grow again, as home sellers begin to enter the spring selling season. Last month, I was pleasantly surprised to see that our short term inventory trends (30 day rolling average) still showed inventory reduction, but we have finally succumbed to the normal seasonal growth that usually runs from February through May.
The best news that we get when viewing the long-term trends graph below is that there is no “new” news. The number of new listings each day is down to 15, while the number of listings that fail to sell each day (pulled from the market after having failed to sell during a 6 month [...]
The average home price in Tallahassee has been falling. The real estate graph below shows that home builders have adapted, as the homes they are building are ones in lower price ranges than previous years. This is also the first year since 1997 that we have seen the new construction price point drop from its previous year.
Tallahassee lot sales continue on the decline, mirroring the new home construction market. Unit sales are at a recorded low and seem to be going lower. The average price bumped up in December, with the one-year trend of lot sale prices averaging over $68,000.
When we look at new home sales versus new home permits in Tallahassee, we see that sales have been out racing permit for about a year. This means that new construction supply is dropping (we are consuming faster than we are producing homes). With a glut of homes still available, this has been helping to lower the inventory. Hopefully, we’ll see the market hit equilibrium and our local builders will be able to get back to work.
The new home construction market in Tallahassee continues to decline. New home sales and new home permits are at their lowest level in our records going back to 1991. Currently, permit and sales trends in Tallahassee are below 40 homes per month!
New Condominium and Townhouse sales in Tallahassee hit a ten-year high, mostly thanks to a developer liquidation sale on the North side of the Tallahassee real estate market. Even without this multi-unit sales event, the new construction market for condos and townhouses seems to be “average” when compared to the previous 20 years.
New Condominium and Townhouse sales in Tallahassee hit a ten-year high, mostly thanks to a developer liquidation sale on the North side of the Tallahassee real estate market. Even without this multi-unit sales event, the new construction market for condos and townhouses seems to be “average” when compared to the previous 20 years. Bookmark on [...]
