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While the long-term forecast for home-owners in the northern region of Florida, the short-term outlook is not so rosy. A glut of available properties, due to aggressive building during and after the boom market that started in 2004, as well as the resulting post-boom correction of slower buyer activity, has left the four county area [...]
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Tallahassee closed home sales are increasing every day, with considerable proof that the market bottom was reached in August of 2009. But for Tallahassee homeowners who still wish to sell their homes, falling prices make them feel as if “market bottom” should be defined in terms of valuations as opposed to unit sales.
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The current average price trend still shows a steep decline and we are confident this must continue until the supply and demand imbalance is corrected. But that does not mean it is a “waiters” market for home buyers, as rising interest rates and ending tax credit programs will affect affordability levels more than falling prices.
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After seeing the short-term housing inventory move from consumption to growth yesterday, I figured a quick look at the long-term housing inventory trends was in order. Fortunately, the number of new listings and new failures continues to fall, while the number of new pending home sales and new closed home sales continues to rise. The [...]
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The real estate graph below shows how significant a drop in the number of monthly home sales and the resulting drop in the average home price trend. It is interesting to not that home values continued to increase for over two years, even after the market had peaked and was coming down.
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The average price of a single family detached home in Tallahassee continues to fall. In the real estate graph below, we see prices peaked in 2007 at just over $220,000 and they are down over 10% now at $190,000. Look for this number to continue falling through at least the end of 2010.
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Average real estate prices in Tallahassee fell again in December 2009, with the exception of condominiums and townhouses. Condos in downtown Tallahassee are holding up average prices in the Tallahassee “attached” home market, while the rest of the market sees continued declines.
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