April Housing Report Shows Balance (FINALLY) Has Arrived
One word we would not have used to define the Tallahassee housing market over the past ten years is "balance," yet today I am happy to report that has changed.
Indeed, the supply and demand of homes for sale in Tallahassee is in balance.
If you do not download our one-page reports on the inventory of homes for sale in Tallahassee each month, you should reconsider (unless you don't plan on moving any time soon).
The following table summarizes the current months of supply of homes in each quadrant and price range in the Tallahassee real estate market.
This is a summary report, if you want the complete supply numbers and demand numbers, you should use our one-page report on the months of supply of homes in Tallahassee.
Tallahassee Housing Market
The graph below uses information from the monthly housing report to visibly demonstrate the balancing of our homes inventory.
In the graph above, the green line shows the number of homes sold each month in Tallahassee while the red line shows the number of homes on the market each month (both measured on the right vertical axis).
The blue bars (measured on the left vertical axis) report the months of supply of homes for sale in Tallahassee, also known as the "relative supply". The market is considered in equilibrium (in balance) when the relative supply of homes reaches 6.0 (shown in gold).
The one-year trend of this measurement has reached 6.0 months of supply, and that means the overall market is in balance. Neither sellers nor buyers have an advantage. Of course, you need to drill-down further as every home has a market of its own, based upon the relative supply of homes that are comparable in location, features, and amenities.
Distressed Homes Are On The Decline
The graph below simply measures the current inventory of homes for sale in Tallahassee and breaks them down into two groups, arms-length and distressed.
The green shows the number of normal, arms-length homes for sale, while the red shows the number of distressed homes for sale. The black line shows the percentage of homes that are distressed, and we see this percentage is declining (meaning the Tallahassee housing market is getting healthier).
Current Housing Inventory Is Moving Faster
The current inventory of homes for sale in Tallahassee is getting sold faster, as shown in the graph below.
The vertical bars show the number of homes for sale in Tallahassee each month. The blue bars report those homes that are already under contract, while the red bars show those that are not. The green line shows the percentage of homes that are already under contract.
Currently 39% of all homes for sale in Tallahassee are already under contract, the highest ratio we have seen in ten years.
How To Use This Housing Report
Buyers - Demand your real estate agent show you information like what we've reported above that is specific to the home that you want to buy. It will allow you to position yourself in the best manner when it comes time to negotiate. Knowledge of the market and the use of this knowledge are worth thousands of dollars on your next purchase.
Sellers - Demand that your real estate agent show you information like what we've reported above that is specific to the home that you own and want to sell. It will allow you to price it at the critical point that will entire the most competition among buyers who are currently active in the Tallahassee housing market.
Knowledge is power, use these reports to get the best deal possible in your next transaction in the Tallahassee housing market. Do you want to save money on your next home sale or purchase? Just drop me a note and we'll be in touch right away.