Closed Home Sales Still Near Market Bottom
Tallahassee traditionally sees about 10 closed sales per day, on average, posted in the Tallahassee MLS. Our graph below shows the one-year trend of closed home sales going back to 2002, and it is quite clear we have been well below average for the past four years. Of course, we were well above average for the five years prior, so the current correction should not be a great surprise.
Currently, closed sales in the MLS are fairly flat at just over 6 per day, and this is lower than what we saw at this time during the previous two years.
In 2007, the trend was falling fast, but in mid-March our one-year average daily closed home sales were double what they are today. They were 50% higher than today in 2008, but again that trend was falling fast too.
The question that we all want answered (and only time can do it), is what will we see from the daily closed sales in the Tallahassee MLS going forward. Most likely, we will be in a sluggish market for several more years, as home sellers work to get out of homes that are worth less than their current mortgage loans.