A Comprehensive Review Of Tallahassee Real Estate Supply And Demand
Long time readers of the Tallahassee Real Estate Blog are accustomed to a continual supply of housing reports, and we have been posting Tallahassee real estate supply and demand reports every month for more than 5 years.
This is the one report that consumers looking to buy a home and those looking to sell a home need to better understand their position when it comes to negotiating a real estate transaction.
Occasionally, I like to expand our normal Tallahassee Real Estate Supply And Demand Report in order to search for niche opportunities or concerns in the market.
Using Tallahassee Real Estate Supply And Demand Reports
If you are thinking about selling a home in Tallahassee, you should gain an understanding of the depth of competition for homes that are like yours and near yours.
If there are many buyers and few other homes on the market, you can ask a premium and likely will find many suitors.
Unfortunately, the contrary is also true in that if there is much competition and very few buyers, you likely will have to discount your price if you want to attract a homebuyer who is ready, willing, and able to make the purchase.
Tallahassee Real Estate Supply And Demand May 2013The following table shows Tallahassee real estate supply and demand for May 2013.
If you go to the very bottom line (Totals), you see that there are 1941 homes for sale, 77 of which are new construction while 1,864 are existing home sales.
In the past twelve months, 2,628 homes were sold, 129 of which were new construction while 2,499 were existing home sales.
This means that there are 8.9 months of supply of homes for sale in the Tallahassee real estate market. This means that supply still outweighs demand and we have too many homes on the market for the current rate of sales.
But this 8.9 months is the "overall market," and is heavily influenced by the glut of higher end homes on the market (as well as the glut of investment properties at the lower end of the market). To truly understand how Tallahassee real estate supply and demand impacts you, a closer study by area and price range are required.
If you want to know more about a specific area and how Tallahassee real estate supply and demand will affect your ability to sell a home, just drop me a note and we can schedule a time to review your specific situation and needs.