Daily Closed Home Sales Continue Rise February 24, 2010
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.
As we move forward from the bottom of the market, falling prices is the natural order of market cycles, as affordability increases the potential buyer pool for the glut of homes for sale (and those in the shadow inventory) in Tallahassee.
Some price ranges and areas might break out of the “over-supply” category this year (perhaps $150K-$200K in the NE), but for the rest of the market, falling home prices should be expected throughout 2010 and well into 2011.
You might also want to check out the other great real estate graphs, with explanations listed below: