Tracking Four Key Trends In The Tallahassee Real Estate Market
Well, it's about that time of year when the Tallahassee real estate market begins to heat up for the Summer selling season.
This is my 23rd year selling real estate in Tallahassee, and I have noticed that most years we see buyers and sellers start to really get active by mid-month in February. It's almost like February 15th is a magical date.
So in preparation of this upcoming special day, I have prepared a real estate market snapshot that will show where we are right now.
Tallahassee Real Estate Market Snapshot
The following real estate graph provides an excellent snapshot of the housing market in Tallahassee because it tracks four major trends on an annualized basis. Because we are using the average over the past 365 days, we have removed all effects of seasonality, meaning any change in the direction is a change unrelated to "time of year."
- New Listings - The blue line measures the one year trend of new listings taken each day. Five years ago, there were more than 20 listings entering the Tallahassee MLS each day, but that number has dropped significantly. We had seen it go as low as 10 per day early last year, but sellers are gaining confidence and we have seen new listings rebound 20%.
- New Sales - The green line measures the one year trend of home sales each day. This is exciting, as we have exceeded sales levels from the past five years and are heading back to historically normal levels. The current trend for home sales in the Tallahassee MLS are over 9 per day and rising.
- New Failures - The red line tracks the number of homes that leave the Tallahassee MLS without selling each day. Back in 2009, there were 15 listings each day that failed to sell, but that number has dropped to below 7 per day. It is important that home sellers understand that there are still plenty of sellers failing to sell. The market has improved greatly, but that does not mean all listings are selling.
- Ratio of Sales To Listings Taken - The ratio of sales to listings taken gives us an idea of how well new inventory is being received. This ratio has moved from (below 40%) five years ago, to roughly 75% today. The higher this ratio, the more likely home sellers are finding buyers for their homes.
If you are curious how your home would fare in the Tallahassee real estate market today, just drop me a note and we will contact you immediately to schedule a time to help you.