Home Sales Remain Strong Through June

The first half of 2021 is in the books and it's time for an updated housing market reportThe first half of 2021 is in the books and it's time for an updated housing market report.

We start today's report by comparing the first six months of 2021 with the same months in previous years in order to identify trends in the housing market, specifically the changes in supply and the changes in demand. We'll examine current housing market conditions, mortgage interest rates, and home sales trends in an effort to give you an idea of where the market is heading as we complete the hottest months of the year.

At the end of this report, I examine home affordability today with affordability over the previous thirty years.

Let's start the report with a quick look at the current listings of homes for sale in Tallahassee. You will note that as the asking prices decline, the percentage of homes under contract goes much higher.

Homes For Sale In Tallahassee Today

The following list of homes for sale is created dynamically, updated every 15 minutes, so you can be assured that it's the best information available on Tallahassee real estate listings. I include these listings in my monthly report so that our readers can observe the record-high rate of listings already under contract with buyers.

11 Properties

July Housing Market Update

Year Over Year Home Sales Grow

The first graph in today's report shows how each month's sales compared with the same month the year prior. We refer to this as year-over-year home sales.

Year Over Year Home Sales Report Tallahassee July 2021

The study of year-over-year home sales provides insight into the market changes by removing the impact of seasonality (the different times of the year when home sales traditionally either heat up or cool down). By only comparing the same month in separate years, we eliminate concerns that the time of year could be affecting the results. For example, we only compare February to February or June to June, thus the seasonal changes in real estate have been removed.

Year over year home sales rose 24% in June, registering the tenth-straight month of gains and eleven out of the past twelve months.

Last year, we saw home sales decline sharply in the second quarter as COVID became a fact of life in Tallahassee, and this has resulted in explosive moves higher for the months of the second quarter in 2021.

Mortgage rates fell slightly in the second quarter, though they remain slightly higher than what was available at the very beginning of the year. Today's low mortgage interest rates have buyers chomping at the bit to get into a home before rates begin to rise permanently.

Year Over Year Inventory Falls Again

The supply of homes for sale grew in the second quarter. Just as sales stalled when COVID reached Tallahassee, so too did sellers entering the market.

Graph shows year-over-year fresh listings entering the market through June 2021

Just as we saw in the first graph, this graph compares each month of the year with the same month from the year prior. We're looking at the change in fresh new listings entering the market, where "fresh" means we only consider homes that were not previously listed for sale.

Here, we see the year-over-year fresh listings entering the market post gains in two of the past three months (but only those two for the entire year as well). As we move further into the report, we'll see how this is impacting both sellers and buyers alike.

Year To Date Home Sales

This next graph shows the number of homes sold during the first half of each of the past 20 years.

Year To Date Home Sales Report Tallahassee July 2021

2021 has started the year strong, with the number of homes sold sitting as the third-best year ever, trailing only 2005 and 2006 when speculative buyers caused the market to explode.

What's so exciting about this graph is that we are seeing organic demand strong and healthy, with no substantial inorganic demand skewing the numbers (if you would like a good explanation of these two types of demand in the housing market, click here to see my report about the potential for a new housing bubble).

Year-to-date home sales show that demand is strong and growing. So now let's take a look at the supply-side of the housing market.

Year To Date Fresh Listings

This graph shows the number of fresh new listings that entered the market each month, segmented by existing homes in blue versus new construction homes in green.

Graph of inventory changes each month in the Tallahassee real estate market jULY 2021

In 2021, we have seen the fifth-fewest fresh listings for the first half of each of the past eight years.

Existing homes entering the market rank fifth of the past eight years, while new construction listings are ranked sixth. With inventory shortages being pronounced and obvious since 2016, I am hoping that fresh new construction listings will accelerate significantly in the post-COVID market.

As of right now, that has not been the case. Low new construction starts have amplified the bidding wars on the relatively few homes for sale in the market and the relative supply of homes is near an all-time low.

If you are a buyer in this market struggling to find an available home, this next graph shows what happens when demand continues to outpace supply.

Status Of Current Home Listings

This next graph shows a super-high percentage of homes for sale in Tallahassee is already under contract with buyers. Though we've seen the percentage decline slightly over the past two months, this is just due to the seasonal surge of listings we normally see in the summer, and I am concerned it will reverse and move higher at the end of the summer.

The high percentage of homes under contract means slim pickings for buyers and favorable market conditions for sellers. Nothing is more frustrating as a buyer than finding the perfect home, only to find out somebody else beat you to it, but that is what is happening to many buyers today.

Status Of Current Home Listings July 2021

Roughly two-thirds of the homes listed for sale right now are already under contract with buyers. The green line in the graph above shows that 65% of the current listings are already under contract, and the one-year trend of the under-contract percentage has again risen to an all-time high of more than 55%.

On average, more than one-half of all listings were under contract with buyers at any given time over the past year. So when you consider that we are dealing with the lowest inventory that I've seen in thirty years selling homes in Tallahassee, the reality is much worse, as more than half of the few listings are not really available.

We are expecting more sellers to enter the market for the next thirty days, but we're also expecting more buyers due to the seasonal changes that occur this time of year. More buyers and more sellers will not likely cause much of a dip in this ratio. And don't be surprised to see it continue higher if too few sellers list their homes.

Let's discuss what this means exactly for today's buyers, and we'll compare it with what buyers were seeing at the beginning of this graph in 2011.

As I produce this report, there are 1,260 homes for sale in Leon County, but only 462 of them are really available as buyers have the other 798 already under contract.

Roughly 200 of these are new construction, most of which are under contract and won't be available for many more months. This means that there are 1064 existing homes for sale 664 of them are already under contract with buyers, leaving just 400 homes for buyers who are ready to move right away.

So a buyer today has roughly 400 homes available to purchase. At this time in 2011, there were nearly four times as many homes available, and there were far fewer buyers looking at them. The competition for the few homes is so high today, buyers don't have time to think, they must react fast when a new home hits the market.

This means today's buyers have to be prepared well ahead of time. If you go looking at houses before you get your finances in order, expect to be heartbroken. You will lose out on the home you love, only to find homes more expensive once you get your affairs together.

Smart sellers are taking cash offers (or offers with limited financing contingencies and no contingency for an appraisal), so forget about getting your dream home with a contract that asks the sellers to wait for you to find financing. Again, get your loan documents completed before looking at homes, it's the only way to entice a seller to even consider your offer.

This real estate cycle is so extreme, buyers need to understand that they are not going to be negotiating with a seller, rather they are going to be competing with other buyers for the right to buy the home. The question of what to offer begins at the asking price and moves higher for properly priced homes.

I strongly encourage all buyers to meet with a buyer's agent to put together a complete acquisition plan so that when the right home is found, you can make it your own. Remember, other buyers will be bidding on the home too, so you have to appear strong so that the seller will consider your offer.

So to summarize our report thus far, demand is strong and supply is insufficient, causing buyers to have to compete with each other over the few homes that are really available. The next segment of our report will examine how the supply and demand dynamic is impacting home prices and home values.

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Annual Real Estate Appreciation

A good way to measure real estate appreciation across the market is to measure the change in the median existing home value each year. We simply record the price per square foot of each home sold and then find the median for each year.

Annual Real Estate Appreciation Tallahassee Florida July 2021

For the first ten or more years of my career, we saw real estate appreciation average a little more than 3.25% each year. But the craziness of the housing market in the early 2000s has created chaos with values since.

The graph above plots the change in the median home value each year. Blue bars show growth, red bars show declines.

The graph shows clearly that the rampant appreciation that began last year has continued. In an earlier market report, I had forecast the potential for double-digit appreciation for 2021. Through the first half of the year, appreciation has reached 8.6% (an annualized rate of more than 17%).

If builders don't ramp up production for 2021, we could see existing home values rise above an alarming 20% in 2021. To put that into perspective, that means a $250K home purchased in December 2020 will be worth more than $300K at the end of December 2021!

While that might seem wonderful as most people's largest investment is in their home, you have to worry that home affordability might soon be lost for all but the wealthiest people. I, for one, do not want to see that happen.

Median Home Price

This graph shows how the median home price has changed in Tallahassee since 2003 (the median is not the average, rather it is the price of the home in the middle when all homes are lined up according to each sales price). 

Median Home Price Tallahassee Florida July 2021

Take a look at the rapid rise in home prices. The median home price for existing homes is $225K, for new homes the median has shot above $320K, and overall, the median home price in Tallahassee is $240K. That means the middle of the market is 5.25% higher today than when we began the year.

You might wonder why home values are up 8.6% while home prices are up just 5.25%, and if so, nice catch! When values are moving up faster than prices, it means that buyers are getting less home for the money than when they move together or in the opposite direction.

I always remind our clients that average home prices tell you what buyers are spending while average home values tell you what sellers are getting. 

Today, supply is low and demand is high, so we expect to see the median home price and the median home value rise for the foreseeable future. 

The Big Issue Of Home Affordability

So far, I believe I've made it clear that the supply of homes for sale is far too low and the competition for available listings is fierce among buyers. Our next graph serves to show why demand remains so strong and why buyers today need to feel a sense of urgency.

Measurement of annual home affordability adjusted by inflation July 2021

Home affordability is going to be the greatest challenge that the housing market faces over the next ten or more years. What most people do not understand is that today's homes are nearly more affordable than they have been during all of my previous thirty years in the real estate industry. Let me show you what I mean.

This graph was created by adjusting home prices over the past thirty years to 1991 prices. I simply took the average home price each year, divided it by the Consumer Price Index for that year, and then multiplied by 100. This calculation created the blue field in the graph above, where each year's home price was adjusted to 1991 home prices.

Then, I used the adjusted home prices and combined them with historical mortgage interest rates to determine the average monthly mortgage payment for each year. This payment is plotted in red and measured on the right vertical axis. It is this red payment line that we use in the discussion of home affordability, and homes gain in affordability as the payment lowers, while the opposite is true when the payment rises.

When we adjust for inflation, we find that 2012 was the most affordable year for the average home in Tallahassee, with the average monthly mortgage payment just $427 dollars (that's 1991 dollars though). The opposite end of the spectrum was in 2006 when the average monthly mortgage payment was $823, again, adjusted to 1991 dollars.

So how affordable is today's average home? It's more affordable now than was the average home in 24 of the past 30 years! In fact, today's average home is more affordable than the average home in all of the 1990s decade!

Fortunately for buyers, interest rates are still low. The inflation-adjusted payments that these low rates produce are still lower than the majority of recent years, but as interest rates rise, so too will payments and we'll see home affordability erode.

The big takeaway from this graph is that when we adjust for inflation, we realize that today's home affordability is two things:

  1. Home affordability is excellent right now
  2. Home affordability is likely lower today than it will be for the rest of your life!

That's right, I think we hit the bottom for home affordability in 2012, and it will take a significant inflationary period for future dollars to come down to today's $507 monthly mortgage payment adjusted to 1991 dollars. There are too many factors working to erode home affordability, led by rising mortgage interest rates (see how this will be a generational shift in housing) and the rising cost of new construction. Homes will be getting more expensive, and so too will be the money used to finance home purchases. This double-whammy will take home affordability to a level that will make homeownership much tougher than I have seen during my career.

The Take Away From This Month's Market Report

We are in the midst of the strongest sellers' market I have ever seen, with demand far exceeding the existing supply of homes at all but the very top prices in the market. If you have a home to sell and market it correctly, you will get offers in the first days your home is available to be seen. Ensure your broker uses an omnichannel marketing plan with a prolonged pre-marketing period and you'll be able to choose from the multiple offers that you receive.

When mortgage interest rates rise, it will have an immediate and significant impact on demand if rates rise too quickly.

The luxury homes market could very well go dormant, as it has been super-hot over the past few years and has been the hottest in 2021. The top-end of the market is most susceptible to collapse due to rising mortgage interest rates, so high-end sellers need to "make hay while the sun is shining!).

So long as rates rise gradually, we'll see demand cool in the market, but not in an overly damaging way. The lowered demand will increase the relative supply of homes and hopefully slow the out-of-control appreciation of home values. I would expect to see this happen once the Fed gains confidence in the economy, but forecasting the future change of mortgage interest rates is highly speculative.

Today's real estate market conditions make it the best time I've seen in my 30 years selling homes in Tallahassee to sell a home within a predictable time frame. If you are wanting to move, do so now so that you can sell your current home fast and get into your new one financed at a very low mortgage interest rate!

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This real estate frequently asked question is from a recent home buyer. If you are about to buy a home in Tallahassee Florida or beyond and you’re trying to better understand how the real estate negotiation process will work, then understanding how to better control the negotiation is going to keep some of your hard-earned money in your pocket!
Real Estate Is Local - What This Means!
If you plan on buying a home, or selling a home, you’ll want to understand the local nature of real estate and use it to your advantage.
5 Ways To Handle The House In A Divorce
If there is one thing that I see divorcing couples doing wrong more often than not, it is the decision on how to handle the house where the couple has lived. While I am not a lawyer and I'm not dispensing legal advice, take it from somebody who has helped hundreds of divorcing couples, there is a right way (and FOUR wrong ways) to handle the house in a divorce. Tell your attorney that you want to do it right!
What Is A Swimming Pool Worth?
What Is A Swimming Pool Worth? Recently, a customer buying a home asked me a simple question. She inquired “how much does a pool add to the value of a home?” Pretty simple question, right? Well, by the end of this short video, you’ll know the not-so-simple answer (and why this is so important).
How Digital Has Changed How We Sell A Home Today
Time to sell a home? The digital age has had a huge impact on what homeowners must do to get top dollar when selling their home. In this video, Joe Manausa explains why and how things have changed, and then lays out the plan for what home sellers must do.
How To Subscribe To The Joe Manausa Real Estate Channel On YouTube
Have you subscribed to the Joe Manausa Real Estate Channel on YouTube? It's a "must" for people who are planning to sell or buy a home in the near future. Just click subscribe to get started, and the bell icon, so that you never miss anything!
How To Buy Your First Home - Step By Step
How To Buy Your First Home - Step By Step - The home buying process from start to finish. Walkthrough the entire homebuying process, great for first time homebuyers and anyone buying a home this year. This is Home Buying 101.
Get More Money For Your Home
In order to understand how to get more money from a house sale, one must learn about the neighborhood stalker.
Are Wages Keeping Up With Rising Home Prices
Home prices are rising. Mortgage interest rates are rising. Are people earning enough money to buy homes today, or is the home affordability crisis getting worse?
Do's And Don'ts During The Home Loan Process
During the home loan process, you'll want to avoid negatively impacting your loan pre-approval in any way
What Does A Realtor Earn?
In the aftermath of the landmark Burnett v. NAR case, the verdict has sparked a national conversation and a series of legal challenges that question the earnings and practices within the real estate industry.

Your Local Expert In Tallahassee

When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.

As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.

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Real Estate Agent reveals in Tallahassee, Florida

Think all REALTORS are alike?

Read what people are saying about working with Joe Manausa Real Estate! You can see thousands of real customer reviews reported on Google, Facebook and Zillow at this link: CLICK HERE FOR REAL ESTATE AGENT REVIEWS.

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