Home Sales Through November Compare Poorly With Previous Years
The Year To Date Home Sales Graph is one of my favorite views when trying to figure out how we are doing compared to previous years. It combines both single-family detached home sales with condominium and townhouse sales to show a year-to-date comparison with every year going back to 1991.
The residential market really should be viewed this way, as townhouse sales are encroaching on what historically was more of a single-family detached home market. This is primarily due to the increased cost of land as well as location to popular services such as medical, shopping, employment and dining.
Of course, what strikes me when I look at this graph is that we are recording the worst year on record for home sales in Tallahassee (on record means all recorded home sales going back to 1991).
I find great optimism in this graph because I understand the cyclical nature of the housing market, and that the high levels of sales five years ago have given way to our current recovery period.
Leon County is far more populated than it was in the early 1990s, so I am confident that as this recovery cycle ebbs, we will return to levels near 400 home sales per month again. Hopefully, we’ll see those numbers by 2012.