What Percent Of Homes Are Selling?
I decided to take a closer look at our daily real estate inventory analysis to see if I could find a trend that would make us smile a little in the Tallahassee real estate market, and I think I've found one that will excite even the loudest bear in the market.
Finding Out The Ratio Of Homes Selling
What if we tracked, over a long period of time, the daily number of homes sold in the real estate market and compared it with the number of homes coming onto the market. For example, if today 20 homes were listed "For Sale" in the MLS and 10 homes "Sold" today, we could say that for the very-very-very short-term, 50% of the homes sold. And if we tracked these figures over time, we could start to draw observations that would become increasingly more accurate as more time was evaluated. So that is what I did. We have been tracking daily inventory changes in the Tallahassee real estate market since the beginning of the year. I applied the above scenario to the data, and the following chart shows something very exciting..... This is the closest thing to "Great News" that we've seen since 2005. The trend for sales versus new inventory seems to be trending stronger. Unfortunately, with the data that we have compiled, 180 days (1/2 a year) is the long-term trend right now. I will feel much better when our long-term trend is one year or more.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
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Thanks Steve, I sure hope you are right.
L Blake: I appreciate your comments and feedback. I will try to do a follow-up to this that will answer your questions.
I think I can pull together #'s 1 and 2, but #3 is not possible without hiring a full-time research team. Too many ways for that data to be mis-calculated due to the structure of the MLS.
Thanks for all your hard work on the blogs and updates.
Re the blog that showed 37% long term/47% short term of homes were sold in Tallahassee, it would be great material for another blog to see:
1. how many of those sales were used homes
2. how many of those sales of used homes were SF detached
3. how long those houses were on the market
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