Homes For Sale In Tallahassee Are Shifting
As I was updating this month's home inventory report showing the relative supply of homes for sale in Tallahassee, I was somewhat amazed to see that the currently housing supply was exactly the same as it was for August of 2010.
As the report shows, we currently have 12.5 months of supply of homes for sale in Tallahassee (relative supply), even though the real supply continues to decline.
Upon seeing the results of this report, I began to wonder if there were any major shifts in where this supply of homes for sale in Tallahassee was located, or if everything was pretty much the same as it was for last year. Not surprisingly, there have been some major changes in where our inventory of homes are located.
First, let's take a look at the current summary report of the supply of homes for sale in Tallahassee, then we can contrast it with the corresponding report from August 2010.
Current Supply Of Homes For Sale In Tallahassee
In the table below, we can see the relative supply of homes for sale in Tallahassee, broken-down by price range and area. As a reminder, most real estate professionals consider 5 to 6 months of supply to be a healthy level that promotes traditional real estate appreciation, while numbers higher than that range indicate a buyer's market, and lower numbers reveal a seller's market.
Overall, with 12.5 months of supply of homes for sale in Tallahassee, this continues to be a buyer's market. The Southwest continues to lag the rest of the area, but it appears the Northwest quadrant of the Tallahassee real estate market is finally shedding some inventory.
Shift In Supply Of Homes For Sale In Tallahassee
The next table shows the changes in supply for each area and price range since this same time last year. If supply has grown, the number is shown in black, whereas if the supply has fallen, it is shown in red.
The first thing that popped out to me was the contrast of East Versus West in this table. The NW dropped 3.6 months of supply and the SW dropped 5.7 months of supply. But the east side of the Tallahassee real estate market grew in relative inventory levels. The NE grew by 2.0 months and the SE grew by .5 months. Overall, there was no change, but there certainly has been a shift.
Another big statistic that stands out is the obvious liquidation of homes in the lowest price point in the SW. I believe this is a significant sign of investor activity, swooping in to grab the best of the short sales and foreclosures in the investment homes market. The relative supply of homes in the SW priced below $75K dropped 25.9 months!
Whether you are buying a home or selling a home, having and understanding this information will make you a smarter consumer. Take the time to download the monthly housing report (click the first image at the top of this post) and you can use it to determine the level of competition that you can expect to find in each area and price range among all of the homes for sale in Tallahassee.