Housing Market Overview May 31, 2010
When conducting a simple housing market overview, we like to look at the "big 4" trend lines to determine what is happening in the Tallahassee real estate market. Of course, by the "big 4," we mean daily new sales, daily new pendings, daily new failures, and daily new listings.
In the real estate graph above, the blue line shows that the one-year trend on new listings has flattened out around 15, which is still significantly lower than the 21 new listings per day the market was seeing at the end of 2008.
The daily new failures trend (red line) continues to drop as well, down to 10 per month. In a simple observation, we can say that 15 new listings per day (with 10 failing to sell) means that roughly 1 in 3 listings are selling at today's current rate of sales. Of course, there is a more accurate way to measure this and we do so from time to time at this site.
The daily new sales (green line) continues to rise, but it appears that the daily new pending home sales is dropping for the first time since August of last year. We will have to keep a close eye on the pending home sales trend to see if the end of the Tax Credit is going to slow the momentum that the market had gained.