February Housing Report For Tallahassee Florida
If you have been looking for a current housing report for Tallahassee Florida, then you have found your destination.
While I strongly recommend you subscribe to the Tallahassee Real Estate Newsletter to be kept informed of the happenings in the Tallahassee Real Estate Market, this single article will give you a good idea of why home values will continue to decline in Tallahassee in 2012.
In order to provide what I consider to be the minimal housing report for Tallahassee Florida, it must include a look at real estate supply and demand, the current trend of newly written purchase agreements (real estate contracts), and a brief analysis of recent home sales in Tallahassee.
Current Housing Report For Tallahassee Florida
When we look at supply and demand in the Tallahassee real estate market, we see that both supply and demand have fallen from historically normal levels.
In the graph above, new listings (homes for sale in Tallahassee) have dropped from more than 20 per day in 2008, to our current level of less than 11 per day, so roughly 9 fewer listings are entering the market each day. But sales have dropped only 2 per day, from roughly 8 to 6 per day.
This means that there is a growing back-log of people who want to move, who are not trying to sell a home in Tallahassee right now. When we look at the real estate graph below, we can see that out of the list of homes that are failing to sell each day, 3 are choosing to not re-enter the market.
When we take a closer look at the closed home sales in the Tallahassee MLS, we can see that we are a mere 1/2 a sale per day above the market bottom, and the one-year trend of home sales in Tallahassee is on the decline! This makes for a negative housing report for Tallahassee Florida.
And just how do we see this graph moving in the near term?
Well, to answer this question, it is best to look at the Pending Home Sales Graph, which shows the one-year trend of new contracts that are recorded each day in the Tallahassee MLS.
New contracts remain at near-record lows, so we have to assume this first quarter of the year is shot (will be worse that 2011 when closing finalize in March). We will continue to monitor pending home sales as well as more than 100 other charts and graphs of the Tallahassee real estate market that comprise the housing report for Tallahassee Florida.
How To Get The Housing Report For Tallahassee Florida
I hope this simple summary has helped you understand the current housing report for Tallahassee Florida. I believe that informed homeowners and going to fare much better than those that have no idea of what is going on.
There are two ways that you can stay current. You can subscribe to this blog, and/or you can subscribe to the Tallahassee Real Estate Newsletter. Both will deliver FREE updates and make sure that you always have the most current housing report for Tallahassee Florida.
Post a Comment