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Tallahassee Home Inventory Report February 2011

The following tables demonstrate housing supply and demand dynamics in the Tallahassee real estate market as of February 4, 2011. Each area of Tallahassee (Leon County, Florida) is summarized with homes for sale, homes that have sold over the past 12 months, and finally the relative supply of homes for sale (measured in “months of supply”).

Currently, there are just under 12 months of supply of homes on the market in Tallahassee. This will continue to put pressure on home prices until we see market inventories stabilize at the 6 months of supply level. If you would like to receive a free monthly market update, just subscribe to the Tallahassee Real Estate Newsletter and it will be delivered to your email inbox each month.

Leon County (All Areas)

Leon County (All) For SaleSoldMonths of Supply
PRICE RANGE
All Area Totals
All New Resale
2238 109 2129
All New Resale
2289 199 2090
All New Resale
11.7 6.6 12.2
Northeast Leon County For SaleSoldMonths of Supply
PRICE RANGE
$0 - $75,000
$75,000 - $100,000
$100,000 - $125,000
$125,000 - $150,000
$150,000 - $200,000
$200,000 - $250,000
$250,000 - $300,000
$300,000 - $500,000
$500,000 - $750,000
$750,000 +
Totals
All New Resale
11 0 11
28 0 28
70 0 70
95 0 95
216 4 212
157 14 143
119 7 112
175 13 162
51 0 51
37 1 36
959 39 920
All New Resale
19 0 19
60 0 60
73 0 73
83 0 83
295 8 287
207 26 181
157 18 139
194 11 183
33 1 32
8 1 7
1129 65 1064
All New Resale
6.9 No Sales 6.9
5.6 No Sales 5.6
11.5 No Sales 11.5
13.7 No Sales 13.7
8.8 6.0 8.9
9.1 6.5 9.5
9.1 4.7 9.7
10.8 14.2 10.6
18.5 0.0 19.1
55.5 12.0 61.7
10.2 7.2 10.4
Northwest Leon County For SaleSoldMonths of Supply
PRICE RANGE
$0 - $75,000
$75,000 - $100,000
$100,000 - $125,000
$125,000 - $150,000
$150,000 - $200,000
$200,000 - $250,000
$250,000 - $300,000
$300,000 - $500,000
$500,000 - $750,000
$750,000 +
Totals
All New Resale
99 0 99
155 0 155
113 0 113
104 4 100
118 15 103
46 4 42
23 20 21
17 5 12
3 1 2
4 0 4
682 31 651
All New Resale
119 0 119
128 1 127
102 3 99
88 5 83
129 30 99
19 4 15
13 1 12
12 1 11
3 0 3
0 0 0
613 45 568
All New Resale
10.0 No Sales 10.0
14.5 0.0 14.6
13.3 0.0 13.7
14.2 9.6 14.5
11.0 6.0 12.5
29.1 12.0 33.6
21.2 24.0 21.0
17.0 60.0 13.1
12.0 No Sales 8.0
No Sales No Sales No Sales
13.4 8.3 13.8
Southeast Leon County For SaleSoldMonths of Supply
PRICE RANGE
$0 - $75,000
$75,000 - $100,000
$100,000 - $125,000
$125,000 - $150,000
$150,000 - $200,000
$200,000 - $250,000
$250,000 - $300,000
$300,000 - $500,000
$500,000 - $750,000
$750,000 +
Totals
All New Resale
56 0 56
48 1 47
47 1 46
50 10 40
57 4 53
26 1 25
25 7 18
24 1 23
7 1 6
4 0 4
344 26 318
All New Resale
62 0 62
26 1 25
52 0 52
77 13 64
77 26 51
43 19 24
25 7 18
25 4 21
7 1 6
2 0 2
396 71 325
All New Resale
10.8 No Sales 10.8
22.2 12.0 22.6
10.8 No Sales 10.6
7.8 9.2 7.5
8.9 1.8 12.5
7.3 0.6 12.5
12.0 12.0 12.0
11.5 3.0 13.1
12.0 12.0 12.0
24.0 No Sales 24.0
10.4 4.4 11.7
Southwest Leon County For SaleSoldMonths of Supply
PRICE RANGE
$0 - $75,000
$75,000 - $100,000
$100,000 - $125,000
$125,000 - $150,000
$150,000 - $200,000
$200,000 - $250,000
$250,000 - $300,000
$300,000 - $500,000
$500,000 - $750,000
$750,000 +
Totals
All New Resale
81 0 81
52 3 49
54 4 50
25 6 19
10 0 10
4 0 4
14 0 14
10 0 10
1 0 1
2 0 2
253 13 240
All New Resale
60 0 55
32 1 30
25 3 24
12 4 9
16 8 8
4 2 2
0 0 1
2 0 2
0 0 0
0 0 0
151 18 133
All New Resale
16.2 No Sales 16.2
19.5 36.0 19.0
25.9 16.0 27.3
25.0 18.0 28.5
7.5 0.0 15.0
12.0 0.0 24.0
No Sales No Sales No Sales
60.0 No Sales 60.0
No Sales No Sales No Sales
No Sales No Sales No Sales
20.1 8.7 21.7

* Residential Properties including single family detached homes, condos, and townhouses ** Source: Tallahassee Board of REALTORS® Multiple Listing Service (Tallahassee MLS) *** Download a copy of this in .pdf format: Tallahassee Home Inventory Report February 2011

Discussion

#1 By Joe Manausa, MBA at 7/11/2017 3:44 AM

Hey Masoud, great question... I think it is a sign that builders are "getting it." They have slowed production because they know that the market has too many homes for our current rate of demand. Unfortunately, it does not mean that more new homes are needed, as the existing homes in the same price range are nearly 10 months of supply and overall, that price point still has more than 9 months of supply. I do not believe that new construction operates "on its own," rather it is part of the overall supply.

As values continue to decline, some of the homes in the next higher price range (10.8 months of supply) will be reduced to compete in this price range. These price reductions will bring in all the new supply that this price range needs for the next few years (I know...not what you want to hear :( ).

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