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 Sale | Sold | Months 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 Sale | Sold | Months 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 Sale | Sold | Months 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 Sale | Sold | Months 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 Sale | Sold | Months 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
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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