July Housing Reports Less Sour
The data is in for the July housing reports in the Tallahassee real estate market. Even though I am still in New York City, I am able to download the data and I brought my spreadsheets with me. Of course, the first thing that I did after I recorded the data for the month of July was look to the Year over Year Housing Report to see how we did.
Year Over Year Home Sales Decline For Record 37th Consecutive Month
Every month I look to this real estate graph with the hope that we will see the next step in the turn of the housing market in Tallahassee. When we look at the history of home sales in Tallahassee, we cannot find a time when more than nine months in succession were recorded with the same trend. We see runs of nine months in a row positive, and we see some runs of nine months in a row negative, so it absolutely blows my mind that we are in a run of 37 months in a row to the negative.
Perhaps we can get something positive from this as we see that the past two months are showing a reduced rate of decline. If the government were to report this, they would call this "positive" for the housing market. I see it as less negative. To put it in perspective, this real estate graph is telling us this:
- July 2009 reported 9.7% fewer home sales in Tallahassee than July 2008
- July 2008 reported 32.4% fewer home sales in Tallahassee than July 2007
- July 2007 reported 19.7% fewer home sales in Tallahassee than July 2006
- July 2006 reported 9.3% fewer home sales in Tallahassee than July 2005
Single Family Home Sales Continue Decline In Tallahassee
Another graph that really puts some historical perspective on the severity of the decline of home sales Tallahassee is the Single Family Home Sales Trend Graph. In 1991, we averaged over 300 home sales per month, and I never thought we would cross back below this level. I thought it was the "floor" for home sales in Tallahassee.
We have crossed over the 300 and we are now approaching the 200 home sales per month level, a number so low it is staggering. I am hoping that this means we are building some "pent up demand" so as the market recovers, there will be plenty of families ready to move.
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.