Tallahassee Lis Pendens Filings August, 2008
They say that a picture is worth a thousand words, and if that is the case, today's blog is going to be about 1,200 words. I have produced a graph that shows the number of Tallahassee home sales each year, sorted by type and style, that clearly demonstrates the market correction in which we are still languishing. While it is no fun to see the Leon County real estate market down 50% from the top of the market, it is nice to know that this is a natural part of the real estate sales cycle and that we will see an opposite reaction in the future.
The real estate market is local in nature, yet most of the media reports tell us how the real estate market is doing nationally, or how it is doing in the state of Florida. While this blog typically focuses on the real estate market in Tallahassee, I do occasionally take a peek at the markets that surround Leon County. This blog is one of my monthly updates that is designed to recognize the impact on Leon County when one of the surrounding counties does something unique or extraordinary.
While most people who want to work in Tallahassee choose to live in Leon County, the four counties that comprise the Tallahassee real estate market also make for wonderful alternatives to living in Tallahassee.
So what is this graph of the real estate markets surrounding Tallahassee showing us?
As any of our long-term readers know, we update our Tallahassee Market Bulletin page about twice per week, showing the inventory movement in the Tallahassee real estate market. We have been looking closely at the 180 day trend on inventory flows to hopefully see it drop below the "zero" line and thus show that inventory is being reduced in Tallahassee. Well take a look at this...
All of our trend lines indicate a reduction of inventory. As we have discussed here in the past, WE WILL NOT SEE THE MARKET TURN until we see inventory being reduced. While this graph is a great sign, we have a long way to go. What we really are...!--more-->
Benjamin Franklin - In a letter to Jean-Baptiste Leroy, 1789
I received an email from a client of mine who had purchased a home in Tallahassee back in 2004. Like many citizens of Florida, he is disturbed about his rising property taxes. His message was
Joe, do you have any numbers on property appraisals in our area. Our assessed value went up last year according to our Trim statement. Having listened...!--more-->
Just a quick post for today as I'm preparing for a pounding for Tropical Storm (Hurricane?) Fay. The storm is supposed to hit us around 3:00 a.m. Eastern Time, so I'm getting this done just ahead of time in case we lose power.
I've just received the market data for the month of July and I'm still in the process of deciphering all of it. This quick little average price trend graph is rather interesting, especially if you own a home in one of the counties surrounding Leon County.
The key to determining how much a home is worth is being able to put yourself in the buyers' shoes and look at what their options are. If there is a scarcity of homes, you can press for a higher price for your home. If there is an abundance of homes for sale, you need to price yourself below your competition. So, what if you had a handy one-page report that would help you decide?
You Do! It's the Free Report on Inventory in the Tallahassee Real Estate Market. Download this free handy 1-page report that will tell you much about what is happening in our real estate market.
If you are curious about the supply and demand of homes in Tallahassee, across different areas and different price ranges, then you will...!--more-->