Prepare For A Flurry Of New Home Construction In Tallahassee
Here's the news local builders have been waiting to hear for more than ten years.
Tallahassee is going to see more new homes built in 2018 than in any year since 2006, and they will sell like hotcakes.
New Construction Homes For Sale
New Home Construction For Sale In Tallahassee
Supply & Demand Imbalance Begs For More Homes
Every month, we analyze the relationship between supply and demand for homes in all four quadrants of the Tallahassee real estate market. We post the reports HERE if you are interested.
We have been watching the glut of homes for sale in Tallahassee erode over the past few years, and now we find ourselves in a environment that is highly favorable to new home construction.
When you look at the graph below, you will see there are plenty of areas where supply is so low and demand is so high that builders are going to have a field day.
In the graph above, we look at the average number of listings each month (red bars) by price range and compare them with the annualized number of home sales (green bars). This comparison yields a relative supply (the average supply of homes RELATIVE to the demand for homes) that is shown in blue and measured on the right vertical axis.
Across the board, there is seller's market for homes under $450K and a buyer's market for homes over $500K. But this is "across the board."
If you want to know specifically how the market is balanced in your area, you have to check out our monthly supply and demand reports. You can also subscribe to the Tallahassee Real Estate Newsletter if you want great information on the market delivered each week to your email inbox.
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