If you want to know the beginning of the next phase of the real estate market turn, just keep an eye on relative home supply in Tallahassee (as shown in graph).
The short term inventory trends in the Tallahassee housing market suggest the number of homes for sale in Tallahassee will start to grow again.
A distressed property search of the Tallahassee MLS (short sales, foreclosures, bank owned or relocation) shows that 22% of the active listings are in this category!
Tallahassee closed home sales are increasing every day, with considerable proof that the market bottom was reached in August of 2009.
If you think you can wait until next year to sell your home, is it because you think that real estate prices are rising and that more people are buying homes?
The current average real estate price trend still shows a steep decline and we are confident this must continue until the supply and demand imbalance is corrected.
By measuring the Home Sales Success rate, we are able to observe that over the past year, only 46% of the homes in Tallahassee that were listed actually sold.
Tallahassee Foreclosures Filings February 21, 2010: This is a list of properties that received a lis pendens filing in Tallahassee, for the week ending 2/21/2010.
Tallahassee pending home sales appear to be climbing up from the bottom found in mid July. It is exciting to see this growth after years of steady declines.
Unfortunately, Tallahassee home sales in January 2010 was the worst month on record (20 years worth of Tallahassee home sales information), but there are some positive signs to consider.
A balanced housing market, where homes sell in a reasonable amount of time while appreciating (or at least holding their value) occurs when relative home supply averages 6 months.
The number of Tallahassee condo and townhouse sales during January of 2010 ranked this year right in the middle of the pack compared to the past 20 years in Tallahassee.
The average price of a residential lot in Tallahassee has dropped below $70,000 and looks to continue dropping. Tallahassee lot sales have trended down to an incredible 30 sales per month.
Tallahassee foreclosures are finally starting to be acted upon by the banks. The policy used to be “wait and see,” now banks are moving forward to foreclosure sales.
Housing Reports that are current and accurate often times do not mirror the glossy propaganda that is spewed from the National Association of REALTORS® and the NAHB.
Tallahassee average home prices are similar to levels last seen in 2004.
After observing a huge increase in Tallahassee year over year home sales for the month of December, the market gave back a little and dropped just under 3% for the month of January 2010 versus January 2009.
Tallahassee Foreclosures Filings February 14, 2010: This is a list of properties that received a lis pendens filing in Tallahassee, for the week ending 2/14/2010.
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