Tallahassee Area Housing Report February 19, 2010
While our market reports focus on the Tallahassee real estate market (and specifically Leon County), we occasionally take a look at how the entire surrounding area is doing. The best overview to demonstrate the current direction of the surrounding areas is a report that evaluates the supply and demand dynamics in the local housing market.
The following real estate graph includes information extracted from the Tallahassee Board of REALTORS® Multiple Listing Service (Tallahassee MLS) for the following counties:
- Franklin County Florida
- Gadsden County Florida
- Jefferson County Florida
- Leon County Florida
- Wakulla County Florida
- Other (a few random sales and listings in counties outside of those listed above)
The housing report graph shows that both real and relative home supply have fallen to roughly 18 months of supply, which is entirely too high. A balanced 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.