Relative Housing Inventory Drops In Tallahassee
Every month we take a look at housing inventory in Tallahassee in order to see whether or not the supply is growing or if the supply is shrinking. We have come to learn that there are two ways to look at home supplies in Tallahassee:
- Absolute Home Supply - This is the total number of homes for sale in Tallahassee
- Relative Home Supply - This is the number of months of supply of homes for sale in Tallahassee, as measured using the current rate of sales (demand).
I have just completed the August Home Supply Report which can be downloaded by clicking the picture on the right. This report is updated each month and the current version can always be downloaded from the Tallahassee Real Estate Market Reports Web Page.
This month we find some good news in both relative and absolute supplies, with both levels dropping for the first time in seven months! Relative supply dropped to 14.6 months of supply, the lowest level since March of this year. Absolute supply dropped to 2,536 homes, the lowest level recorded on our graph below.
Tallahassee Home Supply Dropping Again
In the real estate graph above, absolute supply (current active listings in the Tallahassee MLS) are measured in red, homes sold each month are measured in green, while the relative supply (months of supply of homes for sale in Tallahassee) is measured in blue.
Homes For Sale In Tallahassee
We can use a real estate graph to show the supply of homes for sale in Tallahassee by price range. While the graph is very busy, it can be useful for people who want to sell a Tallahassee home, as it shows how much competition is in each price range, as well as the current movement in that price range.
Relative Supply Of Homes For Sale In Tallahassee
We can also view another very busy real estate graph that shows relative supply of homes, by price range, that are currently on the market in Tallahassee. While the overall picture got a lot better last month, you can see that several price ranges continued to get worse. For example, if you own a home for sale for more than $500,000, you can see that this price range flew right off the chart and currently resides at 25.9 months of supply!
Lots Of Competition In Tallahassee Housing Market
The reason that we continually publish Tallahassee housing market reports in our blog and on our web site is to create awareness of just how tough the market is running right now. If you look on the graph above, you can see that the lowest measurement of "months of supply" starts at 8.0, yet we all know that a balance market is around 6.0.
So, home sellers in every single price range are facing a buyers' market. The key to succeeding in this market is to stay vigilant to market moves and to heed the advice of your real estate professional. One great way to stay on the leading edge of market movements is to subscribe to our Tallahassee Real Estate Newsletter, which you can do by clicking the graphical link below.
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Your Local Expert In Tallahassee
When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we'll give you the local information needed to ensure a successful, smooth transaction.
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