33 Months Of Declines In Tallahassee Home Sales

The new data has arrived for the month of March and it appears that we have posted our 33rd consecutive month of declining home sales (when measured year over year). What this means is the March of 2009 was worse than March 2008 (and February 2009 was worse than February 2008, etc.) going all the way back to June 2006.

March sales dropped 21% compared to March of last year, and year-to-date home sales in Tallahassee have fallen 35% when compared to the first quarter of last year. I'm hoping that we are rapidly approaching the bottom of this housing market, as the current rate of sales is far lower than I ever would have believed possible.

Tallahassee Home Sales Graph (Year Over Year)

tallahassee-year-over-year-home-sales-report

The rest of the country has started to see year-over-year improvements, so I suspect we are not far behind. When I started showing this report a few months ago, I predicted we would definitely see the streak of declining reports come to an end this year. I even stated that March would be the earliest it could possibly happen.... But apparently that is not going to be the case.

Tallahassee Single Family Home Sales Down 35% In 1st Quarter

Here is a real estate graph that really shows how tough the first quarter home sales were in Tallahassee.

tallahassee-single-family-home-sales-through-march-2009

You can see that our report begins in 1991, thus showing that in 19 years of collected real estate market data, 2009 is the absolute worst. I believe our county is over 30% more populous now than in 1991, so if you factor in the relative size of the market, this report is stunning.

But it also demonstrates a normal (albeit extreme) market over-correction to the booming years of 2004 through 2006. Home sales in 2008 were at record lows by quite a margin, yet Tallahassee home sales this year are off 35% from the pace set in 2008. This rate of decline can only go to zero, right?

We will soon be hitting a point where pent-up buyer demand is going to start to show. Tallahassee short sales and Tallahassee foreclosures are going to be offering deals that will motivate buyers to get off the sideline and get back into the market. While pricing pressure on sellers will be brutal for the next few years, the market will be rebounding. The key right now is to entice buyers back into the market and to get back to reasonable sales rates in the Tallahassee real estate market.

subscribe-to-the-exclusive-tallahassee-real-estate-newsletter

Subscribe in a reader Subscribe by email

As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible. Additionally, if you would like to respond (leave a comment) to this article, you will need to “click through” to the blog site to post your feedback.

Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.

If you like this Article then please subscribe to my blog through a full RSS feed, or you can Subscribe by Email.You will be able to stay informed about the happenings in the Tallahassee Real Estate Market.
Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
View Joe Manausa's profile on LinkedIn

Please Do Us A Small Favor

We work very hard to produce daily content for our long-time readers and first-time visitors. We provide this information for free, hoping to earn your respect and trust and the right to one-day help you when selling or buying a home. Can we get your help spreading the word about our blog?

If you like the content, would you please like it or share it using the Facebook button at the beginning of the post? This simple action will be greatly appreciated! THANK YOU!

Please Like Us And Share On Facebook - Help us grow our brand!

Also like us on Facebook at https://www.facebook.com/joemanausarealestate/

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.

As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: Real Estate Agent Reviews Tallahassee.

The digital marketing guide for small businessesHave you heard about my new book "The Business of Getting Business?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can find The Business Of Getting Business by clicking on any of the trusted retailers below.

a drawing of a face a close up of a logo
a drawing of a person a close up of a logo

Real Estate Agent reveals in Tallahassee, Florida

Think all REALTORS are alike?

Read what people are saying about working with Joe Manausa Real Estate! You can see thousands of real customer reviews reported on Google, Facebook and Zillow at this link: CLICK HERE FOR REAL ESTATE AGENT REVIEWS.

Discussion

#1 By TLH Landlord at 7/11/2017 3:48 AM

As bad as the second graph it is, it seems there is still more room to go down. If you assume that the "correct" sell rate in the Tally market should have been 1,000 homes per year in the first quarter, then that means from 2002-2006, there were 1,500 homes more than normal that were sold. In 2007, the amount of homes sold was "about right" at about 1,000. The number of homes sold in 2008 and 2009 was about 1,200, a total of 800 less than the 2,000 that should have sold in a two year timeframe. While this is a big dropoff, it indicates that we are only about halfway through (800/1,500) the excess demand conditions experienced during the bubble.

Post a Comment

Have a Question or Want a Free Market Report?

Contact Us
Questions? We're Here to Help