The Latest Trends In The Tallahassee MLS
The Tallahassee MLS contains a wealth of information that can yield a glimpse of the direction of the real estate market if you know where and how to look. With the help of Carol Palacios, the Tallahassee Real Estate Blog tracks key data over time in order to provide the analysis that you find here and in the Tallahassee Real Estate Newsletter (you can subscribe in the form at the right).
So what exactly is the Tallahassee MLS? A Multiple Listing Service (MLS) is a computer-based service that provides real estate professionals with detailed listings of most homes currently on the market. Much of the information can now be obtained by performing a Tallahassee Property Search right here on our site.
Tallahassee MLS Reports Show Housing Market Still Softening
With Carol's great help, we have been tracking daily information from the Tallahassee MLS since the beginning of 2008. This information is not the kind of data that one can pull doing historical record analysis, it must be pulled "live" and recorded in a separate file or it is lost forever.
The information that I find most helpful is all of our 1-Year Trend data streams. By looking at 365 day averages (1 Year Trend), we are able to remove seasonality as a reason for any movement in the data. So every day, our data advances by a day, but we look at the past 365 days to create another point of information.
Key 1 Year Housing Trends From The Tallahassee MLS
Now that our 1-Year Trend information has been gathered and is growing, we can see the following tendencies in the Tallahassee MLS since December of last year:
- The number of new listings taken daily has dropped 7.5%
- The number of new sales closing each day has dropped 21.4%
- The number of homes that go "off the market" as failures has risen 0.7%
- The number of homes going "under contract" has dropped 7.3%
- The number of homes coming "back on the market" after failing is up 79.5%
- The rate of reduction in our housing inventory has dropped 5.9%
So what does this all mean?
Tallahassee Continues To Seek The Bottom Of The Market
The Tallahassee MLS has shown us that things are still getting worse in the Tallahassee real estate market. The only good news in the information above is the new listings are slowing down, but there are so many homes that failed to sell in a previous listing period that are streaming back onto the market that the benefit seems to be neutralized.
As more and more of the "back on the market" home sellers start to get serious, we are going to see prices drop even faster than they have over the past 12 months. The serious sellers will price their homes to attract buyers, while the not-so-serious sellers will become this year's "failures."
Frustrated home owners who absolutely do not have to sell their homes should take them off the market to accelerate this process and to protect home values (somewhat). If you are a regular reader of the Tallahassee Real Estate Blog, you have seen this advice before. Pass it on to your friends and family members who are thinking about selling their home.
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