Tallahassee Real Estate Market - Inventory Moving?
Today's Tallahassee Real Estate Blog
This has to be a short one, as we have a lot going on in the office today. It is nice to see that plenty of people are still looking to buy a home in Tallahassee! And speaking of buying a home in the Tallahassee real estate market, it looks like people are doing just that. This new chart was created from the most current data from the Tallahassee Board of Realtors Multiple Listing Service. Of particular interest is the blue line and the green line. The blue line is the "pend trend" meaning the trend of new "under contract" homes. This began rising in September of last year and continues to do so. The green line represents the trend of the "consumed pendings" and historically hovers in the 70-80% range. This means that roughly 75% of contracts that are put under contract in the MLS actually make it to closing. When we see the number rise above that, we are either getting more efficient or the market is shrinking. Also, when we go above 100%, that means we are closing on more homes than we are putting under contract, meaning the market is definitely constricting. Above, the green line is a great sign, finally dropping below the 100% level. Once we see it settle in low 80's or high 70's, I will feel much better.
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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.
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I just saw on TV this morning that National Housing Resales are reported up 2.9%. They say this is the first increase in a long time. Does this indicate that Tallahassee should be rebounding as well?
DP - Glad to see that you saw that too. In the grand scheme of things, the simple answer is yes. We must realize, however, that real estate markets, while globally affected, are truly local in nature.
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