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Tallahassee Residential Real Estate Sales - A Year to Year Comparison

The final numbers are in for the Tallahassee Real Estate Market. 2007 has been completed and we can move forward to 2008! So, how do you think our market was in 2007? Down, certainly. Dead, ... think again. Tallahassee Real Estate Market Overall, the Tallahassee (Leon County) residential real estate market was better than all the years prior to 2001 (with the exception of 1999). Leon County real estate sales were 4% better in 2007 than they were in 2000. I remember back in 2000, and we were thinking it was a fairly good, above-average market. This market correction was needed and is a normal part of the long-term real estate sales cycle. New construction sales (the residential category combines Single-Family homes, Condominiums, and Town Houses) had its fifth-best recorded year ever! With all the media stories preaching gloom and doom over the Tallahassee housing market, I think it is important to know the difference between a "crash" and a market correction. Finally, residential resales were hurt the worst. I believe this is because the professional Sellers (builders and investors) knew to cut their losses and get out, whereas the discretionary Sellers (families) did not have a strong enough motivation to sell their homes. The ones that absolutely had to sell their homes priced them accordingly and sold them, the ones that did not just flooded the market with inventory that was not needed. I will have more information regarding the 2007 Tallahassee Real Estate Market in my future blogs.  
  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. 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. You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.   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

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