Updated Home Inventory Report Available
The new Leon County Home Inventory Report is completed and has been posted at The Market Bulletin. Just as we have experienced over the past several months, this month brings more growth in the relative supply of homes in the Tallahassee real estate market.
The Leon County Home Inventory Report measures the current months of supply of homes for sale in Tallahassee by measuring the number of homes currently on the market and then by dividing them by the total number of sales over the previous twelve months. This results in what we refer to as the relative supply of homes for sale in Tallahassee.
Each quadrant of Leon County is represented individually in the report, showing new home supply, existing home supply, and over home supply in the Tallahassee housing market. The information is pulled from the Tallahassee MLS each month, allowing for close monitoring of the changing supply and demand dynamic in the Tallahassee real estate market. The changes this month show one area improving, the others not.
Northeast Tallahassee Continues Home Inventory Growth
Forty seven percent (47%) of the Tallahassee home sales in the past twelve months came from the Northeast quadrant of Leon County. With this portion of the Tallahassee housing market being so dominant, we can often just look here to see how the entire market is doing. Just as the entire market saw inventories increase by .3 months (about 10 days worth of supply growth), so did the Northeast.
Northwest Tallahassee Continues Home Inventory Growth
Much like the Northeast, Northwest Tallahassee saw inventory grow by about 10 days during the month of June. Hardest hit was the $250K-$300K price range, where relative supply grew by 11.1 months. All price ranges in the Northwest combined bring this part of the Tallahassee housing market to nearly 18 months of supply, meaning that if no other homes are placed for sale in the Northwest, we have enough currently for sale to handle current demand for 18 months! This is way too high.
Southeast Tallahassee Reports Home Inventory Reduction
The Southeast quadrant of the Tallahassee housing market performed the best in June, reducing its overall supply of homes by .2 months (about 6 days worth). The supply of homes in Southeast Tallahassee is still too high, but hopefully we can see this trend continue until the market balances at 6.0 months of supply.
Southwest Tallahassee Continues Home Inventory Growth
The Southwest section of the Tallahassee real estate market showed the worst performance in June, with relative home inventories rising 2.1 months across the board. Worst hit was the median home price range of $150K-$200K, with a growth exceeding a year (14.3 months). The entire quadrant now has over two years supply of homes and needs the rest of the Tallahassee real estate market to heal and to help pull it along.
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