Are You Curious - What Percent Of Homes Are Selling Each Month?
It seems that some homes get listed and sold right away, yet others linger on the market for years.
As part of my routine tracking for the monthly Tallahassee Housing Report, I maintain a database that allows me to compare present periods with corresponding time frames in the past.
The real estate graph below shows what percent of homes are selling each month, going back to the beginning of 2008. We have not seen the normal 17-20% level since well before this graph begins, and we are actually threatening a new market low.
Graph Shows What Percent Of Homes Are Selling Each Month
The blue bars show the the number of listings on the market each month, while the red line shows what percent of homes are selling each month.
For Tallahassee to return to normal, we need to observe the red line staying within the yellow shaded area, which means that 17% to 20% of the homes on the market are selling each month.
We have all heard that the supply of homes on the market is falling, but this graph shows that it's overall impact is not being felt thus far. Currently, we have more than 11 months supply of homes for sale in Tallahassee, and that is why we only saw 9% of the real estate inventory sell in the month of April.
These numbers might be a bit confusing, so here is how it boils down at street level.
Understanding What Percent Of Homes Are Selling Each Month
Let's say you live in Southwood (or Golden Eagle Plantation or Killearn Estates, etc.) and you decide to put your home on the market. As you drive down the street you see that there are ten other homes for sale in Southwood.
This month, only one out those ten (plus yourself) will sell. How does that make you feel about getting your home sold? If you are not super motivated to move, you probably won't be the "one" anytime soon.
Many people have felt these daunting odds and have chosen to move their house off of the market and join the forgotten real estate inventory until a later date.
If you would like to discuss your personal situation and compare it with what percent of homes are selling each month, just drop me a note and we can schedule a time to help you determine your best course of action.