Year Over Year Home Sales Show Continued Growth
A quick way to assess the strengthening (or weakening) of the Tallahassee real estate market is with a study of year over year home sales.
This is a similar analysis to the "same store sales" study that the retail industry uses to assess the performance of individual entities within organizations, and it establishes a basis from which to assess market share and overall market strength.
Today's report looks at year over year home sales through September 2015, and the information it provides is downright uplifting.
Year Over Year Home Sales Definition
The measure of year over year home sales is an important statistical metric that is used by the real estate industry to analyze the performance of a local housing market over a definite period, by comparing it with the past performance over an identical period.
We compare the total number of homes sold (monthly, quarterly or annual periods) to remove seasonal fluctuations and geographical variations, with the number of homes sold during the same period in the previous year. The metric is used to analyze and determine the reasons for increase or decrease in sales volume over the identical periods.
A positive change in year over year home sales (green bars) indicates a gain in the market due to increased consumption or an increase in number of homebuyers. A negative value (red bars) implies decreasing sales due to changes in consumption or significantly reduced inventory. In other words, green is growing and red is reducing.
What The Year Over Year Home Sales Graph Reveals
The graph above shows just how significantly the market declined from 2006 to 2009 and how consistently it has been gaining over the past three years (only 4 of the past 38 months have declined in year over year home sales).
This means our housing market is making gains nearly every single month. There are more homebuyers making purchasing decisions and recent trends suggest that Tallahassee's real estate market will continue to strengthen.
Selling Your Tallahassee Home
It has been tough trying to sell a home from 2006 through 2013, as the number of buyers had declined greatly, as had home values.
But home values are rising for much of the Tallahassee real estate market, and now is the best time in the past 8 years to sell a home. If you are thinking about moving and want to know what you'll be dealing with. in terms of the value of your home and the number of buyers that exist for it, simply contact me here and we'll be in touch right away to give you all the answers to your questions.