6 Month Decline Reported In The Year Over Year Home Sales Report
The numbers for April are in, and the Tallahassee housing market is reporting 6 straight months of declining home sales in the Year over Year Home Sales Report.
While most of the data we use for our real estate reports comes from the MLS in Tallahassee, we occasionally look to the bigger picture and use information on home sales reported to the Leon County Property Appraiser. This includes all of the MLS sales, as well as those sales that occurred without the use of a Realtor.
I point this out because Realtor reports (including the ones that I provide) that solely rely on information found in the Tallahassee MLS do not contain "all of the market," rather they use data from "some of the market." I like to observe total sales, from the entire market, when looking at the monthly Year over Year Home Sales Report. This way nothing goes unreported.
Year Over Year Home Sales Report
One of the clearest ways to explain current trends in the housing market is to compare closed home sales in Tallahassee from a current month to its counterpart the year prior. This removes any impact of seasonality in real estate, and lets us see the trend. The previous six months have reported the following dire numbers:
|Comparision Period||Sales Change|
|November 2011 vs. November 2010||-13%|
|December 2011 vs. December 2011||-19%|
|January 2012 vs. January 2011||-20%|
|February 2012 vs. February 2011||-16%|
|March 2012 vs. March 2011||-14%|
|April 2012 vs. April 2011||-3%|
Year Over Year Home Sales Report Graph
When we look at a longer period of time, we see that 9 out of the past 12 months have shown declines in the number of homes sold in Tallahassee. In fact, only 14 out of the past 70 months have we seen an improvement in the Year over Year Home Sales Report.
What This Means For Home Sellers
If you want to sell a home in Tallahassee, you must understand the competitive nature of the market. You might understand that the number of homes selling is still falling. And you might recognize that home values have been falling as well. But did you connect the dots to realize that the difference between what has sold and those that wanted to sell has become a backlog of people who are "waiting for next year?"
Think about it. Many people have thought "the market is too tough, I'll wait for next year." That thought has been prevalent over the past 5 years, so our backlog is many years worth of supply.
If you need to sell a home, sell it now. With values still dropping, you will get your best price and not have to compete with the others that will soon be streaming back into the market. If you are not sure how to "get there from here," just drop me a note and we can set a time to discuss your situation. As we have seen from the Year over Year Home Sales Report, waiting has only cost people money.