Weekly Special | June 24, 2017

Tallahassee Housing Market: Status Update

Back when the housing market collapsed in 2006, the Tallahassee Real Estate Newsletter grew to be nine pages long and was published on the third Monday of each month.

There was so much chaos and so many (negative) trends to track, I just could not effectively express the dire nature and fragility of our housing market with just one-page weekly.

Fortunately, times have changed.

Year To Date Home Sales The graph above was a favorite of mine during the “bad” years, as it showed just how far the market had dropped and demonstrated historical lows that were hard to comprehend.

The graph above shows the total number of homes sold in Tallahassee through May of each year, going back to 1991.

As you can see, this year is consistent with what was reported in 1994, 1996, 1999, 2001, and 2007 (meaning this is not an explosive year for home sales in Tallahassee).

One must understand that our population growth (nearly 50% more people in Tallahassee than in 1991) suggests a need for more housing, and that need is likely consistent with the relative need for housing that we have measured in the past (meaning the ratio of homes to apartments and the number of people per household likely has not changed much over the long haul).

For those readers who enjoyed our in-depth reports on the Tallahassee housing market, I have published a fairly comprehensive assessment on our blog site, you can read it here.

This issue went with a longer report on our blog: read the full blog post. The original one-page Weekly Special PDF is still available.