Weekly Special | July 8, 2019

Why I Am Bullish On The Housing Market

The number of homes selling in today’s Tallahassee real estate market appears to be very normal when looking at the past thirty years.

The graph above plots the number of home sales in Leon County through May of each year. The red bars show the number of single-family detached homes that have sold, while the blue bars, stacked on top of the red bars, show the number of condominiums and townhouses that have sold.

The blue dotted line has been placed at the level of this year’s total sales in order to make an easier visual of how past years have compared.

The first thing to note is the home sales have slowed down (about 3%) from last year. Additionally, based upon home sales through May, 2019 is the seventh-best year on record for our market. Not exactly a gold medal winner!

This year appears to be shaping up as a typical year for our market. We can see that 1994 home sales were very similar to today’s sales, yet Leon County is 43% bigger (population) than it was 25 years ago.

The fact that we have more people but are not selling more homes leads me to believe there remains a lot of upside in the Tallahassee real estate market. Short of a significant move in interest rates or a declining economy, I am very bullish on my home sales outlook.

The original one-page Weekly Special PDF is still available.