Weekly Special | June 19, 2016

Year Over Year Home Sales Up 18%

Homebuyers continue to grow in number in the recovering Tallahassee real estate market.

In the graph above, we compare the number of existing homes sold each month to the number sold in the same month the year prior. This includes all non-new construction residential sales recorded in Leon County, Florida.

If current sales were stronger than the year prior, a vertical bar extends above the horizontal axis showing the gain (existing home sales were up 18.1% in May 2016 versus May 2015).

If current sales fell short of the amount posted the year prior, then a vertical bar extends below the horizontal axis showing the decline (August 2014 was the last month posting a decline).

Finally, the twelve month average is shown as a dark blue line, which currently reveals an average 18% gain for the past twelve months.

Clearly, Tallahassee is still in the throes of a housing market recovery as we have seen so few declining months in the past four years.

We have to look at a different metric in order to determine the likelihood of a continuing trend (total number of homes sold).

The fact is that Tallahassee is recording roughly the same number of home sales today as were posted in the late 1990s, yet our population has grown significantly. We expect “more people” to buy “more homes,” thus we remain optimistic for a continuing recovery.

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