Weekly Special | April 7, 2017

Home Sales Rise In March

Home sales rose in March when compared to March of 2016, representing a turn-around from the slight decline reported in February.

Through March in 2017, the Tallahassee real estate market is almost exactly the same as last year when measuring the total number of homes sold and reported through the REALTORs Multiple Listing Service.

In the graph above, the horizontal axis represents “no change” when comparing a month to it’s corresponding month from the previous year. A green vertical bar measures positive change, while a red vertical bar measures negative change.

How Will Future Months Fare?

Overall, we are still very bullish on a growing housing market, as Tallahassee still lags behind the rest of the State (and the US) in the housing market recovery.

The biggest variable in the upcoming months will be inventory. Right now, 44% of the homes for sale in Tallahassee are already under contract, and the high demand price ranges (below $300,00) are not something that builders can replicate any longer.

Expect to see more construction of attached housing, as it will reduce effective land costs and allow builders to meet more of the growing demand.

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.