Weekly Special | November 4, 2017

Why The Tallahassee Market Is Cooling Off

Year over year home sales in Tallahassee remain higher than last year, but the market is clearing cooling off.

YoY performance is frequently used by real estate experts seeking to gauge whether a market’s sales performance is improving or worsening.

The graph above compares monthly home sales with the corresponding month of the previous year. When the current month reports more sales, it is plotted as a green column above the zero axis. The opposite is true for declining months and is colored red.

Through October, there were five months where gains were reported and five months where losses occurred.

Currently, the market is up 2.7% through October versus the same time period last year, however, three of the past four months have seen declines when compared to the same months in 2016.

Supply or Demand?

Based upon what we are seeing in our office, it appears the decline relates more to the supply side (not enough inventory) than it does to the demand side (buyers are here, waiting for more inventory).

Look to see new construction attempt to fill this void in 2018 and beyond.

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.