If you are truly interested in keeping tabs on your local housing market, there are some key trends I would recommend that you add to your daily observances. By viewing these on a regular basis, you’ll know what is happening before anybody else.
While the graph above is a one-year trend (365 day average) report for the Tallahassee real estate market, the same information can be found for most other markets that are tracked by a local Multiple Listing System (MLS). Here is a summary of what it shows:
- Back On Market – These are homes that were under contract but have come back onto the market for sale.
- Failed To Sell – These are homes that came off the market without selling. Note the current trend is 75% of all homes listed for sale are failing!
- Sold – This number has been dropping for quite some time, but appears to have leveled off at 35% (yes 75+35>100%….more homes leaving the market than coming on the market). Not great odds if you need to sell a home in Tallahassee.
- Inventory Change – The good news in this chart is that home supply is down nearly 800 homes in Tallahassee since this time last year. We won’t see a turn until inventory levels reach a balance between supply and demand.
For more charts, graphs and analysis of the Tallahassee real estate market, please visit The Market Bulletin on the Tallahassee Real Estate Web Site.
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