I like to keep the Tallahassee Real Estate Blog focused primarily on the housing market in Tallahassee. Often times however, I will look at other aspects of the real estate industry and even different elements of the Tallahassee real estate market (such as population trends or land sales). Today, I’d like to take a look at what our neighboring counties are doing.
My first stop is to go to the Tallahassee MLS and pull an “All Areas Housing Report,” which will show us the supply and demand dynamics in the entire MLS. We have been seeing relative home supplies rise for nearly 4 years, even as real home supplies have been dropping over the past 14 months.
Tallahassee Area Home Inventories Finally Dropping
The real estate graph above is for all the counties that make up the Tallahassee MLS (including Leon, Wakulla, Gadsden, Jefferson, Franklin, and “other” counties). Since we just reported housing supply and demand in Leon County, we can see that the surrounding counties must be faring worse than Leon County.
In the real estate graph above, the real supply of homes (red line) has been dropping for 14 months, but unfortunately so has buyer activity (green line) which has been dropping since 2005. The purple line is the resulting relative supply (months supply of homes).
The relative supply of homes dropped each of the past two months, hopefully this will be the start of a long-term trend. Unfortunately, at nearly 21 months of supply, we are far from the balanced 6 months of supply that the market really needs. With the entire market doing worse than Leon County, we can conclude that our surrounding counties are having a tougher time in this market than we are in Tallahassee.
The next few real estate graphs show average real estate prices in each of our surrounding counties.