The month of January saw a continuation of the slower sales for homes in the Tallahassee real estate market. Unit sales were very low even for January, with sales plummeting 46% compared to last January and Tallahassee registering our 31st straight year-over-year drop (January 2009 vs. January 2008).
January is usually a very slow month for home sales in Tallahassee, as the holiday season in November and December keeps many away from buying (contracting to purchase) homes. Unfortunately, we might have seen a record this year. Nor were new contracts as robust as we were hoping, leading me to expect that February will also be a tough month for the Tallahassee housing market.
In order to give the reader perspective in “how much the market has dropped,” consider that we saw 293 home sales close in January compared to 636 homes sales closed in January of 2005. That is a drop of 54% in four years!
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