Lately, we have identified the fact that it appears that we’ve reached the bottom of the housing market and in fact, we are seeing signs of increased home buyer activity. Yesterday’s blog included real estate graphs that showed a rise in closed home sales as well as an increase in the new pending contracts., so I received a few comments and feedback from our regular readers.
One such comment/question about real estate in Tallahassee, Florida came from “Buddy” who wrote:
Joe…. Many of the Real Estate agents I talk to are experiencing an up-tic in activity, but most of them say it is in the $400K and below market on housing, and little or no activity in finished lot sales. I wonder if the data stream you are looking at can shed any light on the higher priced ranges for house sales, and has the lot sale market shown any improvement?
As always I look forward to your insightful analysis.
In order to answer Buddy’s question, I went the Leon County Tax Assessors database of residential sales in Tallahassee. This includes single family detached homes, condos, and townhouses. In order to clarify market activity, I have created a real estate graph for existing home sales and then separately I have created one for new home sales. The results are somewhat surprising.