Recently, somebody asked me how home sales in Northeast Tallahassee are holding up. I explained that this part of the Tallahassee real estate market accounted for roughly one half of the home sales (49% over the past twelve months) and was performing stronger than the other three quadrants of Leon County.
Just a reminder, you can subscribe to the Tallahassee Real Estate Newsletter (free) in the right sidebar of the Tallahassee Real Estate Blog. This monthly newsletter provides analysis of the housing market with charts and graphs to support the finding.
The best starting point when analyzing an area or subdivision in the Tallahassee housing market is to look at current supply and demand of homes.
Supply And Demand For Northeast Tallahassee Real Estate
The real estate chart above shows that the relative supply of homes for sale in Northeast Tallahassee is 11.5 months, which is good and bad. It’s good that supply has continued to fall, it’s good that supply is about 2 months lower than the average in the entire Tallahassee real estate market, but it is bad that Northeast Tallahassee home supply is nearly double the amount required for a balanced market (6 months of supply).
The over-supply of homes suggests that we will continue to see Northeast Tallahassee home prices continue to decline until supply and demand are balanced.
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