Last month I posted a blog about supply and demand in the Tallahassee Real Estate Market. I decided to run a trend line for Single Family Inventory (SF), Condo/Townhome Inventory (CT), and then compare them with our sales trend of all similar properties. This is the newly updated release of that same chart.
The numbers on the left are for all the unit trends (every color but purple), while the numbers on the right are for the purple "months of supply."
This chart demonstrates that supply seems to have finally leveled off. One key ingredient in seeing the market turn is to see inventories falling, and though they are not yet falling, it is nice to see the trend at least flatten out. Demand is still falling, but it is still at a very good level (similar to what we saw in near the end of 2004 at the beginning of the boom market).
I believe that with all the media hype about the real estate market, it has aided in slowing down buyers who were on the fence about moving. I expect that when March rolls around, we'll start to see the kind of trends that allow us to start consuming the excess in inventories.
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Joe Manausa, MBA, CRB, CRS | Broker / Owner | Century 21 First Realty
2365 Centerville Road | Tallahassee, Florida 32308 | 850-386-2001 | http://www.manausa.com/