I just received the Florida Sales Report for existing single family homes for the month of September. This is the first month in over a year that our number of sales of resale homes have exceeded the previous year's report. While it was only a 3% increase, it certainly is a good sign; however, we have a long way to go. Another encouraging sign was the Orlando Metro Area with a 51% increase over September 2007. This was expressed in the article in Realytimes that expressed the Orlando area real estate market was really hot. Hopefully this trend will move this way. The National and State-wide number of sales has been in a relatively steady decline for over a year and September was no exception. The Tallahassee Metro Area has a seasonal fluctuation and declined as well. I liken our real estate market to an ocean wave that starts building in January, peaks in the June-July period and then drops to an ebb for the remainder of the year. From what I see so far in the October period, sales will likely remain about the same as September. It really is a ripe time for the buyers. The asking prices are down considerably, the interest rates are low with lenders with plenty of money for home mortgages and there is a huge selection of inventory from which to choose. Sellers need to make sure they have their homes priced right to sell and in move-in condition. For Example, in the NE Leon County area, when priced right homes sold for 96% of the most recent listed price in the past two months. In the NE, as of 29 October for the month, there are 898 homes available, 41 with Contingent contracts, 30 Pending to be closed and 41 Closed. This gives us about a 18 month supply for the NE.
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Provide the Tallahassee Florida real estate community and public with analysis of current real estate market trends. Informative ideas for selling and buying homes, townhomes, condos and lots & land.