Tallahassee housing market zooms higher in September | Joe Manausa
体育在线365Year over year home sales pushed sharply higher in September according to data retrieved from the Tallahassee Board of Realtors Multiple Listing Service (MLS).
体育在线365The 354 homes sold last month represented the strongest September in the past 13 years, a full 30% higher than September home sales in 2018.
The accompanying graph reports the number of homes sold from January through September of each year. Home sales include single-family detached homes, condominiums, and townhomes.
体育在线365With more sales expected to be reported over the next few weeks, it is likely that 2019 is actually leading 2018 and represents the fourth strongest year for home sales in Tallahassee. Currently, only three sales separate 2019 from 2018.
Shortage of homes for sale
A shortage of listings has actually slowed the market this year, as many areas and price ranges have far more buyers than sellers.
The table included shows the "relative supply of homes," which is merely the current supply of homes measured relative to the current demand for homes (measured in months of supply).
The table is broken down by price range and by zip code. Dark green results reveal a strong seller's market, while dark red reveals a buyer's market. For those that are light green to orange reveal a fairly balanced market.
We consider a market at equilibrium to maintain roughly 6.0 months of supply and it is in this state at which neither buyers nor sellers have an advantage in the market.
Tallahassee housing market conditions
Overall, all zip codes are in a seller's market, yet all zip codes contain price ranges that remain in a buyer's market. The key is to know which ones impact your sale and/or purchase.
体育在线365If you plan on selling a home or buying a home within the next year, make sure your real estate agent shows you the current breakdown of relative supply in your area and the price ranges that impact your home. It will help you better understand the market and guide you in negotiations when it comes time to move.
Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee. For more information, visit www.manausa.com.