In yesterday’s blog about the Tallahassee real estate market, we published our numerical report on how each area of Leon County was doing. This report is particularly useful to Tallahassee real estate agents in helping to determine the competition for somebody wanting to sell a home in Tallahassee.
One of the first bits of feedback we received was “how do I use this” and “can you make this into a graph,” so we decided to use this opportunity to do both. Today’s Tallahassee Real Estate Blog will use the Northeast Quadrant of the Tallahassee real estate market to explain how to use this report. If you would like to download the free Tallahassee Real Estate Market Report so that you can use it as we go along, just click the link and print the form.
The picture below represents the Northeast Section of Leon County. The price ranges are featured on the left, and then 9 columns with data fall to the right of each price range. Those 9 columns are actually three sets of three columns. The first set of three are homes for sale in Northeast Tallahassee (All, New Construction, Resales), the second set of three columns are homes that sold in Northeast Tallahassee in the past twelve months, and the final column displays the amount of homes for sale in Northeast Tallahassee (measured in ‘months’ of supply).
So, to use this information, let us assume you want to sell a home in Northeast Tallahassee worth somewhere between $200,000 and $250,000 (see the red circles in the picture above). This report tells you that you have 205 competitors, of which 168 are resales just like yours. We can see that there is 5.9 months of supply of homes in your price range. 385 homes sold in this price range last year, so the current trend is about 32 homes per month are selling. I would make sure that this home was positioned as one of the best 32 in this price range in order to accomplish a quicker sale.
Finally, we were asked to turn our numbers into a “Picture.” The graph below makes the numbers come alive. The red bars are homes that sold in Northeast Tallahassee over the past twelve months, while the blue bars are the current homes for sale in Northeast Tallahassee. The yellow bars are months of supply. The $200,000 – $250,000 price range looks the way we like to see a healthy, balanced market. As prices go higher, the over-supply of homes becomes more apparent.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of CENTURY 21 Manausa and Associates. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.