Tallahassee’s housing inventory parallels with sagging statewide trends.
The city has more than 11 months of housing inventory, according to the Tallahassee Board Realtors Multiple Listing Service.
The latest data released by Florida Realtors indicates that the state’s home sales have improved.
Last month, the number of homes sold increased by roughly 10 percent with 15,036 homes sold statewide compared to 13,723 homes sold the same time last year.
In Leon County 175 homes were sold in the month of September, making a total of 1,731 homes to be sold since January, according to a spreadsheet available on the Tallahassee Board of Realtors’ website.
There are currently 2,052 active listings in Leon County, with a decrease of 110 since last year.
Tallahassee Realtor Angie Avery said the city is still in a state of oversupply.
Avery said the average sale price is 180,000 for residential homes. Prior to that, it was $194,000, with a decrease of about seven percent.”
In comparison to other Florida housing markets, Casey Lauer of Lauer Real Estate Group said the reason Tallahassee has an 11-month housing inventory is because of supply and demand.
According to Lauer, an oversupplied market indicates a low occupancy rate. When a market is oversupplied, a drop in selling prices usually follows. “Now is the best time to buy,” said Casey. “There are some incredible deals out there.”
Fifteen of Florida’s metropolitan statistical areas reported higher existing home sales in September.
The number of existing homes sales is an indicator of the number and prices of existing single-family homes, co-ops and condo sales. It also weighs in on the level of demand in the real-estate market, according to the National Association of Realtors.
Tallahassee had a 29 percent change in realtor-closed transactions in September 2011, compared to September 2010, according to Florida Realtors and the University of Florida Bergstrom Center for Real Estate Studies.