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Good News From Pending Home Sales Report In Tallahassee

May. 1, 2012

The National Association of REALTORS® just released the new Pending Home Sales report for the US, and overall it appears as if the market showed some signs of strength.

In Tallahassee, pending home sales (new contracts submitted to the Tallahassee MLS) grew 4% from February to March, and just under 1% growth year over year (March 2012 compared with March 2011). While this tiny growth not seem like much, it sure beats the falling numbers that occurred in three out of the four previous months.

Tallahassee Pending Home Sales Graph

The real estate graph below shows pending home sales recorded as a daily tracking of the one-year trend. By recording pending home sales in this fashion, we eliminate the real estate seasonality that occurs during different times of the year. Thus any movement in the graph reflects a subtle change in the market.

Pending Home Sales Tallahassee

As the yellow arrow highlights, we have been bumping along a real estate market bottom defined as a daily average of 4 to 4.25 new contracts per day since November 2010. Had the government not interfered by implementing the Home Buyer Tax Credit, this trend likely would have begun one year earlier.

Year Over Year Pending Home Sales In Tallahassee

Our next real estate graph shows both the monthly changes as well as the year over year variances in pending home sales for the Tallahassee real estate market. As stated in the opening paragraph, the month of March brought an increase in both of these.

Tallahassee Pending Home Sales

The yellow bars show year over year changes to the pending home sales numbers in Tallahassee, and the reason for the poor closed home sales reports that we saw in the first quarter are clearly seen with the three consecutive declining months that lead us into 2012 starting in November.

We should expect 2nd quarter closed home sales to be similar to last year, and perhaps even stronger, depending how the month of April fairs.

If you are thinking about selling a home in Tallahassee, this is the time to do it. Values are dropping, but buyer activity is as strong as we have seen in the past few years. Take a lesson from the pending home sales report and get your home sold now.

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Tallahassee Housing News

Blog by Joe Manausa
Tallahassee, Florida

Information about the Tallahassee housing market and real estate discussion for everywhere.

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