I will begin posting weekly sales data next week. Since sales are usually reported in the MLS a day or two after they occur, the weekly transaction report that I post will always refer to the week prior (and be labeled accordingly).
Before we begin looking at weekly numbers, let's get some perspective on where we are historically. Over the last 10 years, sales of residential properties (houses, townhomes, condos, and mobile homes) have been as follows:
2000 - 3298 (63.4/wk)
2001 - 3720 (71.5/wk)
2002 - 3805 (73.2/wk)
2003 - 4383 (84.3/wk)
2004 - 4834 (92.9/wk)
2005 - 5580 (107.3/wk)
2006 - 5196 (99.9/wk)
2007 - 4298 (82.7/wk)
2008 - 2579 (49.6/wk)
2009 - 2456 (47.2/wk)
2010 - 1662 (YTD, or 2401 annualized, 46.2/wk)
Even though the last three year's numbers seem remarkably low, my research through the Florida Association of Realtors and conversations with older agents in town confirm that we are at a historically normal number of sales. That is to say, we are selling about the same number of homes today that we have sold under previously normal market conditions (i.e. balanced supply and demand). However, our current supply and demand picture is not balanced. What does that mean for Tallahassee housing?
Check back on Monday for an analysis of our local supply and demand, and recommendations for fixing the problem.
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