Fresh New Listings For Sale In Tallahassee
The following graph shows new listings to the Tallahassee real estate market during the months of January and February of each year.
Currently, we are seeing a sellers’ market for the majority of homes in our market area. The decline in fresh new listings is only going to makes things worse. We need more homes!
The COVID-19 Variable
I was recently asked about how I expect the housing market to fare after the pandemic has run its course and things return to “normal.” The customer asking was concerned about her ability to sell her home.
Like everybody else, I have no experience with worldwide pandemics and their impact on housing markets. Nevertheless, I believe applying what we’ve seen from past housing shocks combined with simple economics, the future should be straightforward.
I believe our market will still be under-supplied. If fewer people choose to buy a home, that means there will also be fewer sellers as many of our home sales come from people moving from within Tallahassee.
Before the pandemic, we were facing a historic sellers’ market, where the demand for homes far outweighed supply. I do not see the pandemic changing this. We will still be short of homes.