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State of the House Property Market in Tallahassee. Being the capital of Florida, Tallahassee ranks 133 among the largest cities with a population of one hundred and seventy one thousand, nine hundred and ninety two residents according to a 2008 census. Its real estate has home for everyone. The homes available suite specific taste and budgets and are located in various areas of the city. Currently, the lowest price for a home property is about 60000 dollars while the high-end property would be around 5000000 dollars. Homes with prices of sixty thousand dollars, available space is usually less than one thousand square feet floor space The monthly charges for such a home property is about 269. A home property of five million dollars is more posh and luxurious. It contains about five bedrooms and over ten baths. Enough of space of up to 10000 square feet is available for high-end homes. A five million home property also contains a guest house that is two and a half times the size of the first home. Expensive luxury homes also provide space for a golf course Twenty thousand dollars are paid as monthly fee for a five million dollar home property These two types of homes are the at the extreme price ranges and in between there are suitable prices depending on the ability to buy. Currently, houses for sale in Tallahassee are declining. On the short term this would be a good thing but not good for the long term. Availability of homes in Tallahassee can be looked in a number of ways. Tallahassee homes are listed in the multiple listing services (MSL) and that becomes one of the ways to determine home availability in the city. In the MLS, owners collaborate with brokers in selling the house property. Real estate listings for the home property have been on the decline.
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By looking at the actual number of houses sold in a particular month, the supply of houses could be determined. This method would determine whether the number is increasing or decreasing. Through comparing MLS listings and the demand, it is possible to determine the relative supply of houses in Tallahassee. When there are many months of supply of homes, the prices of homes go down. In a balanced market, the ideal would be to have a six month or less of relative supply for the home property. A Six-month relative supply creates stability in house prices..
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In the last quarter of 2011, home property market in Tallahassee had a relative supply of ten months. The housing market was therefore not very good. A year earlier in 2010, the relative supply was about 12 months. A decreased supply later occurred as a result of increased demand.The actual and relative supply, however, are grounded on MLS listings. Another important factor in the housing market is shadow inventory. The shadow inventory is the record of all the houses that are up for sale.