For those of you who have been regular readers of the Tallahassee Real Estate Blog for quite some time, you will know that we have been keeping an eye on distressed properties in Tallahassee, knowing that if too many hit the market, they will bring a whole new level of pricing pressures on otherwise "regular" home sellers.
As a matter of fact, we created a special web site to track Tallahassee foreclosures and lis pendens just to be prepared for this. Having received the newest housing data for the month of March (and not yet being able to perform my complete analysis), I wasn't overly surprised to see that March set the record for the most lis pendens filings on record.
Lis Pendens Filed In Tallahassee, Florida
As you can see from the real estate graph above, Tallahassee recorded over 180 lis pendens during the month of March. So, how does that compare with the past?
- Lis Pendens filed in March 2009 were up 110% from March 2008
- Lis Pendens filed in the 1st Qtr 2009 were up 63% over the 1st Qtr 2008
- The average number of lis pendens filed each month for the past year is 142
Lis Pendens Filings Are The First Step In The Foreclosure Process
While none of this comes as a big surprise, consider it a warning from the market if you are planning on selling a home in Tallahassee any time soon. If you are, make sure you hit the market correctly when you start, because if you do not, most likely your home will not sell and you will be compounding the problem by increasing the inventory.
It is important to note that our lis pendens data is for all property types, so it does include commercial property as well. The data is for Leon County, Florida only, so if your in one of our surrounding counties, I'm sorry that I cannot give you specifics on your county foreclosures.
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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.