Tallahassee Weekly Lis Pendens Filings January 31, 2009
Often times we get letters (email) from readers asking if anybody is doing detailed real estate analysis on the counties surrounding Leon County (Gadsden County, Wakulla County and Jefferson County). Just recently we received the following from a reader in Wakulla County:
I live in Wakulla and am very interested in the Wakulla market as an active chamber member and serve on a infrastructure committee. Do you have any statistics that just deal with Wakulla that are as comprehensive...
The Florida Association Of Realtors released reports this week showing the Florida condominium market is still struggling. The end of year numbers for condos (download the Florida Condo Sales Report) showed a statewide drop of 10% in condo unit sales and a 20% drop in median condo sales prices.
Seeing this report made me wonder how our Tallahassee condos sale has done. For the purpose of study, I've lumped...
There is plenty of news in the national media about foreclosures. From everything that I have read, I suspect for every 100 foreclosures that have and will hit the real estate market during our current housing crisis, we have only seen 2 or 3. The bulk of the foreclosures have yet to hit the market.
The Tallahassee housing market is not impervious to the foreclosure epidemic that is sweeping the nation. We have been posting the monthly foreclosure updates on the Tallahassee Real Estate Web Site in order to keep an eye for trends. After doing so for a year, there are some early foreclosure trends appearing in Tallahassee.
We like to track as much of the Tallahassee residential real estate market as we can at the Tallahassee Real Estate Blog. We know that vigilance in our observance will generate insight that will guide us in the future movement of the housing market in Tallahassee.
As we were preparing our monthly real estate graphs (for the month of December 2008), one statistic really jumped out from all of the others. If you weren't paying very close attention yesterday, you might have missed it. Did you catch it?
The month of December saw a continuation of the slower sales for homes in the Tallahassee real estate market. Unit sales were very low for December, thus registering our 30th straight year-over-year drop (December 2008 vs. December 2007).
December is usually an average month because there are many buyers who want to get in their homes before the end of the year in order to take advantage of the Florida Homestead Tax savings. Unfortunately, this was not the case in 2008. Nor were new contracts as robust as we were hoping, leading me to expect that January will also be a tough month for the Tallahassee housing market. Year over year, December was down 26%.
With all the talk and commentary that the Tallahassee Real Estate Blog has focused on housing inventory, you would think that we would have dedicated quite a few articles on new construction in the Tallahassee real estate market. But the fact is, we have always included our permits and sales charts in our Monthly real estate market reports.
So, why do I bring this up now? Because we have seen the average monthly single family permit activity drop to a level lower than at any time since I have been tracking it. This is absolutely terrible news for the new home construction industry (and all the people who work in or on the fringe of that industry),...
The data for December has just arrived this morning, so I will be assembling all of the Tallahassee real estate market reports for the end of 2008. It is a lot of work, but it helps me to understand exactly what is going on in our housing market and the analysis provides us some insight as to what to expect from the market in 2009.
December was down again, compared to December of 2007, but that was already expected as we have explained in previous blog posts on the Tallahassee Real Estate Blog. So, if December was down (again), what are the reasons that lead us to believe we'll see improvement in the Tallahassee real estate market in 2009?