Tallahassee Monthly Lis Pendens Filings November 2009
Over the past few months, there have been more and more reports about areas in the Country that are finally starting to enjoy year over year home sales gains. This is good news, as it indicates those market areas might have found the bottom of the market and can possibly be looking at moving forward.
Of course, those same reports downplay the glut of supply of homes on the market, as well as the ever-growing supply of homes in the Shadow Inventory.
It is very difficult to measure the shadow inventory of homes (homes that need to be sold but are not on the market for one reason or another).
When we speak of a glut of homes on the market, we are only measuring the homes for sale in the ...
The question that I receive more than any other is “when do you see the market recovering to normal?”
The only honest answer is “I don’t know,” but I do know what keys that I am watching so that I’ll be able to know it as fast as anybody else.
First of all, the supply and demand reports that are downloadable from the sidebar of the Tallahassee Real Estate Blog allow me to see what areas and price ranges of the market are first approaching an equilibrium level. Once achieved, I know these segments of the market will be the first to turn to a Sellers’ market and when home price appreciation will begin.
The Year To Date Home Sales Graph is one of my favorite views when trying to figure out how we are doing compared to previous years. It combines both single-family detached home sales with condominium and townhouse sales to show a year-to-date comparison with every year going back to 1991.
The residential market really should be viewed this way, as townhouse sales are encroaching on what historically was more of a single-family detached home market. This is primarily due to the increased cost of land as well as location to popular services such as medical, shopping, employment and dining.
The Tallahassee Average Home Prices Page and all included graphs will be updated each month, so keep coming back and you'll be the first to know about changing trends...
Condominium and townhouse sales in Tallahassee have done far better than have single family detached homes. Year to date, our Tallahassee condos sale has performed similarly to the years in the mid 90s. While this is not as good as a few years ago during the boom, it certainly beats the all-time-lows that single family detached home sales are recording.
Welcome to the Tallahassee Single Family Detached Home Sales Report. This page will be updated every month in order to identify trends as they occur with this specific type of residential property in Tallahassee.
It appears as if the declining home sales in Tallahassee have put on the brakes, and now we must wait and see if the market is going to turn higher. As you can tell by the graph below, home sales are way down below our 20 year average.
It comes as no surprise that single family detached home prices in Tallahassee are following the unit trend and are on the way down. We consider this trend on-going, with no turn occurring until the glut of homes...
Forty is on my mind today. Yesterday, we celebrated the 40th birthday of my "little" brother Danny, and this month we celebrate the fact that 40 tough months of real estate is most likely behind us.
Today, we begin to make the climb up from the bottom of the worst housing market since the Great Depression. Incentives are ripe for home buyers, with federal income tax dollars, low interest rates, and some great buys in the housing market.
He said he heard all kinds of rumors about what is going on in Southwood, that taxes are up and values are down.
I told him that I would do a thorough analysis of the real estate market in Southwood, as I knew it would make great material for the Tallahassee Real Estate Blog...