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Tallahassee Monthly Lis Pendens Filings November 2010

New lis pendens filings in Tallahassee dropped 66% in November when compared to November 2009, but foreclosures went up 17%. This indicates that banks are more willing to proceed on mortgage foreclosures than they have been in the past, but it also might be a signal that distressed properties and mortgage defaults might be finally starting to slow. Currently, the foreclosure sale to Lis Pendens filings ratio is at an all time high of 49%, as we can see with the blue line in the foreclosure graph below.

Tallahassee Foreclosures

Tallahassee Foreclosures Filings November 2010

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Tallahassee Foreclosure Filings November 30, 2010

Tallahassee Foreclosures Filings November 30, 2010

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Subdivision/Location Address Sqft Age Date Tax Value
ACME GARDENS 667 W 6TH AVE 1,204 2000 11/23/2010 $104,911
BENT TREE ESTATES 4115 BLIND BROOK CT 1,120 1983 11/29/2010 $75,028
DEERFIELD PLANTATION 8373 INNSBROOK DR 1,645 2003 11/23/2010 $167,036
FOXCROFT 4513 FOXCROFT DR

Southwood Home Sales Report

Southwood home sales are reporting strong unit sales, though with 53% of the sales reported are new home construction, it might not be such good news if you already own a home in Southwood. You see, just like everywhere else in Tallahassee, the existing homes for sale in Southwood have too much competition and prices are falling.

Subscribers to the Tallahassee Real Estate Newsletter previously received this graph showing the make-up of home sales in Southwood. It shows the homes sold in 2010 broken down into two groups, new home sales versus existing home sales.

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Pending Home Sales Testing Market Bottom

Pending home sales appear to be testing a new market bottom, as the rate of decline in homes under contract has crawled to a stop. This is very good news, as we cannot expect future home sales to rise if new sales contracts are on the decline.

We measure these new sales contracts, which the industry calls "pending home sales," in order to get a picture of the future of closed home sales (typically 2 months into the future. By tracking contracts, these future closings are follow a consistent pattern.

Pending Home Sales In Tallahassee Graph...

Golden Eagle Plantation Home Sales

Golden Eagle Plantation in Tallahassee FloridaGolden Eagle Plantation has been reviewed on this site as much or more than any other Tallahassee neighborhood. It is a solid barometer for how upper end homes are doing in Tallahassee and with me living in the neighborhood, the information that I review is far more than just data. Also, I got my start in real estate selling lots in Golden Eagle Plantation in 1991.

Note: Today is Danny Manausa's Birthday, so if...

Bull Run Home Sales Report

Bull Run home sales have boomed over the past five years, as did many of the "boom" neighborhoods in Tallahassee. Located in a great northeast location, these executive homes have a lot to offer for many Tallahassee families.

But this subdivision was "born" during the boom, so this brings on more challenges than most Tallahassee neighborhoods have to face. Bull Run home sales only commenced in 2005, so even as we face the toughest real estate market of our lives, these property owners will also have to deal with normal movement cycles.

Bull Run Home Sales

When we look at the graph of home sales in Bull Run, we notice a much-better...

Buckhead Home Sales Report

Buckhead home sales have weathered the market a little better than most neighborhoods in Tallahassee. With values down 26.4% since the peak of the market, valuations have dropped similarly to the rest of the Tallahassee housing market. But unit sales today are very much consistent with the average number of sales for the past 15 years, with only marginally fewer sales.

Considering the rest of the market has seen unit sales drop significantly higher, I would say that Buckhead home sales have proven this high-end Tallahassee neighborhood to be a "better than the market" place to own a home for the past 10 years.

Buckhead Home Sales Graph...

Home Sales Fall As Expected

Home sales are falling, just as we predicted each time we tracked the pending home sales information from the Tallahassee Board of REALTORS Multiple Listing Service. We knew if pending sales were falling, then closed home sales had to follow suit.

Closed Home Sales Decline In Tallahassee

Closed home sales, tracked on a daily basis in the Tallahassee MLS, have declined steadily since the end of the Homebuyer Tax Credit (where closed home sales were pretty much completed by June 30, 2010.

Closed Home Sales In Tallahassee Graph...

House Prices Will Continue To Fall

Unfortunately, house prices will continue to fall for quite some time. The imbalance between housing supply and demand can only be cured by an increase in the number of people wanting to live in Tallahassee houses, not by shifting people from the leasing side of the market to the owning side of the market.

When I read national real estate reports talk about the real estate recovery hinging on interest rates, tax incentives,  and even on consumer confidence, I ask myself ...

Where Are These Buyers Living Right Now?

Falling House Prices Image...

Pricing A Home To Sell Today

Pricing a home to sell has always required a balance between science (looking at comparable sales and current competition) and art (determining the initial market positioning and key marketing features), but today it is more important than ever. With roughly 60% of all MLS-listed homes failing to sell over the past 365 days, we know how important every part of our progressive marketing program is going to be for the home seller.

Pricing A Home To Sell ImageYesterday's blog post...

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