New lis pendens filings in Tallahassee dropped 17% in February when compared to February 2009, but foreclosure sales were up. This indicates that banks are more willing to proceed on mortgage foreclosures than they have been in the past. Currently, the foreclosure sale to Lis Pendens filings ratio is at an all time high of 25%.
In the real estate graph above, the green bars represent the annual trend (12 months of information each) of lis pendens filings, the red bars represent the annual trend of foreclosure sales, while the blue line represents the growing trend of banks moving forward to foreclosure sales. Currently, we see that roughly 25%...
Tallahassee mobile homes have decreased in both price and unit sales, just like the rest of the housing market. I believe it is important to keep a vigilant eye on this entry level of the housing market, as tough economies and elevated land prices make mobile homes a viable housing solution for many people around the country.
The first thing that always hits me when I look at the Mobile Homes Sales Graph below is that the cost of a mobile home (meaning the unit plus the land beneath it) is still trending lower than the average cost of a vacant lot in Leon County! This has always struck me as an investment opportunity for long-term value investors.
One way to see potential supply and demand issues for Tallahassee housing is by monitoring our single family building permits and new home sales trends. With a glut of homes on the market, and an equal or greater amount of homes in the shadow inventory, it's not a surprise that new home construction levels are very low right now.
Not only are new home building permits and sales down, they are the worst that I have recorded...
There is a new leader at Joe Manausa Real Estate. Richard W. "Rick" Davidson was appointed President and Chief Executive Officer of Joe Manausa Real Estate Real Estate on February 19, 2010 after the resignation of Tom Kunz. Mr. Davidson takes the helm of the real estate industry leader after four of the worst years the housing market has seen.
In his role, Davidson leads the world's largest residential real estate sales organization of approximately 7,700 independently...
If you want to know the beginning of the next phase of the market turn, just keep an eye on relative home supply in Tallahassee (the blue bars in the graph below). Of course, you can always track housing supply levels at The Market Bulletin.
The next phase you say….? Absolutely. I believe that the transition from a buyers’ market to a sellers’ market will follow this pattern:
- Real Home Supply changes from growth to reduction.
- Home Values Fall At Accelerating Rate
- Year over year sales increase?
- Relative Home Supply levels reach 6 months of supply (market equilibrium).
- Home Values Stop Falling and Start Rising.
Glut Of Homes In Tallahassee
When we look at the supply and demand of homes...
By closely monitoring the short term inventory trends in the Tallahassee housing market, we see evidence that we are poised to see the number of homes for sale in Tallahassee start to grow again, as home sellers begin to enter the spring selling season.
Last month, I was pleasantly surprised to see that our short term inventory trends (30 day rolling average) still showed inventory reduction, but we have finally succumbed to the normal seasonal growth that usually runs from February through May.
The three bedroom, two bath property located at 1821 Tallavana Trail is nestled among tall, shady trees on the shore of beautiful Lake Tallavana.
The lake can be viewed from a variety of locations. There is both a screened in room and an open deck extending from the house. A long elevated wooden walkway leads from the deck to a gazebo and dock on the lake. From the house, the family room, kitchen, master bedroom, and one additional bedroom all offer lake views.
The number of homes labeled as "Distressed Property" continues to grow in the Tallahassee real estate market. A quick search of the Tallahassee MLS for homes that are short sales, foreclosures, bank owned or relocation shows that 22% of the active listings for condos, townhouses, and single family homes are in this category!
If you want to see some “immediate” distressed properties, check out our “Short Sales” page at /foreclosures/tallahassee-short-sales. This is a rapidly growing list and often times contains better buys than homes that have already been foreclosed upon. These homes are marketed through superior search engine optimization and thus are sold very fast!
Don't forget that we publish a newsletter every three weeks (...
Tallahassee closed home sales are increasing every day, with considerable proof that the market bottom was reached in August of 2009.
But for Tallahassee homeowners who still wish to sell their homes, falling prices make them feel as if “market bottom” should be defined in terms of valuations as opposed to unit sales.
As we move forward from the...