Tallahassee Weekly Lis Pendens Filings April 30, 2009
We have recently updated the Tallahassee Distressed Properties page and it brings an unsurprising rise in foreclosures in Tallahassee. The lis pendens filings for 1st quarter 2009 were up 63% as compared to the 1st quarter of 2008.
In all of our distressed property reports, we rely heavily on the measurement of the lis pendens filings, so we are not counting foreclosures, rather we are counting the filings of the legal documents that are used to start a foreclosure.
While we count lis pendens filings in Leon County for all property types, we also do not...!--more-->
One statistic that a good listing agent in Tallahassee should discuss with you when you are considering selling a home is the turnover rate in your neighborhood. Turnover rate is defined as the number of homes selling each year divided by the total number of homes.
So, if your Tallahassee neighborhood has 250 homes, and on average 25 sell each year, you can say that your neighborhood has a turnover rate of 10%. We can also measure how often somebody chooses to sell a home by taking the inverse of this turnover rate. So in the previous example (1/10%), the average length of home ownership would be 10 years.
By tracking the trend of turnover rates in an area, you can find out a lot about the stability of a ...
One unique measurement that we maintain at The Market Bulletin is what we refer to as the home sales success rate. This is simply the measurement of the number of homes sold over a period of time versus the number of homes listed for sale over the same period of time. For example, if 200 homes sold over the past 30 days, and 400 homes were listed for sale, we would say the the Sales Success Rate for the past 30 days is 50% (200 ÷ 400).
In order to get a feel for the kind of success Tallahassee home sellers are finding, we measure this ratio from the 30 day trend all the way to the one-year trend. By doing so, we can see both the current action of the market due to seasonality, as well as the long term movement of the housing market with seasonality removed. It is this "non-seasonal" trend that is so important to watch.
Unit sales in Weems Plantation are down 57% from the top of the market, but average home prices are down 13% and the average price per foot is only down 10% from the top of the market. Apparently, people who want to buy a home in Weems Plantation are choosing smaller homes, as the average "resale" home size has dropped 14% as well.
What this means, and the following real estate graphs will show, is that Weems Plantation clearly demonstrates the market changes and market movement much clearer than many other Tallahassee subdivisions.
One question that we have received at our Joe Manausa Real Estate office in Tallahassee quite often recently pertains to the First Time Homebuyer Tax Credit. People want to know what it is, where is the information on the program, who qualifies (meaning even if you have owned a home previously you might qualify), and what resources exist for people to find out more.
Today's post in the Tallahassee Real Estate Blog is a one-stop resource for the First Time Homebuyers Tax Credit. You will be able to understand the basic program by reading this, and you can also download several fact-filled...
The Highgrove Subdivision in Tallahassee just recorded its first home sale since December of 2007! This hit me like a ton of bricks when I started conducting my analysis of what many (including myself) feel is an incredibly desirable neighborhood on the northeast side of Tallahassee. Located on the west side of Thomasville Road, just north of Killearn Estates, Highgrove features large homes in a great location.
So what could be causing this significant drought in home sales in Highgrove?
The first statistic that I wanted to check was "turnover rate." For example, if there are 140 homes in Highgrove, and 14 sell every year, we would measure the turnover rate at 10%. Since 1991,...!--more-->
I just heard from Don May over at Farmers & Merchants Bank, that it is time for the 2nd annual May Family Dollars For Diabetes Car Wash! It will be held this Saturday, April 25th, at Farmers & Merchants Bank at 3320 Thomasville Road. As you may not be aware, Don's 12 year old daughter, Haley May, has Type 1 Diabetes.
This car wash was her idea last year to raise money for the American Diabetes Association. Last year they were hoping to raise $500, however, with the unbelievable generosity of the Tallahassee community, they were able to send over $5,500 to the American Diabetes Association. 100% of what they collect gets donated to the ADA.
Even though I just did an update on Ox Bottom Manor two months ago, somebody asked me yesterday what I thought might be happening in Ox Bottom Manor and Summerbrooke right now. It seems to be of interest to quite a few of my associates and friends as we discuss these two Tallahassee neighborhoods perhaps as much or more as any others.
The first thing I like to look at is the number of homes being sold over time. Is the sales activity picking up, or is it dropping?...