New lis pendens filings in Tallahassee dropped 17% in April when compared to April 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 29%.
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 29% of lis...
Today marks the end of the Homebuyer Tax Credit for people who still want to take advantage of the stimulus money that the government felt would cure a wounded housing market. Nobody can argue that the stimulus did not stimulate, but it certainly did not fix the heart of the problem. It seems as if we need to get a few "numbers people" involved in this solution.
Housing Market Needs To Stimulate Move Up Home Buyers
One statistic that we have been maintaining at The Market Bulletin is a measurement that we refer to as the “Home Sales Success Rate.” Currently, the one-year trend is at a two-year high, but has held steady for the past two weeks.
By dividing the total number of closed sales by the total number of new listings, over a specific time period, we can show a trend that gives a hint at how many homes (as a percentage of the total) are actually selling.
We are more curious about the direction of this trend as opposed to its absolute value because we know it does not track the history of homes being sold against their specific listings.
Sales Success Rates Still Too Low
The graph below shows:
It is always a sellers' market in real estate, and it is important to know this whether you are buying or selling real estate. This is a fact that is often missed by people who want to buy a home, as well as by sellers who want to sell a home.
If you have been paying attention to the housing market at all, then you know there is a nationwide glut of homes for sale. Both...
Home values in the Glen at Golden Eagle are moving downwards, much like the rest of the Tallahassee real estate market. But there might be some signs of stabilization in this Northeast Tallahassee neighborhood which features homes from $150K to $250K.
Recently, reader "Don" wrote in with some questions about the Glen at Golden Eagle. Don wrote:
We’re always on here! I need some info about what is happening in the Glen Golden Eagle:
- Any forecasts for home values in this area? (down, way down)
- Is demand really low in the Glen?
- Is this neighborhood a reseller nightmare area?
- Is it hard to resell with a pool?
- Is there any thing about the Glen we should be...
One of the first things you learn about the real estate market when you start a career in this business is that "real estate is local." Basically, we had come to learn that people who buy and sell homes were from the local market area. But the internet is really changing the way things work in the housing industry.
Now a days, the Tallahassee Real Estate Blog sees daily visitors from all over the world. With the analytics package that we maintain on our real estate web site, we get great reports...
The most obvious way to predict future home sales would be to take a look at the list of homes that are under contract and waiting for closing. These are what we refer to as “Pending Home Sales” and we can track them on a daily basis in the Tallahassee MLS.
The real estate graph below shows that we appear to be climbing up from the bottom of the housing market established in mid July. It is exciting to see this growth after years of steady declines.
This graph is the one-year trend of pending home sales, so the changes that we see are not due to any annual seasonality in any way (every point...
Tallahassee Realtor Andrea Chapman features a new listing at 1319 Airport Drive Unit F-2 in the Lakes Subdivision. The Lakes at University Center is a townhouse community close to Doak Campbell Stadium and popular with students, professionals, couples and investors.
This unit features two bedrooms and each has its own full bathroom, plus there is a convenient half bath for guests. A built-in study carrel adds to the value of the main living area.
Last week, we uncovered an interesting methodology that we can use to evaluate long term home sales trends in the Tallahassee real estate market (or any other market in which you might have an interest). It involved using 20 years worth of housing market data in order to show the 1 year, 5 year, and 10 year moving averages for different metrics that we wanted to measure in the real estate market.
No other measurement is more important than overall home sales activity, and we measure this by looking at monthly home sales each month. In the real estate graph below, we have recorded monthly activity along with all of the trends mentioned above.