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state of the housing marketHow The Chicken Or The Egg Paradigm Fits Real Estate

Real Estate Paradigm: The Chicken Or The EggThe Tallahassee housing market is undergoing the greatest change that I have seen in my twenty plus years as a real estate agent in Tallahassee. Values are declining and buyer activity is declining, leaving the real estate market in a state of uncertainty. As with much of the rest of the US housing markets, Tallahassee has a "chicken or the egg" problem.

Those of us who have a great interest in the ...

Tallahassee Monthly Lis Pendens Filings May 2011

New lis pendens filings in Tallahassee dropped 60% in May when compared to May 2010, and foreclosures fell 37%. 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 63%, as we can see with the blue line in the foreclosure graph above.

Tallahassee Foreclosures Filings May 2011

Subdivision Address ...

Tallahassee Foreclosure Filings May 31, 2011

Tallahassee Foreclosures Filings May 31, 2011

Subdivision/Location Address Sqft Age Date Tax Value
ARBOR HILL 3236 WHITNEY DR E 1,295 1990 5/25/2011 $132,551
BLOXHAM HEIGHTS 1225 MCCASKILL AVE 1,056 1940 5/25/2011 $62,102
CEDARWOOD OFFICE CENTER 1245 CEDAR CENTER DR 1,746 1984 5/24/2011 $133,306

Slowing Home Sales In Summerbrooke

Summerbrooke home sales appear to be slowing, and home values are dropping far faster than we have seen in the past. The Summerbrooke neighborhood is one that we have reported about often in the past, but today's graphs are new.

Reminder: The Tallahassee Real Estate Newsletter goes out again today. With nearly 1,800 subscribers (and growing), it is the best FREE resource on real estate market information and can help you make better decisions whether you are buying, selling, or brokering!

Below, we see that the average home price in Summerbrooke has dropped from a high of $466K in 2006 down to its current average of $331K. This represents an average price decline of 29%, which is one point better...

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Ox Bottom Neighborhoods Home Sales Report

The average price of a home in the Ox Bottom communities has dropped 43% since the peak of the market in 2007, and the abundant supply of homes for sale in this popular northeast Tallahassee neighborhood means that pricing pressures will continue. Today's report includes five subdivisions that all share the Ox Bottom name, including Ox Bottom Manor, Ox Bottom, Ox Bottom Reserve, Ox Bottom Gardens, and Deerwood at Ox Bottom Manor.

Ox Bottom Neighborhood Home Sales Report

The first real estate graph shows a nine-year run of declining home sales in Ox Bottom, and the ...

The Mother Of All School Zone Housing Reports

Are home values affected by the school zones in which they reside? Who's to day, but today's blog post will take a look at home values by school zone. This information has been pulled from the Tallahassee MLS and I will start with a caveat that the information is often sketchy at best. Real estate agents enter their listings in the multiple listing service as a means to promote the property to other real estate agents, and the information that is provided is not checked for accuracy.

I have included links to the maps of each school zone in the appropriate paragraphs below. These come from the Leon County School Board and I believe are accurate for the 2011 school year. Note that school...

Weems Plantation Home Sales Report

Weems Plantation and the Gardens of Weems have been around since the late 1990s and these two Tallahassee neighborhoods are active due to their proximity (location, location, location) to the public schools that service their section of Tallahassee. With over 350 homes, the neighborhoods of Weems Plantation are a popular choice for families with school aged children who want to go to Moore Elementary, Swift Creek Middle School, or Lincoln High School.

Home sales in Weems Plantation have dropped with the market, and home values have declined like the rest of the Tallahassee housing market. The average price for a Weems Plantation home...

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