New lis pendens filings in Tallahassee rose an amazing 124% in May when compared to May 2011, and foreclosures jumped 47%. We are definitely seeing a huge increase in these distressed properties, as the lis pendens filings trend has been on the rise for eight months now, which I believe is evidence of growth in future foreclosure sales. Currently, the foreclosure sale to Lis Pendens filings ratio has dropped from an all time high ten months ago to 42%, as we can see with the blue line in the foreclosure graph below.
Anybody who has been following the housing market in Tallahassee knows that sales are down, but did you know that Tallahassee condo sales are down over 75% since the peak of the housing market?
Another shocking statistic for Tallahassee condo sales is that the sale of new construction condominiums and townhouses are down 94%!
Tallahassee Condo Sales Graph
For the purpose of this article, condo sales includes the sales of condominium and townhouses (attached units).
At the peak of the housing market (for condominium and townhouses), there were 65 new construction units selling each month on average. That number has dropped to an average of just two per month now, meaning new construction townhouses...
A little over a year ago, I published an article that explored the use of a real estate chart for the purpose of forecasting future movements of the Tallahassee real estate market.
Unlike using supply and demand (which I favor and which usually gives us ample warning to changes in the housing market), a real estate chart relies more on home buyer behavior and is based upon the basic observation that most markets "return to a normalized level."
Stock market followers use charts all the time to forecast (predict) future values and moves in the stock market, so I have always wondered if the same methodology could be used in the real estate market?...
If you've been keeping an eye on the Tallahassee real estate market, then you probably know that we have been bouncing around the bottom here for a few years.
In fact, we have begun our fourth year at roughly the same level of home sales in the Tallahassee MLS, a level that reflects about 50% of the normal amount of home sales for our area.
Tallahassee Real Estate Market Graph
Home sales in the Tallahassee real estate market began to dive in 2006 and did not stop until a bottom was found in August 2009. The ...
The headline might make you wonder how the game of golf could in any fashion relate to NAR real estate reports. Sadly, the parallels are very evident these days.
Sandbaggers in golf are the most vile of creatures, artificially inflating their handicap in order to hustle the competition, usually with the intent of winning a bet.
In order to allow golfers of differing capabilities to compete with each other, a handicap system was established which relies on each golfer's recent scores to determine an index that for the most part, is very effective at leveling the playing field for all parties.
Until somebody cheats.
A golf sandbagger will change past scores to reflect poorer play, so that current...
If you want to sell a home, then you most likely are curious about the average time on the market for homes similar to yours.
One of the hardest aspects of choosing when to move is trying to choreograph a departure date from one home to your arrival date at the next home.
The fact that you do not know how long the average time on the market for a home like yours is going to be, makes the decision difficult to establish.
Many homeowners have planned to move their families with a specific "key date" in mind, only to find their home languishing on the market for many months (or even years). How exactly are you going to plan your relocation if the average time on the market is 11 months?
The Myth About The Average Time On The Market In Real Estate
First of all, I have great news for you. You can determine an...
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Having started my Tallahassee real estate career with Killearn Lakes home sales, I find myself (nearly) speechless when observing the rapid rise of distressed properties in this wonderful Tallahassee neighborhood located in the 32312 zip code.
This was the final jewel in the crown of Killearn Properties, a neighborhood that was designed to be everything the successful Killearn Estates had been, with the addition of a world class Tom Fazio golf course located within the gates of Golden Eagle Plantation.