New lis pendens filings in Tallahassee rose 49% in July when compared to July 2013, while foreclosures fell 4%. The trend of declines in new lis pendens filings unfortunately turned this month, but the decline in foreclosures continues to be good. The large amount of lis pendens filed in the past must clear the market now as foreclosures.
The blue line in the graph below shows that there are more foreclosure sales than lis pendens filings, meaning we are truly working through the distressed properties now and their numbers will soon be declining greatly. There is still way too much distressed property activity, but the latest market trends are positive.
This is a list of properties that received a lis pendens filing in Tallahassee, for the week ending 7/31/2014. Most of the properties on this list will eventually show up in our market as short sales or as a foreclosure sale at the Leon County Court House.
|ADAMS PLACE CONDOMINIUMS
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There are many home sellers who wish they had hired a better real estate company when they first put their home on the market. They didn't put much thought into it at the time, but now they find themselves locked into a long-term contract with an agent or organization that will not be selling their home.
When I search the Tallahassee MLS, I often browse the long list of homes that failed to sell. Technically, when the contract between the home seller and the real estate company runs out of time without achieving a sale, the listing is deemed "Expired."
For REALTORS, this is such an ugly term that many agents like to game the system and change the status from "Expired" to "Canceled" or "Withdrawn." These...
Every day I look at the new listings coming onto the market, and I am amazed at the mistakes being made by many home sellers.
Too often, their initial marketing ensures that they will likely fail to sell their home on their first attempt or worse ... they will sell their home for less than they could have received.
While I have written scores of articles on how to sell a home, today's will be written for the home seller just getting started who would like to avoid shooting himself in the foot from the start.
Home Sellers: Don't Shoot Yourself In The Foot!
If you bought a house in 2011 and wanted to sell it today, it's likely worth about the same as when you purchased it.
Home values in Tallahassee have returned to levels last seen in 2011 and 2004, and right now the trend is heading downward.
Our in-depth review of all homes sold in Tallahassee and recorded in Leon County has produced a clear image of current market conditions, and the results might be surprising to many wanna-be home sellers.
Home Values Decline Slightly
The following real estate graph...
Home sales in Tallahassee through June were up 4.3% over last year, and that is no minor victory.
During this same time last year, we reported home sales had grown 33% over 2012, the largest jump at the mid-year that I have reported in 23 years of monitoring the Tallahassee real estate market. So the fact that we continued to grow this year without "giving some of it back" is excellent news for a housing market in recovery.
But as good as the news appears to be, you might be surprised by the upside that remains in the market.
Tallahassee Home Sales Growth
In the real estate graph below, we track the total number of home sales in Tallahassee. Single family detached home sales are shown in the dark...
In an effort to maintain the best home search tool for the Tallahassee real estate market, I scour the internet several times each month. I look at the newest websites, I read customer reviews, and I take the time to see how many of them work.
The results of my research leads me to believe that many homebuyers will continue to be frustrated. The majority of websites show houses that sold and closed already, while others feature homes that are not even for sale.
The reality of the internet is that it is nearly impossible for an uneducated consumer to discern between the great from the poor, so I figured I would share what I have learned so that you can find a better way.
Of course, if you are shopping for a home in Tallahassee, just use our ...
Home sales remain active in this popular NE Tallahassee golf course community, but there still are some great deals on homes for sale in Summerbrooke.
Thus far in 2014, there have been 22 homes sold in Summerbrooke, which is about 25% fewer than what we saw through the same period last year, but still significantly higher than what occurred in 2011 and 2012.
If you are thinking about buying an executive type home, Summerbrooke's average size of 2,800 square foot and below-market values just might be worth checking out.
Summerbrooke Home Prices
The average price of homes selling...
Northeast Tallahassee is the hottest segment of our local housing market, and the 32312 zip code contains much of the action.
The average home price in this highly sought after zip code is $278,000 and the average home value is currently trending up to $124 per square foot.
Today's report takes a closer look at where people are buying within the 32312 zip code and what they are paying in the most popular neighborhoods.
Home Prices In The 32312 Zip Code
The real estate graph below shows the most active neighborhoods in the 32312 zip code.
You can gain a keen insight on why we are in a buyer's market by studying the current graph of the average home price in Tallahassee, Florida.
The cost of new construction continues to rise, while the same cannot be said for existing home sales.
This means that there is a growing void between what builders are providing versus what can be found among those homeowners who simply need to move.
Average Home Price Tallahassee Florida
The following real estate graph shows average home prices in Tallahassee.