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A Snapshot Of "Pent-Up Supply?"

One interesting statistic that I track on a daily basis is the number of homes that are failing to sell (AND) not re-entering the market. For our long-time readers who know about the shadow inventory, most real estate reports do not consider recently failed home sellers as part of the shadow inventory (but we know better :)).

Home sellers who are trying to wait for better days are very wise if they have the staying power, but are going to be greatly disappointed if they must sell in the next few years. By measuring the trend of home sellers who choose to not re-enter the market, we can get a feel for the level of "pent-up supply" that is growing.

Shadow Inventory Growth...

Home Buyers Experience Frustration With The Short Sale Process

Short Sale ProcessIf you are in the market to buy a home in Tallahassee, you must make a decision early-on whether or not you plan on experiencing the short sale process. As many have found out before you, the short sale process can be very frustrating.

In a traditional (normal) home purchase, the buyer makes an offer, the seller either accepts or counters the offer, and then the buyer must do the same. Eventually, if an agreement is reached, the buyer commences a due-diligence process and then proceeds to closing. This is the way things have been done for a very long time ... until the advent of the ...

Tallahassee Monthly Lis Pendens Filings August 2011

New lis pendens filings in Tallahassee rose 6% in August when compared to August 2010, and foreclosures fell 47%. This is the first time in 19 months that lis pendens saw a year over year rise and 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 heating up again. Currently, the foreclosure sale to Lis Pendens filings ratio has dropped from an all time high three months ago to 51%, as we can see with the blue line in the foreclosure graph above.

Tallahassee Foreclosures Filings August 2011

Subdivision ...

Tallahassee Foreclosure Filings August 31, 2011

Tallahassee Foreclosures Filings August 31, 2011

Subdivision/Location Address Sqft Age Date Tax Value
BLOXHAM HEIGHTS 1632 HIGHLAND ST 7 2,800 1971 8/30/2011 $95,050
BOND SOUTH 2150 SAXON ST 2,025 1970 8/25/2011 $108,495
BOND SOUTH 2150 SAXON ST 2,025 1970 8/25/2011 $108,495
BRIGHTON PLACE CONDO 1575 PAUL RUSSELL RD 1,740 2006 8/24/2011 $123,540
...

Betton Hills Home Sales Show Resilience

Home sales in Betton Hills appear to be stabilizing in a housing market that is still declining in both the number of homes being sold every day as well as in depreciating home values. Located south of the I-10 and Thomasville Road exchange, this popular Northeast Tallahassee neighborhood offers in-town convenience with the wonderful “old Tallahassee” feel. It is not surprising that such a well established neighborhood is able to defy current market trends, as many Betton Hills homeowners have lived in their homes for quite some time.

Map Of Betton Hills Home Sales (All Betton Neighborhoods)

Piney Z Home Sales Report

Home sales in Piney Z have been on a steady decline since 2003, and 2011 looks to be no different. There have only been 17 closed home sales through mid August, and with a slowing housing market, it is unlikely that 2011 will surpass the 31 homes sold in 2010.

The good news for Piney Z is that home price and home value declines are beating the market, but the bad news is that it is due to home owners "holding on" trying to find higher prices. This is a concern unless homeowners in Piney Z have a stronger staying power than the rest of the Tallahassee real estate market.

Home Prices In Piney Z

Home prices in...

Killearn Estates Home Sales With Map

Home sales in Killearn Estates have slowed again this year, with unit sales down 56% from this popular Tallahassee neighborhood's best year in 2003. The average home price has dropped 20% since the peak of the housing market in 2006, and home values are down 23% based upon a year versus year comparison.

Killearn Estates is one of the hottest neighborhoods in the Tallahassee real estate market, second only to Southwood in terms of the number of home sales that occur each year. Currently, there are 77 homes for sale in ...

Tallahassee Subdivisions

More than 1,230 subdivisions in Leon County have posted a home sale in the Tallahassee MLS since January 2002, and today we are going to thoroughly examine the change in home prices and home values in the most active Tallahassee subdivisions.

When we post our Tallahassee neighborhood real estate reports, we calculate price and value changes by comparing the averages from the current year against the averages for each prior year. But today, I have been motivated by Bill Cobb, the top appraiser in Baton Rouge, Louisiana...

Acquisition Analysis For 3242 Pablo Creek Way

Bill, here is my quick "2 cents worth."
  • Home values are declining
  • Sold Values trending below $130 per square foot for comparable homes
  • Two "for sale" homes under $120 per foot (and not sold!)
  • Value Range $115-$120 psft = $322,000 - $336,000

Similar Home Sales Trend Graph

Golden Eagle Interior Pool Homes

Similar Homes On The Market (Including Subject)

...

Timber Lake Home Sales

The Timber Lake neighborhood was in the news yesterday, as Leon County commissioners approved a million dollar expenditure for flood relief. This additional money joins a federal grant of $2.4M for its flood-relief project.

So what have home values in Timber Lake been doing over the past 10 years? Like the rest of the Tallahassee real estate market, this popular Southeast Tallahassee neighborhood has seen depreciation. But home values and prices have fallen further in Timber Lake than in many other parts...

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