The number of new lis pendens filed each month is on a sharp decline, possibly indicating the beginning of the return to normalcy for foreclosures in Tallahassee.
With roughly 1 new foreclosure for every 3 houses sold in the past year, Tallahassee has been looking for relief in the distressed properties market.
Foreclosures in Tallahassee MLS
Distressed properties in Tallahassee are still abundant, so we keep an eye on new lis pendens filings each month in order to be able to forecast changes in the coming months and years.
Currently, there are 220 short sales available in Tallahassee, and an additional 173 foreclosures for sale. That means there are nearly 400 distressed properties for sale in Tallahassee out of the 1950 listed in the MLS.
New Trend For Foreclosures in Tallahassee
Every month we take a close look at new filings and new sales for foreclosures in Tallahassee. We also track the ratios of new filings and new foreclosure sales to all home sales in order to see the strength of the distressed sub-market on the Tallahassee real estate market as a whole.
In the graph above, two key trends are being shown. The blue line shows the one-year average (trend) of new list pendens filed versus all homes sold, whereas the red line shows the trend of new foreclosure sales versus all homes sold.
Simply put, we can say that for every 5 homes sold over the past year, 2 new lis pendens we filed. We can also surmise that for every 3 homes sold last year, one new foreclosure sale took place.
Needless to say, foreclosures in Tallahassee are still a massive segment of the housing market.
But take a close look at the lis pendens trends (new foreclosure filings). This trend has just hit a 5+ year low, and it looks to be heading even lower. Obviously, we cannot expect the foreclosure sales to stop if the lis pendens aren't slowing. So this is good news.
While this news is positive for homeowners, the impact is not equally shared across the entire Tallahassee real estate market. Some areas and some price ranges are getting much more than their fair share, so home sellers have to do diligent research before they decide upon how to market their home for sale.
If you want to know more about how this information on foreclosures in Tallahassee will impact your ability to sell your home, just drop me a note and we can schedule a time to review your home and your personal situation.
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