As part of our series of reports on Tallahassee neighborhoods, today’s analysis of home sales in Foxcroft includes real estate graphs showing both home prices and home value trends in Foxcroft, as well as a list of recent home sales in Foxcroft.
Average home prices in Foxcroft have fallen from a high of over $242,000 in 2006 to a low set last year of $165,900. This year, the average sales price of a home sold in Foxcroft is $184,700, which is about 24% lower than the average at the peak of the real estate market.
Foxcroft home values appear to be on the rise again. Last year, home values had dropped a whopping 36% since the peak of the market, but this year’s apparent recovery has reduced the depreciation total in Foxcroft to 24%.
In the real estate graph below, the vertical bars measure (left axis) the number of home sales each year, while the blue line shows the average home value in Foxcroft (measured in price per square foot on the right axis). Note the nice little spike in the value line below.
The reason for the spike can be seen in the vertical bars which measure the total number of home sales. Note last year that 40% of the homes sold were distressed properties (red section), while 60% were arms length sales. Thus far in 2011, none of the six sales recorded in the Tallahassee MLS were marked as distressed sales, thus the higher sales prices.
If you are considering selling a home in Foxcroft, you should be aware of the shadow inventory of homes that likely will become distressed sales in the future. They will have a significant impact on the future value of your home. Home values in Foxcroft are still on the decline, the graph above is merely a false positive report that we will continue to see in spots around Tallahassee that have cyclical distressed properties wash through the reports.
The good news is that arms length sales are selling for higher prices in Foxcroft than are the distressed properties, but the bad news is that distressed properties are not going away any time soon. If you read the recent Tallahassee Foreclosures Report, then you know that lis pendens filing are getting fired back up after the court-ordered shutdown was put to rest.
The advice to people who need to sell a home in Foxcroft is the same as anywhere else in Tallahassee. Either choose to own your home another 5 to 7 years (minimum), or sell it as fast as you can. The supply of homes in Tallahassee is still high, and demand is only at 53% of the level that we would expect to see if the housing market was not in a recovery phase. Choosing to wait a year or two will cost you money.
