Killearn Lakes (Unit 1) Homes Prices Still Falling

Posted by Joe Manausa on Thursday, November 5th, 2009 at 11:42am.

The average number of homes selling in Killearn Lakes (Unit 1) each month has dropped below 2 per month (from a peak of nearly 5 home sales each month), and the average price per square foot of a home has dropped below $120 per square foot.

Tallahassee Neighborhood Home Sales ReportThe Tallahassee Real Estate Blog regularly reviews Tallahassee neighborhoods in order to get a feel for what home values are doing. You can click any one of the links in the right side bar (see pictured on the right) for a list of any blogs when the corresponding neighborhood in Tallahassee is mentioned.

When we last looked in on Killearn Lakes Unit 1, we noted that the home prices were holding fairly steady, though values (when looked at price per square foot) were falling. This told us that people who were buying a home in Killearn Lakes Unit 1 were buying larger homes, making the market look stronger than it appeared in standardized real estate reports.

Killearn Lakes (Unit1) Home Values

Home values continue to fall in Killearn Lakes (Unit 1). The best way to track real estate appreciation (or real estate depreciation) across a single Tallahassee subdivision is to track resale price per square foot data on a one-year trend.

The following real estate graph shows that the average number of homes selling in Killearn Lakes (Unit 1) each month has dropped below 2 per month (from a peak of nearly 5 home sales each month), and the average price per square foot of a home has dropped below $120 per square foot.

Killearn Lakes Home Sales Report Price Per Square Foot Real Estate Graph

Remember, using the average price per square foot is an excellent way to track area home valuations over time, but it by no means is an accurate way to determine a home's value. Killearn Lakes (Unit 1) features many different types of homes sitting on different types of home sites.

Some homes in Killearn Lakes (Unit 1) are on water front lots, while others are on the interior. Some have additional features such as swimming pools and multi-car garages. An individual home valuation must consider all of the differences, not just heated and cooled square feet.

Average Home Prices In Killearn Lakes (Unit 1)

Many real estate reports feature average home prices in an area. This is good to know if you are considering buying a home in an area such as Killearn Lakes (Unit 1), but it by no means an accurate depiction of true real estate depreciation (or appreciation).

Killearn Lakes Home Sales Report Average Home Price Real Estate Graph

The real estate graph above shows that the average home price in Killearn Lakes (Unit 1) did not start dropping until late in 2008, well more than a year after the rest of the Tallahassee real estate market. What we found in our previous analysis of Killearn Lakes Unit 1 was that buyers were selecting the larger homes when buying in this neighborhood.

This meant average home prices looked to be staying the same, while our average price per square foot report showed that homes in Killearn Lakes (Unit 1) were depreciating at a rate consistent with the rest of the Tallahassee housing market.

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Recent Home Sales In Killearn Lakes (Unit 1)

Address Price Size Sale Date
3524 ROSEMONT RIDGE RD $236,500 1,660 9/30/2009
3516 OAK HILL TRL $207,000 1,656 8/31/2009
3324 CHEROKEE RIDGE TRL $155,000 1,388 8/28/2009
3551 DOGWOOD VALLEY TRL $183,000 1,531 8/18/2009
3553 ROSEMONT RIDGE RD $201,000 1,588 8/7/2009
7845 BRIARCREEK RD W $171,000 1,603 8/3/2009
3428 ROSEMONT RIDGE RD $200,000 1,734 8/3/2009
3309 BARROW HILL TRL $95,000 1,745 7/21/2009
3516 OAK HILL TRL $207,000 1,656 6/10/2009
3427 CEDARWOOD TRL $220,000 1,587 5/15/2009
3352 MICANOPY TRL $167,800 1,409 4/29/2009
3305 MICANOPY TRL $175,000 1,662 4/15/2009
3313 BARROW HILL TRL $175,000 1,384 4/8/2009
3619 DEER HILL TRL $190,000 1,676 4/8/2009
7939 BRIARCREEK RD S $186,500 1,440 4/3/2009
3523 CHEROKEE RIDGE TRL $193,000 1,476 3/27/2009
3488 VALLEY CREEK DR $265,000 2,081 3/19/2009
3423 ROSEMONT RIDGE RD $129,900 1,196 3/4/2009
3317 BARROW HILL TRL $210,000 2,168 1/16/2009
3418 TREATY OAK TRL $194,900 1,624 12/12/2008
3447 BRIAR BRANCH TRL $194,900 1,539 11/14/2008
3528 OAK HILL TRL $249,100 1,753 11/5/2008
7944 BRIARCREEK RD S $190,000 1,591 9/30/2008
3212 FAWN HILL TRL $175,000 1,330 9/12/2008
3409 TREATY OAK TRL $198,800 1,584 7/31/2008
3325 WILDWOOD TRL $160,100 1,204 7/30/2008
7873 BRIARCREEK RD W $175,000 1,600 7/28/2008
3380 MICANOPY TRL $192,500 1,646 7/18/2008
3329 CHEROKEE RIDGE TRL $203,000 1,490 7/17/2008
3309 BARROW HILL TRL $243,000 1,768 6/16/2008
7741 BRIARCREEK RD N $199,900 1,408 5/23/2008
3376 BARROW HILL TRL $191,900 1,596 5/19/2008
7781 BRIARCREEK RD N $225,000 1,600 5/16/2008
7880 BRIARCREEK RD W $275,000 2,216 4/14/2008
7884 BRIARCREEK RD W $162,000 1,228 3/27/2008
7741 BRIARCREEK RD N $500,000 1,408 2/29/2008
7741 BRIARCREEK RD N $152,500 1,408 1/28/2008
7001 FOXGLOVE LN $195,000 1,546 1/25/2008
3309 BARROW HILL TRL $220,000 1,768 1/17/2008
3309 BARROW HILL TRL $236,500 1,768 1/17/2008
3432 HAWKS HILL TRL $190,000 1,358 1/3/2008
3525 CHEROKEE RIDGE TRL $221,500 1,487 12/27/2007
3401 ROSEMONT RIDGE RD $170,000 1,200 12/12/2007
3444 CEDARWOOD TRL $205,000 1,406 11/1/2007
3436 HAWKS HILL TRL $161,000 1,312 10/1/2007
7788 BRIARCREEK RD N $255,000 1,776 9/26/2007
3489 CEDARWOOD TRL $258,000 1,794 9/11/2007
7797 BRIARCREEK RD N $209,000 1,316 9/5/2007
7420 LAUREL RIDGE LN $195,000 1,440 8/10/2007
3388 MICANOPY TRL $235,000 1,600 7/31/2007
8037 BRIARCREEK RD E $246,000 2,044 7/31/2007
3416 BRIAR BRANCH TRL $150,000 1,804 7/30/2007
3309 BARROW HILL TRL $138,200 1,768 7/19/2007
3572 ROSEMONT RIDGE RD $202,500 1,409 7/19/2007
3432 ROSEMONT RIDGE RD $231,800 1,463 7/17/2007
3525 LARKSPUR LN $169,300 1,406 7/6/2007
8021 BRIARCREEK RD S $228,000 1,600 6/15/2007
3501 TURKEY RUN LN $240,000 1,777 5/24/2007
3533 OAK HILL TRL $279,000 2,188 5/4/2007
3436 EDGEMONT TRL $230,000 1,586 4/3/2007
3504 ROSEMONT RIDGE RD $252,000 1,389 3/16/2007
3559 DOGWOOD VALLEY TRL $179,000 1,240 3/15/2007
3205 WIND LAKE LN $195,000 1,380 2/23/2007
3453 CEDARWOOD TRL $204,000 1,400 2/23/2007
3443 TREATY OAK TRL $235,000 1,600 2/23/2007
3430 TREATY OAK TRL $205,000 1,352 2/22/2007
7858 BRIARCREEK RD W $173,000 1,220 2/21/2007
7866 BRIARCREEK RD W $230,000 1,687 2/16/2007
3329 CHEROKEE RIDGE TRL $214,900 1,490 2/9/2007
3336 MICANOPY TRL $184,000 1,264 1/26/2007
8057 BRIARCREEK RD E $235,000 1,690 1/3/2007
3480 HAWKS HILL TRL $202,500 1,262 12/29/2006
7732 BASS RIDGE TRL $205,000 1,860 12/29/2006
3204 WIND LAKE LN $228,500 1,643 12/20/2006
3427 BRIAR BRANCH TRL $230,000 1,916 12/15/2006
3430 TREATY OAK TRL $205,000 1,352 12/7/2006
3225 FAWN HILL TRL $167,000 1,158 12/5/2006
7805 BRIARCREEK RD N $177,500 1,068 12/1/2006
7733 BRIARCREEK RD N $185,000 1,256 10/20/2006
3589 ROSEMONT RIDGE RD $285,000 2,333 10/11/2006
3524 OAK HILL TRL $209,000 1,656 9/28/2006
7745 BRIARCREEK RD N $202,900 1,417 9/25/2006
3608 DEER HILL TRL $168,000 1,500 9/22/2006
7701 BASS RIDGE TRL $187,000 1,599 9/14/2006
3621 LITTLE FOX LN $290,900 1,880 8/29/2006
3472 CEDARWOOD TRL $183,800 1,260 8/28/2006
3220 FAWN HILL TRL $227,500 1,600 8/18/2006
7784 BASS RIDGE TRL $244,000 1,854 8/2/2006
3475 HAWKS HILL TRL $230,000 1,600 7/28/2006
7916 BRIARCREEK RD S $193,000 1,538 7/26/2006
7136 BEECH RIDGE TRL $268,000 1,990 7/18/2006
3431 BRIAR BRANCH TRL $205,000 1,695 7/14/2006
7775 BASS RIDGE TRL $210,000 1,600 7/13/2006
7805 BRIARCREEK RD N $141,000 1,068 6/30/2006
3436 EDGEMONT TRL $180,000 1,586 6/30/2006
7932 BRIARCREEK RD S $230,000 1,600 6/30/2006
3553 ROSEMONT RIDGE RD $221,000 1,588 6/19/2006
3349 BARROW HILL TRL $233,000 1,750 6/16/2006
7841 BRIARCREEK RD W $157,700 995 6/15/2006
3453 CEDARWOOD TRL $155,000 1,400 6/9/2006
3328 BARROW HILL TRL $203,000 1,602 6/1/2006

 

Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

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