Killearn Lakes Unit 1 Home Prices Holding

Posted by Joe Manausa on Thursday, May 28th, 2009 at 11:20am.

Home values in Killearn Lakes Unit 1 have fallen only slightly, especially as compared to the rest of the Tallahassee real estate market. The average price of a home sold in Killearn Lakes Unit 1 actually has gone up while the rest of Tallahassee has

We have been reviewing a stream of Tallahassee neighborhoods in our blog for the past two weeks and the common theme for these communities is falling home sales and falling prices. Up to now, it seems that most of these Tallahassee Subdivisions have seen prices fall (from the peak of the market) about 15-20%, but all appear to be showing long-term appreciation of greater than 3%

Today, I have pulled all the resales in Killearn Lakes Unit 1, which traditionally sees 30 to 40 home sales per year. Last year saw sales drop into the low 20s, but the biggest surprise is that home values are only down about 8%. I am not sure if this is because of how strong the neighborhood is, its school zones, or the fact that many of these homes are built on a lake on the north side of Tallahassee. Whatever the reason, the home appreciation in Killearn Lakes Unit 1 is currently beating the market.

Killearn Lakes Unit 1 Home Sales

The following real estate graph shows annual home sales and the average price per foot of homes that have sold in Killearn Lakes Unit 1. The blue bar show the total number of homes sold each year in Killearn Lakes Unit 1, while the purple line shows relative appreciation (total price per square foot).

killearn-lakes-unit-1-home-sales-graph

Killearn Lakes Unit 1 Home Sales And Average Home Prices

The next real estate graph shows something that we have not seen for quite some time when analyzing Tallahassee neighborhoods. While unit sales are dropping in Killearn Lakes Unit 1, the average price appears to be rising. Of course, the previous chart showed price per foot dropping, which means that the larger homes have been selling in Killearn Lakes Unit 1, thus making it appear as if prices were rising.

killearn-lakes-unit-1-home-sales-graph-with-average-prices

Understanding Home Valuation

The previous two real estate graphs are a classic example why most real estate reports are flawed. They lead you to believe that prices are going up or prices are going down, solely based upon the movement of the average sales price. As we saw in these graphs of home sales in Killearn Lakes Unit 1, it is possible for the average price to go up, while values are dropping.

Historical Home Sales In Killearn Lakes Unit 1

Address Price Size Sale Date
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
3448 VALLEY CREEK DR $297,000 1,848 4/3/2009
7939 S BRIARCREEK RD $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
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 2,188 11/5/2008
7944 S BRIARCREEK RD $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 W BRIARCREEK RD $175,000 1,600 7/28/2008
3431 BRIAR BRANCH TRL $54,300 1,695 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 N BRIARCREEK RD $199,900 1,408 5/23/2008
3376 BARROW HILL TRL $191,900 1,596 5/19/2008
7781 N BRIARCREEK RD $225,000 1,600 5/16/2008
7880 W BRIARCREEK RD $275,000 2,216 4/14/2008
7884 BRIARCREEK RD $162,000 1,228 3/27/2008
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 $255,000 1,776 9/26/2007
3489 CEDARWOOD TRL $258,000 1,422 9/11/2007
7797 BRIARCREEK RD $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 $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
3329 WILDWOOD TRL $102,000 1,592 7/3/2007
8021 BRIARCREEK RD $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
3572 ROSEMONT RIDGE RD $58,000 1,409 4/6/2007
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
3443 TREATY OAK TRL $235,000 1,600 2/23/2007
3453 CEDARWOOD TRL $204,000 1,400 2/23/2007
3430 TREATY OAK TRL $205,000 1,352 2/22/2007
7858 W BRIARCREEK RD $173,000 1,458 2/21/2007
7866 BRIARCREEK RD $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 $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 $177,500 1,068 12/1/2006
7733 BRIARCREEK RD $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 $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 1,848 8/2/2006
3475 HAWKS HILL TRL $230,000 1,600 7/28/2006
7916 BRIARCREEK RD $193,000 1,538 7/26/2006
3431 BRIAR BRANCH TRL $205,000 1,695 7/14/2006
7775 BASS RIDGE TRL $210,000 1,600 7/13/2006
3436 EDGEMONT TRL $180,000 1,586 6/30/2006
7805 BRIARCREEK RD $141,000 1,068 6/30/2006
7932 BRIARCREEK RD $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 $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
7771 BASS RIDGE TRL $194,000 1,600 5/25/2006
3318 CHEROKEE RIDGE TRL $282,000 1,814 5/9/2006
7412 CANDLEWOOD LN $199,900 1,380 5/5/2006
7825 BRIARCREEK RD $54,000 1,694 4/24/2006
3521 DOGWOOD VALLEY TRL $176,000 1,161 4/3/2006
3423 CHEROKEE RIDGE TRL $197,900 1,373 3/15/2006
7781 BRIARCREEK RD $230,300 1,600 3/10/2006
3520 ROSEMONT RIDGE RD $175,000 1,224 3/6/2006
3369 BARROW HILL TRL $262,000 2,018 3/3/2006
3612 LITTLE FOX LN $58,300 1,504 2/24/2006
3541 OAK HILL TRL $225,000 1,888 1/25/2006
3560 OAK HILL TRL $179,000 1,170 1/12/2006
7718 BRIARCREEK RD $200,000 1,327 1/6/2006

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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