Killearn Lakes (Unit 2) Homes Sales Down 72%

Posted by Joe Manausa on Wednesday, November 11th, 2009 at 12:59pm.

Hunters Ridge House In TallahasseeExisting home sales in Killearn Lakes (Unit 2) have dropped 72% from the peak of the market. With home prices historically running about 15% below the average home price in Tallahassee, Unit 2 of Killearn Lakes has been a very popular destination for Tallahassee homebuyers.

So why have existing home sales declined in Unit 2 of Killearn Lakes faster than the rest of the market (existing single family detached home sales are down 62% from the peak of the market)?

I suspect that the declining market has created value buyers (for those who were/are buyers) due to the glut of supply in the Tallahassee real estate market. This suggests that some areas have priced their homes more aggressively than homeowners in Killearn Lakes Unit 2, and that most likely is why home sales have slowed here faster than other areas.

Killearn Lakes (Unit 2) Home Values

Home prices continue to fall in Unit 2 of Killearn Lakes. In the real estate graph below, the red field shows that the average home price in Unit 2 of Killearn Lakes has dropped to $164K, while monthly have sales have fallen to a paltry level of just 2 homes per month.

Average Home Price In Unit 2 Killearn Lakes Tallahassee Florida

Average Home Values In Killearn Lakes (Unit 2)

The average home price in Killearn Lakes Unit 2 has dropped 17%, but home values have actually depreciated 19%. The real estate graph below shows the average price per square foot trend of a home in Unit 2 of Killearn Lakes has dropped to $116 per square foot, and continues to trend downwards.

Average Home Value In Unit 2 Killearn Lakes Tallahassee Florida

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Recent Home Sales In Killearn Lakes (Unit 2)

Parcel Address Price SqFt HC Sale Date
1701 BROKEN BOW TRL $185,500 1,340 9/25/2009
8109 HOLLY RIDGE TRL $152,000 1,187 9/9/2009
2344 TUSCAVILLA RD $155,000 1,232 8/24/2009
1735 FOLKSTONE RD $195,000 1,405 8/18/2009
1706 BROKEN BOW TRL $168,500 1,729 7/31/2009
1835 FOLKSTONE RD $165,000 1,203 7/27/2009
8228 CHICKASAW TRL $170,000 1,460 7/27/2009
8628 OAK FOREST TRL $189,900 1,544 7/10/2009
8675 OAK FOREST TRL $185,000 1,424 7/6/2009
8216 HUNTERS RIDGE TRL $190,500 1,623 6/23/2009
8623 OAK FOREST TRL $150,000 1,281 6/18/2009
8390 CHICKASAW TRL $174,500 1,383 6/16/2009
2284 TUSCAVILLA RD $142,500 1,317 6/5/2009
8612 OAK FOREST TRL $157,500 1,473 6/5/2009
8402 CHICKASAW TRL $148,500 1,466 3/24/2009
1788 FOLKSTONE RD $160,000 1,472 2/24/2009
1883 FOLKSTONE RD $145,000 1,467 1/27/2009
8256 HUNTERS RIDGE TRL $182,900 1,524 1/6/2009
1797 FOLKSTONE RD $170,000 1,392 12/30/2008
1887 FOLKSTONE RD $154,600 1,382 12/30/2008
2348 TUSCAVILLA RD $125,000 1,108 12/5/2008
1699 FOLKSTONE RD $167,500 1,420 11/24/2008
1707 FOLKSTONE RD $185,000 1,743 11/7/2008
8208 HUNTERS RIDGE TRL $132,000 1,538 10/23/2008
1713 BROKEN BOW TRL $227,000   9/15/2008
2317 TUSCAVILLA RD $157,000 1,214 9/5/2008
8235 CHICKASAW TRL $162,000 1,341 9/5/2008
1863 FOLKSTONE RD $189,900 1,313 8/27/2008
8620 OAK FOREST TRL $163,000 1,232 8/5/2008
1709 BROKEN BOW TRL $229,000 1,686 7/31/2008
1679 FOLKSTONE RD $191,500 1,468 7/25/2008
8753 MINNOW CREEK DR $240,000 1,617 7/21/2008
2363 TUSCAVILLA RD $160,000 1,088 7/18/2008
1875 FOLKSTONE RD $191,500 1,382 7/11/2008
8323 HUNTERS RIDGE TRL $194,500 1,560 7/11/2008
9113 BIRCH RUN LN $226,000 1,609 5/30/2008
1742 FOLKSTONE RD $177,000 1,232 5/20/2008
1628 FLINT RIDGE LN $169,000 1,290 5/1/2008
8287 HUNTERS RIDGE TRL $157,000 1,214 3/28/2008
8360 CHICKASAW TRL $182,000 1,520 3/26/2008
8220 HUNTERS RIDGE TRL $175,000 1,276 3/24/2008
8235 HUNTERS RIDGE TRL $199,000 1,442 2/28/2008
1705 BROKEN BOW TRL $227,000 1,662 2/22/2008
8331 CHICKASAW TRL $200,000 2,075 2/22/2008
8336 CHICKASAW TRL $187,500 1,452 2/8/2008
2305 TUSCAVILLA RD $193,800 1,396 1/22/2008
9113 BITHLO LN $147,400 1,416 1/10/2008
1611 FLINT RIDGE LN $155,000 1,031 1/7/2008
8604 OAK FOREST TRL $199,500 1,284 12/28/2007
8653 OAK FOREST TRL $200,800 1,473 11/30/2007
1817 BRIDGEMONT TRL $196,000 1,288 11/2/2007
8340 CHICKASAW TRL $180,000 1,348 10/31/2007
2308 TUSCAVILLA RD $225,000 1,568 10/24/2007
1651 FOLKSTONE RD $194,000 1,379 10/23/2007
8235 HUNTERS RIDGE TRL $194,100 1,442 10/1/2007
1701 INDIAN TOWN LN $197,000 1,373 9/28/2007
2358 TUSCAVILLA RD $208,000 1,435 9/21/2007
8109 HOLLY RIDGE TRL $184,500 1,187 8/31/2007
8256 HUNTERS RIDGE TRL $191,500 1,524 8/24/2007
9105 HICKORY NUT HL $200,000 1,420 8/10/2007
9113 BIRCH RUN LN $211,200 1,609 8/10/2007
1709 GREENRIDGE TRL $190,000 1,410 7/31/2007
9108 BIRCH RUN LN $213,000 1,378 7/27/2007
1813 BRIDGEMONT TRL $200,000 1,238 6/29/2007
8629 OAK FOREST TRL $162,000 1,458 6/28/2007
2383 TUSCAVILLA RD $221,000 1,108 6/27/2007
8312 CHICKASAW TRL $162,600 1,737 6/27/2007
2289 TUSCAVILLA RD $190,000 1,164 6/22/2007
8353 HUNTERS RIDGE TRL $206,000 1,458 6/22/2007
8316 CHICKASAW TRL $171,000 1,737 6/14/2007
8814 MINNOW CREEK DR $235,400 1,638 6/14/2007
1721 INDIAN TOWN LN $191,300 1,213 6/12/2007
1811 FOLKSTONE RD $194,500 1,408 6/8/2007
8632 OAK FOREST TRL $204,500 1,533 5/21/2007
8825 MINNOW CREEK DR $187,900 1,124 5/4/2007
1776 FOLKSTONE RD $201,000 1,382 5/3/2007
2249 TUSCAVILLA RD $190,000 1,587 4/27/2007
8382 CHICKASAW TRL $190,000 1,454 4/11/2007
2354 TUSCAVILLA RD $122,000 1,322 4/6/2007
2368 TUSCAVILLA RD $116,000 1,450 4/6/2007
1891 FOLKSTONE RD $166,700 1,436 3/29/2007
1735 FOLKSTONE RD $212,500 1,405 3/16/2007
8807 MINNOW CREEK DR $189,900 1,308 3/5/2007
8213 BRIDGE WATER TRL $236,500 1,680 2/28/2007
1887 FOLKSTONE RD $202,100 1,382 2/23/2007
8794 MINNOW CREEK DR $199,900 1,245 1/5/2007
1792 FOLKSTONE RD $213,000 1,648 1/4/2007
1853 BRIDGEMONT TRL $190,000 1,272 11/30/2006
8219 HUNTERS RIDGE TRL $185,500 1,264 11/15/2006
8225 BRIDGE WATER TRL $242,600 1,780 11/13/2006
8747 MINNOW CREEK DR $185,000 926 11/10/2006
8227 HUNTERS RIDGE TRL $195,000 1,404 11/6/2006
8371 CHICKASAW TRL $195,000 1,358 11/3/2006
8315 CHICKASAW TRL $180,000 1,332 10/18/2006
8728 MINNOW CREEK DR $193,500 1,430 8/28/2006
1772 FOLKSTONE RD $207,000 1,313 8/7/2006
1742 FOLKSTONE RD $191,400 1,255 8/3/2006
1705 INDIAN TOWN LN $187,500 1,257 7/28/2006
8232 BRIDGE WATER TRL $172,000 1,060 7/13/2006

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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