Northeast Tallahassee Home Sales

Posted by Joe Manausa on Friday, December 4th, 2009 at 1:11pm.

Northeast Tallahassee accounted for roughly one half of the home sales (49% over the past twelve months) and is performing stronger than the other three quadrants of Leon County. The relative supply of homes for sale in Northeast Tallahassee is 11.5

Recently, somebody asked me how home sales in Northeast Tallahassee are holding up. I explained that this part of the Tallahassee real estate market accounted for roughly one half of the home sales (49% over the past twelve months) and was performing stronger than the other three quadrants of Leon County.

Just a reminder, you can subscribe to the Tallahassee Real Estate Newsletter (free) in the right sidebar of the Tallahassee Real Estate Blog. This monthly newsletter provides analysis of the housing market with charts and graphs to support the findings.

The best starting point when analyzing an area or subdivision in the Tallahassee housing market is to look at current supply and demand of homes.

Supply And Demand For Northeast Tallahassee Real Estate

Supply and Demand For Northeast Tallahassee Housing

The real estate chart above shows that the relative supply of homes for sale in Northeast Tallahassee is 11.5 months, which is good and bad. It's good that supply has continued to fall, it's good that supply is about 2 months lower than the average in the entire Tallahassee real estate market, but it is bad that Northeast Tallahassee home supply is nearly double the amount required for a balanced market (6 months of supply).

The over-supply of homes suggests that we will continue to see Northeast Tallahassee home prices continue to decline until supply and demand are balanced.

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Northeast Tallahassee Average Home Prices

While the number of home sales in Northeast Tallahassee has dropped by more than 50%, the average price has only come down about 8%. The drop in average home prices is much lower than the rest of the Tallahassee housing market, though this could be more of a reflection on how much home buyers can afford than a reflection on real estate depreciation.

Graph of Home Sales In Northeast Tallahassee

Northeast Tallahassee Home Sizes

In line with real estate depreciation, it appears as if 2009 is showing the largest average home size being sold over the past 19 years. So even though average prices are dropping, the homes being purchased are larger (on average). This suggests that our depreciation rate is larger than our value change rate.

Graph of Home Sizes In Northeast Tallahassee

Northeast Tallahassee Home Values

When we look at the price per square foot of homes sold in Northeast Tallahassee, we see that values have dropped 13% since the peak of the market (which actually occurred in 2007). A very important observation can be found in this home value graph. Note that while home sales were plumetting in 2006 and 2007, home values continued to rise.

This apparent lack of awareness by the market is normal, and we should expect to see a similar action at the bottom of the market. So even as the number of home sales in Northeast Tallahassee start to rise, we will continue to see falling prices as the supply and demand relationship comes into balance. Only once scarcity returns to the market will we start to see home values appreciate in Northeast Tallahassee.

Graph of Home Values In Northeast Tallahassee

Pay Attention To Supply And Demand In The Housing Market

The best way to stay abreast of your home value trend is to look at our Monthly Home Inventory Report. Each month we post updates in the right sidebar of the Tallahassee Real Estate Blog, so there is no reason to be unsure of current market trends.

Recent Home Sales In Northeast Tallahassee

Northeast Tallahassee Subdivision Northeast Tallahassee Address Sale Date Size Price
VILLAGES OF MACLAY T/H 1337 OLD VILLAGE RD 10/30/2009 1,530 $194,500
MAUNDS ESTATES 603 MCDANIEL ST 10/29/2009 1,673 $131,900
PINEY-Z 1022 HIGH MEADOW DR 10/29/2009 1,908 $212,000
WEEMS PLANTATION 3494 LANDS END LN 10/28/2009 1,372 $183,000
ARBOR HILL 2628 VASSAR RD 10/27/2009 1,248 $80,000
WEEMS PLANTATION 3472 BARNSTAPLE DR 10/27/2009 1,471 $167,500
COUNTRY WALK 4846 LIMOGES DR 10/27/2009 2,111 $231,000
BUCKWOOD CLUSTER 4305 BENCHMARK TRCE 10/23/2009 1,315 $128,000
KINHEGA LANDINGS 10515 WINTERS RUN 10/23/2009 1,865 $220,000
CHATEAU LAFAYETTE TOWNHOMES 3374 TANSEY CT 10/22/2009 1,308 $129,000
ARVAH BRANCH 1977 BUSHY HALL RD 10/22/2009 1,831 $196,000
31-01N-01E 513 E CALL ST 10/22/2009 3,028 $260,000
PINEY-Z 1067 KINGDOM DR 10/21/2009 1,479 $178,000
GRAMERCY PLACE 3283 GRAMERCY PL 10/21/2009 1,827 $239,900
KILLEARN LAKES 8633 OAK FOREST TRL 10/20/2009 1,293 $100,000
30-01N-01E 1565 PAYNE ST 10/19/2009 1,144 $150,000
17-02N-01E 7106 ED WILSON LN 10/19/2009 2,353 $170,000
MEADOWBROOK 700 VIOLET ST 10/19/2009 1,781 $200,000
FOREST COMMONS 3520 SEDONA LOOP 10/16/2009   $112,000
BRIAR CHASE 2949 ALEXIS LN 10/16/2009 1,469 $179,900
KILLEARN ACRES 3221 GALLANT FOX TRL 10/16/2009 1,533 $199,500
WOODBERRY 2632 FAIRMOUNT LN 10/15/2009 1,315 $132,500
KILLEARN COMMONS 8479 HANNARY DR 10/15/2009 1,360 $134,900
GLEN AT GOLDEN EAGLE 9341 TUSCANY DR 10/15/2009 1,572 $185,000
SWEETWATER OAKS 1735 RIVER BIRCH HOLW 10/15/2009 1,636 $192,000
KILLEARN ESTATES 2801 PARADISE PL 10/15/2009 2,718 $290,000
KILLEARN ESTATES 4081 MCLAUGHLIN DR 10/15/2009 2,109 $300,000
BETTON HILL 2114 JENETTE ST 10/15/2009 2,392 $310,000
WAVERLY HILLS 2815 REBECCA DR 10/15/2009 2,270 $475,000
ARBOR HILL 2652 BALDWIN DR S 10/14/2009 1,152 $159,900
PARK BROOK CROSSING 2147 VICTORY GARDEN LN 10/13/2009 880 $100,000
PINEY-Z 4905 PARKVIEW CT 10/13/2009 1,729 $167,300
KILLEARN LAKES 9409 BUCK HAVEN TRL 10/13/2009 1,868 $200,000
SWIFT CREEK WOODS 5780 BRAVEHEART WAY 10/13/2009 2,298 $270,000
DEER POINTE 1126 WALDEN RD 10/13/2009 1,947 $275,000
OX BOTTOM 1869 OX BOW TRCE 10/13/2009   $695,000
ARBOR HILL 2760 VASSAR RD 10/12/2009 1,230 $135,300
SWIFT CREEK WOODS 5658 SIOUX DR 10/12/2009 1,812 $199,000
GOLDEN EAGLE PLANTATION 2163 GOLDEN EAGLE DR W 10/10/2009 2,580 $4,225,000
ARBOR HILL PATIO HOMES 3232 MOUND DR 10/9/2009 920 $112,000
INGLEWOOD 307 CHESTNUT DR 10/9/2009 1,165 $140,000
MICCOSUKEE MEADOWS 4447 ARGYLE LN 10/9/2009 1,382 $170,000
CAMERON CHASE 3390 CAMERON CHASE DR 10/9/2009 1,651 $197,000
COUNTRYSIDE AT BENJAMIN'S RUN 5633 COUNTRYSIDE DR 10/9/2009 1,607 $217,000
KILLEARN ESTATES 4118 TRALEE RD 10/9/2009 1,792 $288,000
GREENS OF KILLEARN 3057 WHITE IBIS WAY 10/9/2009 2,180 $290,000
KILLEARN ESTATES 3487 HYDE PARK WAY 10/9/2009 2,142 $292,000
MEADOWBROOK 2403 WINTERGREEN RD 10/8/2009 1,960 $199,900
GOOSE CREEK 172 GOOSE CREEK TRL 10/8/2009 1,852 $219,000
KILLEARN ESTATES 2502 KILLARNEY WAY 10/8/2009 2,130 $225,000
KILLEARN LAKES 11104 WILDLIFE TRL 10/8/2009 3,343 $300,000
MINT HILL TOWNHOMES 5079 MINT HILL CT 10/7/2009 1,413 $156,000
KILLEARN ESTATES 3190 SHAMROCK ST E 10/7/2009 2,001 $250,000
KILLEARN ESTATES UNIT 28 2652 YARMOUTH LN 10/6/2009 1,493 $180,000
LAFAYETTE CONDO/TOWNHOMES 368 S FRANKLIN BLVD 10/5/2009 711 $130,000
CHEZ SOIS CONDO/TOWNHOMES 1904 MICCOSUKEE RD 10/2/2009 1,240 $135,000
THE VINEYARDS 1823 VINEYARD WAY 10/2/2009   $389,900
WOODBROOK 518 RIVERPOND CT 10/2/2009 3,093 $450,000
19-01N-01E 2144 TRESCOTT DR 10/2/2009 4,427 $825,000
KILLEARN ESTATES 2975 BAYSHORE DR 10/1/2009 1,356 $152,000
EMERALD ACRES 8697 ALEXANDRITE CT 10/1/2009 1,812 $217,000
LAFAYETTE OAKS 2122 LA ROCHELLE DR 10/1/2009 2,672 $360,000
RICHVIEW PARK 424 RICHVIEW PARK CIR E 9/30/2009 992 $120,000
ARBOR HILL 3316 WOODY WAY 9/30/2009 1,260 $150,000
KILLEARN LAKES 7956 BRIARCREEK RD S 9/30/2009 1,344 $160,000
VILLAGES OF MACLAY T/H 1141 MOSSWOOD CHASE 9/30/2009 1,361 $167,000
MEADOWBROOK 2424 WINTERGREEN RD 9/30/2009 1,592 $175,000
PINEY-Z 1141 HIGH MEADOW DR 9/30/2009 1,586 $180,000
ST IVES 5334 SAINT IVES LN 9/30/2009 1,338 $188,000
KILLEARN LAKES 11100 WILDLIFE TRL 9/30/2009 1,766 $207,500
THOMASVILLE GREEN   9/30/2009   $215,000
CAMERON CHASE 3387 AQUA RIDGE WAY 9/30/2009 1,682 $229,500
KILLEARN LAKES 3524 ROSEMONT RIDGE RD 9/30/2009 1,660 $236,500
EASTON 5410 CROFTON CT 9/30/2009 2,060 $255,000
KILLEARN ACRES 5153 PIMLICO DR 9/30/2009 2,465 $360,000
WOODBROOK 438 LACY WOODS CT 9/30/2009 2,879 $665,000
VILLAGES OF MACLAY T/H 1392 OLD VILLAGE CT 9/29/2009 1,754 $226,500
KILLEARN ESTATES 3171 FERNS GLEN DR 9/29/2009 2,127 $250,000
STONEY CREEK CROSSING 1234 SANDLER RIDGE RD 9/29/2009 1,948 $260,000
OAK TERRACE 130 OAK ST 9/28/2009 1,320 $150,000
LAFAYETTE OAKS 2121 LA ROCHELLE DR 9/28/2009 3,196 $166,000
HIGHLANDS AT NORTHAMPTON 2964 PADDINGTON DR 9/28/2009 1,464 $175,000
BUCK LAKE ESTATES 4756 PINTAIL DR 9/28/2009 1,869 $235,000
KILLEARN ESTATES 3512 LEIGHTON HALL CT 9/28/2009 2,332 $273,000
BETTON HILL 2007 W RANDOLPH CIR 9/28/2009 1,813 $282,500
BRANDT PLACE TOWNHOUSES 996 MARYS DR 9/25/2009 1,206 $139,900
LUCERNE AT WOODLANDS CONDOMINIUM 3219 THOMASVILLE RD 9/25/2009 1,516 $140,000
SEDGEFIELD 1263 BURNWELL RD 9/25/2009 1,399 $146,500
FOXCROFT 2941 FOXCROFT DR 9/25/2009 1,859 $180,000
KILLEARN LAKES 1701 BROKEN BOW TRL 9/25/2009 1,340 $185,500
KILLEARN ACRES 6556 ALAN A DALE TRL 9/25/2009 1,640 $190,000
BUCK LAKE ESTATES 1969 CHARLAIS ST 9/25/2009 1,802 $193,500
GLEN AT GOLDEN EAGLE 1985 SUNNY DALE DR 9/25/2009 1,709 $197,000
DEERFIELD PLANTATION 8338 HINSDALE WAY 9/25/2009 1,784 $205,000
CRESTVIEW 920 INGLESIDE AVE 9/25/2009 1,580 $210,000
NORTHAMPTON 2980 COMPTON CT 9/25/2009 2,413 $275,000
SWIFT CREEK WOODS 5720 BRAVEHEART WAY 9/25/2009 2,419 $280,000
TURKEY ROOST MINI FARMS 11085 PENNEWAW TRCE 9/25/2009 2,111 $320,000
DEERWOOD AT OX BOTTOM MANOR UNRE 501 ROGERS CIR 9/25/2009 3,150 $453,500
ASHFORD GLEN 138 PENDLETON AVE 9/24/2009 1,234 $163,000
AVONDALE 1539 AVONDALE WAY 9/23/2009 1,312 $175,000
ARVAH BRANCH 1985 BUSHY HALL RD 9/23/2009 1,783 $212,000
MIDTOWN AT MERIDIAN 1951 N MERIDIAN RD 9/22/2009 965 $105,500
KILLEARN PROFESSIONAL CENTER CON 1535 KILLEARN CENTER BLVD 9/22/2009 756 $126,000
SAWGRASS PLANTATION TOWNHOMES 3040 ROYAL PALM WAY 9/22/2009 1,308 $136,000

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.

2 Responses to "Northeast Tallahassee Home Sales"

TLH Landlord wrote: Great data. It's especially good to see the actual houses that have sold in the last few months in NE.

One question...Are multi-family sales included in this data or just detached housing?

Posted on Saturday, December 5th, 2009 at 5:41am.

Joe Manausa, MBA wrote: No. This is just Condo, Townhouse, and Single Family Detached homes in Leon County. Since I review a lot of different information, each graph will have the source and the property type (unless I forget ... :) )

Posted on Saturday, December 5th, 2009 at 4:30pm.

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