Lone Tallahassee Neighborhood Bucks Housing Trend

Posted by Joe Manausa on Friday, July 10th, 2009 at 11:47am.

I have been conducting home appreciation studies on many Tallahassee neighborhoods, hoping to find some that are doing well despite the tough market that we are in. Most Tallahassee subdivisions have seen depreciation (from the peak of the market) in the 15 to 20% range, and reduced unit sales by greater than 60%. But this morning, I stumbled upon a Tallahassee neighborhood that has thus far bucked part of the recent trend.

The Royal Oaks Subdivision is located just off of Thomasville Road on the Northwest side of Killearn Estates. Home values have thus far appreciated quite nicely over the past 20 years, with growth in each of the last three years as well! This is the first Tallahassee neighborhood that I have found that has done this.

Of course, like many other subdivisions in Tallahassee, Royal Oaks has seen the number of home sales  decline greatly. There has been an average of about 15 home sales in Royal Oaks each year for quite some time, only to see it fall to 6 last year and only 1 thus far in 2009. Most likely, prices are holding up because home owners are more entrenched and do not need to move. Regardless of the reason, it is nice seeing a real estate graph showing appreciation!

Royal Oaks Home Values Record Consistent Appreciation

This first real estate graph shows the number of home sales in Royal Oaks (red bars) declining, but the average price per square foot of a home in Royal Oaks (green field) to be rising!

Royal Oaks Neighborhood Home Sales

Average Home Price In Royal Oaks Still Rising?

With only 1 sale thus far in 2009, Royal Oaks doesn't have enough "data" to claim to see higher average prices. In 2008, the average price of a home sold in Royal Oaks dropped for the first time since 1998, indicating that as sales started to slow, buyers were choosing the smaller, more affordable homes in Royal Oaks.

This next real estate graph shows home sales in the Royal Oaks Neighborhood (red bars) and contrasts them with the rising average sales price (blue field).

Royal Oaks Subdivision Home Sales

Recent Existing Home Sales In Royal Oaks Subdivision

Parcel Address Sales Price Size Sale Date
3966 ROYAL OAKS DR $330,000 2,390 2/19/2009
3915 ROYAL OAKS DR $238,000 2,100 10/2/2008
3949 ROYAL OAKS DR $363,000 2,448 8/29/2008
2404 ROYAL OAKS DR $216,500 1,845 6/20/2008
3809 FORSYTHE WAY $246,900 1,848 5/29/2008
2627 CHUMLEIGH CIR $260,000 1,700 5/9/2008
4577 BARCLAY LN $250,000 1,664 5/3/2008
3825 FORSYTHE WAY $275,000 2,126 12/20/2007
4108 YARDLEY CIR $207,500 1,620 12/15/2007
3930 ROYAL OAKS DR $330,000 2,646 12/7/2007
3955 ROYAL OAKS DR $212,000 1,624 12/5/2007
2683 CHUMLEIGH CIR $310,000 2,103 9/17/2007
4019 YARDLEY CIR $228,000 1,766 8/21/2007
  $272,900 2,039 8/13/2007
3017 BARCLAY CT $261,900 1,887 8/7/2007
2768 CHUMLEIGH CIR $280,000 2,062 7/25/2007
3914 ROYAL OAKS DR $290,000 2,236 6/29/2007
2904 ARROW CT $295,000 2,016 4/30/2007
3911 FORSYTHE WAY $290,000 2,221 2/28/2007
4577 BARCLAY LN $235,000 1,664 12/13/2006
2935 ROYAL OAKS DR $240,000 1,624 11/28/2006
3918 ROYAL OAKS DR $277,500 2,184 8/23/2006
3922 ROYAL OAKS DR $249,500 1,976 8/14/2006
2987 BARCLAY CT $294,200 2,130 6/21/2006
4000 CAMELOT WAY $205,000 1,856 6/7/2006
3910 ROYAL OAKS DR $298,900 2,166 5/31/2006
2432 ROYAL OAKS DR $230,000 1,884 5/19/2006
3919 FORSYTHE WAY $272,000 1,920 5/15/2006
3008 BARCLAY CT $248,100 1,890 2/22/2006
4061 CAMELOT WAY $250,000 1,805 12/8/2005
2403 ROYAL OAKS DR $248,000 1,709 11/14/2005
2460 ROYAL OAKS DR $235,000 1,711 11/3/2005
4081 YARDLEY CIR $199,000 1,522 10/28/2005
2814 CHUMLEIGH CIR $235,000 2,008 8/31/2005
4108 YARDLEY CIR $227,000 1,620 8/31/2005
3844 FORSYTHE WAY $290,000 2,097 8/26/2005
2811 ROYAL OAKS DR $313,500 2,789 8/5/2005
3017 BARCLAY CT $83,500 1,887 7/19/2005
2953 ROYAL OAKS DR $275,000 2,240 7/18/2005
2572 CHUMLEIGH CIR $270,000 1,920 6/24/2005
3965 ROYAL OAKS DR $246,000 2,116 5/31/2005
2756 ROYAL OAKS DR $245,600 2,213 3/15/2005
2999 BARCLAY CT $248,400 2,263 1/7/2005
4000 CAMELOT WAY $175,000 1,856 1/6/2005
2814 CHUMLEIGH CIR $204,000 2,008 12/22/2004
4144 YARDLEY CIR $240,000 2,056 12/22/2004
2634 ROYAL OAKS DR $169,900 1,503 12/15/2004
3011 BARCLAY CT $224,900 2,009 11/1/2004
3911 FORSYTHE WAY $230,000 2,221 10/28/2004
  $224,900 2,039 10/27/2004
2999 BARCLAY CT $234,900 2,263 10/8/2004
3910 ROYAL OAKS DR $249,900 2,166 9/28/2004
3910 ROYAL OAKS DR $249,900 2,166 9/9/2004
2404 ROYAL OAKS DR $205,000 1,845 8/24/2004
2403 ROYAL OAKS DR $210,500 1,709 8/19/2004
2935 ROYAL OAKS DR $190,000 1,624 8/9/2004
2431 ROYAL OAKS DR $200,000 1,502 8/5/2004
4090 CAMELOT WAY $155,000 1,808 7/30/2004
4054 CAMELOT WAY $145,000 1,521 7/20/2004
3905 ROYAL OAKS CT $219,900 2,660 7/15/2004
3824 FORSYTHE WAY $229,900 1,963 6/25/2004
2774 ROYAL OAKS DR $210,000 1,953 6/2/2004
3923 ROYAL OAKS DR $219,000 2,208 4/2/2004
2684 CHUMLEIGH CIR $199,900 2,174 3/26/2004
2544 CHUMLEIGH CIR $100,000 1,711 2/27/2004
3844 FORSYTHE WAY $206,600 2,097 2/27/2004
2865 ROYAL OAKS DR $189,000 1,880 12/29/2003
4000 CAMELOT WAY $159,900 1,856 10/27/2003
2901 BREY CT $176,000 1,760 10/8/2003
2488 ROYAL OAKS DR $186,000 1,764 10/3/2003
2898 ROYAL OAKS DR $226,000 2,279 9/29/2003
3966 ROYAL OAKS DR $242,900 2,390 9/17/2003
2487 ROYAL OAKS DR $169,900 1,851 9/16/2003
3950 ROYAL OAKS DR $201,000 1,983 8/15/2003
4019 YARDLEY CIR $164,900 1,766 8/13/2003
2431 ROYAL OAKS DR $165,000 1,502 7/30/2003
2571 CHUMLEIGH CIR $164,900 1,722 7/7/2003
4090 YARDLEY CIR $155,900 1,564 6/5/2003
3904 FORSYTHE WAY $178,500 2,070 5/29/2003
3927 FORSYTHE WAY $178,000 2,111 3/31/2003
2739 ROYAL OAKS DR $169,000 1,977 3/6/2003
2627 CHUMLEIGH CIR $165,000 1,700 12/2/2002
2984 BARCLAY CT $156,000 1,994 10/9/2002
3011 BARCLAY CT $174,900 2,009 8/15/2002
2711 CHUMLEIGH CIR $150,000 2,061 7/31/2002
2829 ROYAL OAKS DR $187,000 2,520 7/29/2002
4000 FORSYTHE WAY $154,000 1,850 7/15/2002
3805 FORSYTHE WAY $172,900 2,148 6/26/2002
3911 FORSYTHE WAY $163,000 2,221 6/14/2002
2935 ROYAL OAKS DR $144,300 1,624 6/12/2002
3922 ROYAL OAKS DR $166,500 1,976 6/10/2002
3968 ROYAL OAKS DR $172,900 2,018 5/31/2002
2432 ROYAL OAKS DR $149,000 1,884 5/3/2002
3825 FORSYTHE WAY $165,100 2,126 4/2/2002
2562 ROYAL OAKS DR $200,000 2,698 3/28/2002
2628 CHUMLEIGH CIR $167,500 1,522 3/27/2002
2905 BREY CT $154,000 2,019 2/5/2002
4577 BARCLAY LN $155,900 1,664 1/30/2002

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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
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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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