Southwood Home Values Still Tumbling

Posted by Joe Manausa on Friday, February 19th, 2010 at 12:36pm.

Home values continue to fall in Southwood, but unit sales have started to increase. Home values will drop until supply and demand reach market equilibrium.

Southwood Home Value Real Estate GraphsSouthwood is one of the most active neighborhoods in Tallahassee, thus we are often asked to provide updates on Southwood home sales and values. For those readers who have followed the Tallahassee Real Estate Blog for any period of time, this report will not be surprising.

Home values continue to fall in Southwood, though unit sales have started to increase again. When we look at arms-length existing home sales in Southwood, we see 24% depreciation since the top of the market, and the current rate of home sales in Southwood is 44% lower than at the peak of the market.

Home Prices In Southwood

The average home price in Southwood, based upon the current one-year trend, has fallen to $271,000. At the peak of the market (for Southwood) in July of 2008, the average price had reached nearly $342,000.

Currently, there are 85 homes for sale in Southwood listed in the Tallahassee MLS, with asking prices ranging from $145,000 to $899,000.

Home Values In Southwood

The most accurate way to estimate real estate depreciation is to look at the long-term trend of home values as measured by price per square foot. The only way to get a more accurate measurement would be to do a large case study, comparing the current sales price  of each home with its previous selling price.

Home values in Southwood have depreciated from a high of $168 per foot which was reached in May of 2007 and currently are falling. The current one-year trend for Southwood home values is at $127 per foot and dropping. We should expect to see values continue to drop until supply and demand for housing in Southwood reach a market equilibrium of 6 months of supply.

Recent Exiting Home Sales In Southwood

Parcel Address SqFt Year Built PPSFT Price Sale Date
4240 RALEIGH WAY 1,632 2006 $139 $227,500 12/30/2009
3163 ANDELUSIA AVE 2,228 2002 $139 $310,000 12/29/2009
4024 SHADY VIEW LN 2,185 2004 $110 $240,000 12/24/2009
3226 SALINGER WAY 2,335 2005 $133 $310,000 12/21/2009
3797 PINEY GROVE DR 2,223 2003 $114 $252,500 12/17/2009
3792 WENTWORTH WAY 2,330 2005 $144 $336,100 12/9/2009
2995 VERDURA POINT DR 2,292 2005 $115 $264,600 12/7/2009
4103 KIPLING CT 2,368 2006 $128 $302,500 11/25/2009
2128 DRAYTON DR 2,529 2003 $143 $361,000 11/23/2009
3677 ESPLANADE WAY 1,940 2003 $122 $236,000 11/20/2009
4107 KIPLING CT 2,368 2006 $127 $300,000 11/18/2009
4073 COLLETON CT 1,483 2003 $96 $142,500 11/16/2009
3728 IVY GREEN TRL 1,620 2001 $145 $235,000 11/12/2009
3151 MULBERRY PARK BLVD 1,324 2002 $120 $159,000 11/6/2009
4086 FOUR OAKS BLVD 1,818 2007 $110 $200,000 11/6/2009
3746 LONGFELLOW RD 3,870 2006 $120 $465,000 10/30/2009
2542 TWAIN DR 2,586 2006 $162 $420,000 10/28/2009
3976 SHUMARD OAK BLVD 1,324 2005 $120 $159,200 10/26/2009
3693 ESPLANADE WAY 2,012 2003 $120 $242,000 10/15/2009
4251 RALEIGH WAY 1,626 2006 $126 $204,900 10/15/2009
3745 OVERLOOK DR 2,320 2003 $140 $325,000 10/8/2009
3250 CAROLLTON DR 1,782 2004 $144 $256,000 10/7/2009
4089 COLLETON CT 1,966 2003 $109 $215,000 9/29/2009
3647 MOSSY CREEK LN 4,354 2003 $157 $684,000 9/28/2009
3093 MERCHANTS ROW BLVD 1,521 2007 $102 $155,000 9/25/2009
3610 LONGFELLOW RD 2,714 2006 $120 $325,000 9/25/2009
2131 SUNLIGHT TER 2,030 2005 $128 $260,000 9/23/2009
4018 BLAIRSTONE RD 1,394 2005 $126 $175,000 9/15/2009
3679 ESPLANADE WAY 1,782 2003 $126 $224,000 9/14/2009
3722 LONGFELLOW RD 2,225 2003 $157 $350,000 9/14/2009
3622 BILTMORE AVE 1,394 2006 $139 $194,000 9/11/2009
3232 WHITMAN WAY 2,707 2006 $113 $305,000 9/10/2009
2107 MERRIFIELD LN 1,620 2003 $139 $225,000 9/8/2009
4117 FITZGERALD RD 2,357 2006 $128 $302,000 9/4/2009
3745 FOUR OAKS BLVD 2,021 2001 $125 $253,000 9/3/2009
3258 THOREAU AVE 2,027 2006 $160 $325,000 9/1/2009
4235 RALEIGH WAY 1,394 2006 $131 $183,000 8/28/2009
4560 GROVE PARK DR 3,819 2006 $144 $550,000 8/28/2009
3158 BARINGER HILL DR 2,794 2002 $134 $375,000 8/26/2009
3653 ESPLANADE WAY 1,940 2003 $112 $217,500 8/21/2009
3757 FOUR OAKS BLVD 2,045 2002 $125 $255,000 8/17/2009
3254 NEWBERRY BLVD 1,401 2004 $138 $194,000 8/14/2009
4042 BLAIRSTONE RD 1,644 2005 $116 $190,000 8/6/2009
3214 YEATS AVE 2,021 2005 $126 $255,500 7/31/2009
4106 FOUR OAKS BLVD 1,521 2007 $108 $165,000 7/31/2009
4298 PARK CROSSING TRL 1,324 2005 $120 $159,000 7/24/2009
4338 GROVE PARK DR 1,962 2005 $130 $255,000 7/24/2009
3153 BARINGER HILL DR 3,016 2002 $121 $365,000 7/22/2009
3614 LONGFELLOW RD 1,650 2006 $164 $269,900 7/15/2009
3805 PINEY GROVE DR 2,368 2003 $112 $265,000 7/10/2009
3245 DUNLEITH LN 2,156 2004 $119 $256,000 6/30/2009
4286 PARK CROSSING TRL 1,966 2005 $97 $190,000 6/19/2009
3157 BUCKHEAD TRCE 1,953 2002 $125 $245,000 6/15/2009
2452 RAIN LILY WAY 1,656 2008 $148 $245,000 6/12/2009
3785 LONGFELLOW RD 3,385 2007 $95 $320,500 6/11/2009
3245 DUNLEITH LN 2,156 2004 $117 $252,200 6/10/2009
3665 LONGFELLOW RD 1,584 2004 $155 $246,000 6/9/2009
3161 MULBERRY PARK BLVD 1,966 2002 $120 $235,000 5/29/2009
3249 UPDIKE RD 2,622 2005 $164 $428,800 5/29/2009
3791 WENTWORTH WAY 3,914 2007 $145 $566,400 5/29/2009
4274 AVON PARK CIR 1,744 2004 $101 $177,000 5/27/2009
2112 NEW DAWN RD 1,893 2003 $132 $249,900 5/18/2009
3149 BARINGER HILL DR 2,988 2005 $97 $291,000 5/8/2009
3236 WHITMAN WAY 2,368 2006 $156 $369,000 5/1/2009
3777 FOUR OAKS BLVD 1,893 2002 $127 $240,000 4/30/2009
4077 COLLETON CT 1,324 2003 $117 $155,000 4/22/2009
4221 SUMMERTREE DR 2,073 2006 $137 $284,000 4/22/2009
4243 RALEIGH WAY 1,394 2006 $158 $220,000 4/8/2009
3295 SALINGER WAY 2,368 2004 $122 $290,000 3/27/2009
3669 ESPLANADE WAY 1,782 2003 $126 $225,000 3/26/2009
4244 GROVE PARK DR 1,876 2005 $144 $270,000 3/9/2009
4300 GROVE PARK DR 1,584 2005 $167 $264,500 3/9/2009
3246 SALINGER WAY 2,242 2005 $137 $307,000 2/27/2009
3995 FOUR OAKS BLVD 1,483 2001 $115 $169,900 2/20/2009
3791 OVERLOOK DR 1,953 2003 $120 $235,000 1/28/2009
3728 BILTMORE AVE 1,683 2004 $141 $237,000 1/20/2009
3724 IVY GREEN TRL 1,896 2001 $116 $220,000 12/18/2008
3255 SALINGER WAY 2,368 2004 $140 $331,000 12/9/2008
2120 SUNLIGHT TER 2,403 2007 $135 $325,000 11/21/2008
4024 COLLETON CT 1,324 2003 $132 $175,000 10/8/2008
3753 FOUR OAKS BLVD 2,156 2002 $134 $289,300 10/3/2008
4267 RALEIGH WAY 1,692 2006 $157 $266,000 10/3/2008
3240 THOREAU AVE 2,619 2007 $176 $460,000 10/1/2008
3626 FOUR OAKS BLVD 1,777 2005 $131 $233,000 10/1/2008
4142 FAULKNER LN 2,993 2007 $173 $518,000 9/26/2008
4265 SUMMERTREE DR 1,632 2006 $156 $255,000 9/25/2008
3769 FOUR OAKS BLVD 1,893 2002 $132 $250,000 9/17/2008
3143 MULBERRY PARK BLVD 1,744 2002 $112 $195,000 9/15/2008
4030 BLAIRSTONE RD 1,777 2005 $119 $212,000 9/12/2008
4121 FITZGERALD RD 2,275 2006 $64 $145,000 8/29/2008
3766 PINEY GROVE DR 3,588 2005 $160 $575,000 8/28/2008
3748 IVY GREEN TRL 2,381 2002 $136 $325,000 8/22/2008
3785 CHANTICLEER CT 2,057 2002 $137 $281,000 8/15/2008
3181 MULBERRY PARK BLVD 1,324 2002 $131 $173,400 8/7/2008
3161 BARINGER HILL DR 2,109 2002 $166 $349,500 8/6/2008
2505 TWAIN DR 2,233 2006 $145 $324,900 7/31/2008
4130 FAULKNER LN 2,853 2006 $165 $470,000 7/30/2008
2115 FERNLEIGH DR 1,782 2003 $141 $251,000 7/25/2008
3993 FOUR OAKS BLVD 1,324 2001 $143 $189,900 7/24/2008
3249 DUNLEITH LN 2,185 2004 $111 $242,000 7/11/2008
3610 FOUR OAKS BLVD 1,394 2005 $164 $228,800 7/11/2008
3690 MOSSY CREEK LN 4,384 2007 $167 $730,000 7/3/2008
3219 WHITMAN WAY 1,683 2005 $140 $235,000 6/27/2008
3129 BARINGER HILL DR 2,368 2001 $133 $315,000 6/26/2008
3147 MULBERRY PARK BLVD 1,483 2002 $132 $196,000 6/26/2008
3677 MOSSY CREEK LN 4,137 2007 $169 $700,000 6/26/2008
3211 WHITMAN WAY 2,021 2005 $127 $257,000 6/20/2008
2110 FERNLEIGH DR 1,620 2003 $161 $261,000 6/16/2008
3701 LONGFELLOW RD 2,683 2003 $140 $375,000 6/13/2008
3725 OVERLOOK DR 2,521 2003 $163 $412,000 6/10/2008
3034 CUMMINGS AVE 1,837 2005 $133 $245,000 6/9/2008
4289 SUMMERTREE DR 1,632 2006 $165 $269,900 6/9/2008
4670 GROVE PARK DR 3,145 2006 $169 $530,000 6/6/2008
4066 COLLETON CT 1,744 2003 $123 $215,000 6/2/2008

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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