Existing 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 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.
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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 | Â | 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 |
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