32309 Home Sales - A Case Study In Apples And Oranges
If you want a better understanding of the difference between average home values and average home prices, simply follow our review of 32309 home sales because it is a perfect case study.
Nearly every real estate blog and real estate news reporting agency likes to relate real estate appreciation or real estate depreciation with the movement of average home prices, but this is a terribly misleading practice.
Let's examine how an analysis of a single zip code (32309 home sales) can show why you cannot infer appreciation from average sales prices any more than you can compare apples to oranges.
32309 Home Prices
The following real estate graph shows the number of 32309 home sales each month (blue bars) as well as the average home price trend since 2003.
Based upon the information above, we can see that the average sales price of a 32309 home has bounced around for the past three years. If we were to rely solely on this information, one could have believed homes were first appreciating and then depreciating since 2009. But this is simply not true.
How many people who were trying to sell a home in the 32309 zip code were mislead into believing that values were rising?
32309 Home Values
This next real estate graph shows the number of 32309 home sales in blue, and the average price per square foot. By tracking the average price per square foot over time, we get a much more accurate representation of real estate depreciation (or appreciation) then by tracking to average sales prices.
Note that the trend of home values has been fairly consistently declining since early in 2007. That means that anybody reporting "recovery" or "appreciation" for 32309 home sales was not understanding what the market has been telling us.
32309 Home Sizes
Finally, we can view the "proof" that movement in the average (and even median) home prices do not represent appreciation or depreciation in real estate. Why?
Because you are not comparing apples to apples! Think about it.
With lower interest rates, buyers can afford to spend more money on a home without raising their monthly mortgage payment. Now, do you think that this means they will just pay more for a home, or will they go out and get "more home?"
The graph above clearly shows that people who purchased a 32309 home in the past were buying a bigger home. The average size of homes sold in the 32309 zip code is at an all time high, meaning people are spending their money on larger (nicer) homes.
I have said it before, and it is worth repeating because so many news agencies are misleading consumers about current value trends in the real estate market.
The change in average home prices are due to the buying power and posture of home buyers, whereas the change in home values is due to the relationship between supply and demand. Over the long run, home values and home prices should generally move in the same direction, but in the short run, it is quite possible for them to move in opposite directions. If you want to know whether the market is appreciating or depreciating, you have to look at home value trends, not average home price trends.
Based upon the three graphs above, you should have a clear understanding of the lack of significance of real estate reports that spew erroneous conclusions based upon what the average sales price of homes are doing. Use this knowledge to your advantage!
Recent 32309 Home Sales
| Neighborhood | Address | SP | Price/ SQF | Closing Date | Year Built | SQF |
| Killearn Estates | 4704 Tory Sound Lane | $250,000 | $95 | 10/5/2012 | 1979 | 2,626 |
| Quail Valley | 7161 Anglewood Lane | $290,000 | $114 | 10/5/2012 | 1997 | 2,555 |
| Coventry Park | 2622 Green Crossing Drive | $227,500 | $113 | 10/5/2012 | 1996 | 2,012 |
| Foxcroft | 3037 Giles Place | $161,900 | $114 | 10/3/2012 | 1977 | 1,426 |
| Royal Oaks | 3035 Barclay Court | $220,000 | $100 | 10/1/2012 | 1988 | 2,192 |
| Killearn Estates | 3612 Barbary Dr | $83,700 | $49 | 10/1/2012 | 1973 | 1,722 |
| Killearn Estates | 2237 Killarney Way | $260,000 | $103 | 10/1/2012 | 1965 | 2,518 |
| The Ravines | 2462 Papillion Way | $340,000 | $124 | 9/29/2012 | 1998 | 2,745 |
| Killearn Acres | 6708 Tomy Lee Trail | $90,000 | $70 | 9/28/2012 | 1980 | 1,280 |
| Royal Oaks | 3914 Forsythe Way | $200,000 | $96 | 9/28/2012 | 1985 | 2,077 |
| Killearn Estates | 3040 Tipperary Drive | $200,000 | $103 | 9/28/2012 | 1970 | 1,940 |
| Arbor Hill | 3320 W Whitney Drive | $120,000 | $120 | 9/28/2012 | 1978 | 1,000 |
| Killearn Estates | 2915 WhittingtonDrive | $275,000 | $85 | 9/28/2012 | 1996 | 3,242 |
| Greens Of Killearn | 3098 White Ibis Way | $290,000 | $129 | 9/26/2012 | 2003 | 2,255 |
| Royal Oaks | 4000 Camelot Way | $179,000 | $96 | 9/25/2012 | 1983 | 1,870 |
| Foxcroft | 2751 Parsons Rest | $220,000 | $95 | 9/25/2012 | 1977 | 2,320 |
| Killearn Estates | 3491 Hyde Park Way | $197,500 | $97 | 9/25/2012 | 2009 | 2,026 |
| Sawgrass Plantation | 2859 Royal Palm Way | $135,000 | $86 | 9/24/2012 | 1996 | 1,566 |
| Killearn Estates | 4114 Tralee Road | $160,000 | $76 | 9/22/2012 | 1974 | 2,098 |
| Killearn Estates | 2431 Ryan Place | $128,500 | $89 | 9/21/2012 | 1980 | 1,440 |
| Killearn Estates | 2652 Bantry Bay Drive | $130,000 | $62 | 9/21/2012 | 1977 | 2,088 |
| Arvah Branch | 2497 Arvah Branch Blvd | $192,000 | $105 | 9/21/2012 | 1992 | 1,824 |
| Kenilwood Townhouses | 2949 N ShamrockStreet | $90,000 | $50 | 9/20/2012 | 1971 | 1,815 |
| Killearn Acres | 6424 KingmanTrail | $130,000 | $93 | 9/19/2012 | 1978 | 1,392 |
| Killearn Acres | 3220 Proud Clarion Trl | $150,000 | $115 | 9/19/2012 | 1990 | 1,304 |
| Killearn Estates | 3141 Shamrock S | $155,000 | $77 | 9/18/2012 | 1973 | 2,025 |
| Baker Place | 7069 Grenville Road | $425,000 | $130 | 9/15/2012 | 2004 | 3,264 |
| Lenox Mill | 3472 Chamblee Road | $190,000 | $103 | 9/14/2012 | 1993 | 1,850 |
| Lake Vern Estates Unrec | 5151 Velda Dairy Rd. | $155,000 | $78 | 9/14/2012 | 1983 | 1,983 |
| Killearn Estates | 4409 Stratfordshire Ct | $109,900 | $94 | 9/14/2012 | 1989 | 1,174 |
| Pioneer Village Unrec | 9955 Mahan Dr | $72,900 | $96 | 9/14/2012 | 1940 | 759 |
| Emerald Acres | 8657 AlexandriteCt. | $264,900 | $128 | 9/14/2012 | 2001 | 2,075 |
| Killearn Estates | 2925 Tipperary Court | $104,500 | $73 | 9/13/2012 | 1970 | 1,434 |
| Killearn Estates | 2831 Kilkierane Drive | $258,000 | $112 | 9/12/2012 | 1980 | 2,303 |
| Killearn Estates | 2800 Whittington Drive | $290,000 | $119 | 9/12/2012 | 1996 | 2,444 |
| Homestead Ridge | 9255 Anvil Avenue | $175,000 | $76 | 9/11/2012 | 2007 | 2,302 |
| Arbor Hill | 2647 Baldwin Drive | $111,200 | $87 | 9/9/2012 | 1980 | 1,280 |
| Foxcroft | 4648 Ramsgate Drive | $207,000 | $95 | 9/7/2012 | 1988 | 2,173 |
| Killearn Estates | 4431 Sierra Ct | $150,000 | $99 | 9/7/2012 | 1998 | 1,511 |
| Cornucopia Estates Unrec | 7733 Holsteiner Lane | $412,500 | $120 | 9/7/2012 | 2006 | 3,449 |
| Killearn Acres | 6451 Cavalcade Trail | $111,000 | $87 | 9/6/2012 | 1977 | 1,270 |
| Sawgrass Plantation | 2870 Manila Palm Court | $129,500 | $91 | 9/6/2012 | 1996 | 1,425 |
| Buckhead | 4622 Oakshire Court | $415,000 | $105 | 8/31/2012 | 2006 | 3,948 |
| Cameron Chase | 3301 Aqua Ridge Way | $235,000 | $136 | 8/31/2012 | 2004 | 1,731 |
| Highgrove | 4752 Lancashure Lane | $355,000 | $113 | 8/31/2012 | 1992 | 3,144 |
| Killearn Estates | 4664 Inisheer Drive | $205,000 | $118 | 8/31/2012 | 1987 | 1,741 |
| Lake Carolyn Estates | 5403 Widefield Road | $230,000 | $92 | 8/31/2012 | 1984 | 2,500 |
| Killearn Acres | 3135 Swaps Trail | $140,000 | $112 | 8/30/2012 | 1981 | 1,248 |
| Pebble Creek | 3316 Piping Rock | $200,000 | $130 | 8/30/2012 | 1986 | 1,544 |
| Foxcroft | 3014 Banks Rd | $190,000 | $95 | 8/29/2012 | 1975 | 2,007 |
| Centerville Trace | 3624 Craigs House Ct | $174,500 | $105 | 8/24/2012 | 1991 | 1,658 |
| Killearn Estates | 3098 Waterford Drive | $248,850 | $108 | 8/24/2012 | 1988 | 2,294 |
| Killearn Estates | 4022 Ardara Drive | $214,900 | $98 | 8/23/2012 | 1972 | 2,196 |
| Killearn Acres | 3124 Swaps Trail | $165,000 | $110 | 8/22/2012 | 1982 | 1,502 |
| Killearn Estates | 3070 Bay Shore Drive | $161,000 | $87 | 8/22/2012 | 1978 | 1,843 |
| Killearn Estates | 3019 Bay Shore Dr | $76,500 | $51 | 8/21/2012 | 1979 | 1,500 |
| Buckhead | 2626 South Hannon Hill Drive | $360,000 | $150 | 8/20/2012 | 1998 | 2,394 |
| Killearn Acres | 6505 Alan A Dale Trail | $202,000 | $122 | 8/17/2012 | 1983 | 1,660 |
| Highgrove | 4642 HighgroveRoad | $327,500 | $96 | 8/17/2012 | 1986 | 3,419 |
| Arbor Hill | 3257 Whitney Drive E | $108,000 | $89 | 8/17/2012 | 1990 | 1,218 |
| Arvah Branch | 6472 Justin Grant Trail | $200,000 | $107 | 8/17/2012 | 1994 | 1,865 |
| Killearn Estates | 3469 Welwyn Way | $275,000 | $115 | 8/17/2012 | 1993 | 2,400 |
| Killearn Estates | 4036 Brandon Hill Dr. | $210,000 | $100 | 8/17/2012 | 1978 | 2,090 |
| Emerald Acres | 8819 SapphireDrive | $218,000 | $102 | 8/16/2012 | 1996 | 2,130 |
| Barclay Lane Condos | 4557-C Barclay Lane | $105,400 | $76 | 8/15/2012 | 1989 | 1,388 |
| Sawgrass Plantation | 2421 Silver Palm | $105,000 | $80 | 8/15/2012 | 1997 | 1,308 |
| Shannon Forest | 3752 MundonWay | $112,200 | $67 | 8/15/2012 | 1976 | 1,680 |
| The Ravines | 2494 Elfinwing Lane | $285,000 | $123 | 8/15/2012 | 2000 | 2,325 |
| Killearn Estates | 2617 Harwich Circle | $145,000 | $108 | 8/15/2012 | 1990 | 1,340 |
| Hadley Crossing | 2357 Hadley Crossing Court | $227,610 | $94 | 8/14/2012 | 2007 | 2,429 |
| Arbor Hill | 2674 Baldwin Dr S | $139,900 | $112 | 8/14/2012 | 1985 | 1,254 |
| Foxcroft | 2924 Parrish Drive | $195,000 | $115 | 8/13/2012 | 1994 | 1,689 |
| Bear Creek | 2999 Stony Brook Court | $225,000 | $148 | 8/10/2012 | 2009 | 1,518 |
| Killearn Estates | 4039 Kilmartin Drive | $360,000 | $114 | 8/10/2012 | 1989 | 3,152 |
| Coble Farms | 5288 Charles Samuel Drive | $221,500 | $97 | 8/6/2012 | 1996 | 2,293 |
| Sawgrass Plantation | 2907 Royal Palm | $129,000 | $95 | 8/6/2012 | 1999 | 1,363 |
| The Ravines | 3712 Swallowtail Trace | $370,000 | $126 | 8/6/2012 | 1995 | 2,940 |
| Killearn Acres | 6437 Jet Pilot Trail | $185,000 | $101 | 8/3/2012 | 1984 | 1,828 |
| Northshire | 6088 Gascony Lane | $280,000 | $104 | 8/3/2012 | 1989 | 2,701 |
| Killearn Acres | 3424 Native Dancer Trail | $165,000 | $101 | 8/1/2012 | 1978 | 1,640 |
| Highgrove | 4738 Highgrove Road | $385,000 | $119 | 7/31/2012 | 1988 | 3,225 |
| Buckhead | 4602 Oakshire Ct. | $410,000 | $158 | 7/31/2012 | 2012 | 2,591 |
| Pheasant Ridge | 2757 Fawn Ridge Court | $314,000 | $126 | 7/31/2012 | 2006 | 2,500 |
| Killearn Estates | 3469 Hyde Park Way | $225,000 | $107 | 7/31/2012 | 1997 | 2,100 |
| Killearn Estates | 3112 Ferns Glen | $214,900 | $81 | 7/31/2012 | 1989 | 2,662 |
| Killearn Estates | 2365 Ryan Place | $109,000 | $92 | 7/31/2012 | 1983 | 1,189 |
| Killearn Estates | 3700C Donovan Drive | $85,500 | $77 | 7/30/2012 | 1980 | 1,116 |
| Lenox Mill | 5412 Moores Mill Road | $156,000 | $76 | 7/27/2012 | 1993 | 2,049 |
| Sawgrass Plantation | 2417 Silver Palm Lane | $115,000 | $88 | 7/27/2012 | 1997 | 1,308 |
| Breckenridge On Park | 344 Whetherbine Way | $66,900 | $76 | 7/27/2012 | 1987 | 880 |
| Killearn Estates | 2912 Shamrock N | $165,000 | $79 | 7/27/2012 | 1973 | 2,100 |
| Killearn Estates | 4052 Brandon Hill Drive | $277,000 | $122 | 7/25/2012 | 1976 | 2,267 |
| None | 6251 Shady Lane | $244,000 | $54 | 7/23/2012 | 1973 | 4,500 |
| Killearn Acres | 6653 Man O WarTrail | $160,000 | $101 | 7/23/2012 | 1989 | 1,584 |
| Foxcroft | 2987 Foxcroft Dr | $189,250 | $99 | 7/20/2012 | 1989 | 1,912 |
| Arbor Hill | 2732 Whitney Dr N | $123,000 | $99 | 7/20/2012 | 1981 | 1,248 |
| Buckhead | 4533 Timberloch Drive | $400,000 | $129 | 7/19/2012 | 2006 | 3,105 |
| Killearn Estates | 3037 Corrib | $255,000 | $119 | 7/18/2012 | 1971 | 2,145 |
| Killearn Estates | 3936 Leane Drive | $222,000 | $97 | 7/13/2012 | 1972 | 2,296 |
| Killearn Estates | 2673 Nantucket Lane | $165,500 | $82 | 7/13/2012 | 1982 | 2,024 |
| Stonebriar | 2331 Cleburn Lane | $235,000 | $111 | 7/6/2012 | 2011 | 2,109 |
| Killearn Estates | 3748 Longchamp Circle | $160,000 | $80 | 7/6/2012 | 1996 | 2,000 |
| Highgrove | 4811 Highgrove Rd | $415,000 | $125 | 7/6/2012 | 1987 | 3,316 |
| Killearn Estates | 5093 Tallow PointRoad | $330,000 | $100 | 7/6/2012 | 1981 | 3,313 |
| Eastgate | 2221 Branbury Lane | $125,000 | $85 | 7/5/2012 | 1978 | 1,463 |
I hope this 32309 home sales report has been enlightening, and if you want to work with real estate agents who can guide you safely through this housing market, just drop me a note and we can schedule an initial consultation to review your specific wants and needs.
Discussion
Thanks Shawn.
Post a Comment