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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.

32309 Home Prices

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.

32309 Home Values

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?"

32309 Home Sizes

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

#1 By Joe Manausa, MBA at 7/11/2017 3:47 AM

Thanks Shawn.

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