Last week, I wrote a blog about real estate appreciation that generated a lot of emails to our office. People wanted to know if we could provide a little more analysis of what the Tallahassee real estate market has done, in terms of appreciation and depreciation. So, I thought about it this weekend and came up with the following analysis. I would greatly appreciate any comments following this blog for feedback (scroll all the way down to the bottom of the page).
If you recall, regarding the best way to measure real estate appreciation, the Tallahassee Real Estate Blog wrote:
Using a sampling of homes in an area and comparing to previous sales of same units – this would be the preferred method, but the sample would have to be statistically relevant and the market area would have to be accurately defined. The problem with this method is the time and resources required to do it are much better suited to a University than to a business, because the degree of accuracy, though enlightening, would not likely bring an economic benefit to a business that invested the resources to know this for a certain area.
So this is what we have done
How To Measure Real Estate Appreciation
The following real estate graph is chock full of useful information, but first we need to identify how we were able to produce the graph. The graph is a measurement with the following constraints:
- All recorded 2009 existing home sales in Tallahassee (no new home sales)
- Only “Warranty Deed” recordings in order to remove as much “non arms length sales” as possible
- Only properties with square footage recorded at the county
- All Previous sales were used to calculate annualized return for each property
Measuring Real Estate Appreciation
The real estate graph above can be a bit confusing, but it reveals some interesting information about real estate appreciation in Tallahassee:
- The higher the annual appreciation rate for a year in the graph, the better it was to have purchased a home a that year’s prices (compared to the sales price in 2009).
- People who bought in 2005 or 2006, and sold in 2009, sold for less than they paid.
- People who purchased in 1997 and sold in 2009 were the greatest winners, with an annualized appreciation rate of over 7%!
- Currently, homes sold in 2009 that were purchased in 2008 are showing a staggering appreciation rate of 17.2%!
- It’s too early to have a fixed opinion on 2008, but right now it appears that a majority of sales (from homes purchased in 2008) were from people who bought and flipped to take advantage of a great real estate opportunity.
2009 Existing Home Sales Used To Calculate Real Estate Appreciation
| Address | 2009 Sales Price | Earliest Sale | Annual Appreciation |
| 1923 ATAPHA NENE | $190,000 | 2008 | 90.0% |
| S ADAMS ST | $162,500 | 2008 | 14.0% |
| 5528 GREEN MEADOWS CT | $138,900 | 2008 | 15.8% |
| 1305 WOODGATE WAY | $250,000 | 2007 | -2.9% |
| 4890 CHAIRES CROSS RD | $160,000 | 2007 | 6.9% |
| 1912 RHONDA DR | $157,400 | 2007 | -8.0% |
| 3502 LAKEWOOD DR | $64,500 | 2007 | 111.6% |
| 2047 HILLSBOROUGH ST | $23,000 | 2007 | -28.7% |
| 2325 W PENSACOLA ST | $31,000 | 2006 | -26.7% |
| 1951 N MERIDIAN RD | $146,000 | 2006 | 4.6% |
| 3347 GOLDEN RAIN DR | $129,900 | 2006 | -8.1% |
| 400 MERIDIAN RIDE | $500,000 | 2006 | -2.5% |
| 1314 DILLARD ST | $325,000 | 2006 | -2.4% |
| 4244 GROVE PARK DR | $314,050 | 2006 | -3.5% |
| 1117 BROWNING DR | $303,600 | 2006 | 2.9% |
| 1537 WOODGATE WAY | $243,000 | 2006 | -3.2% |
| 1809 CELTIC RD | $237,500 | 2006 | -4.7% |
| 3791 OVERLOOK DR | $235,000 | 2006 | -7.6% |
| 710 N GADSDEN ST | $83,000 | 2006 | -11.6% |
| 1575 PAUL RUSSELL RD | $150,000 | 2005 | -6.5% |
| 3358 LAKE RUN DR | $329,900 | 2005 | -3.8% |
| 9171 OLD CHEMONIE RD | $310,000 | 2005 | -1.0% |
| 765 EAGLE VIEW DR | $305,000 | 2005 | 0.1% |
| 6845 CANOPY GROVE LN | $291,000 | 2005 | 0.5% |
| 1509 BOWMAN DR | $265,000 | 2005 | 4.2% |
| 244 NABB LOOP | $250,000 | 2005 | 0.1% |
| 2843 KILKIERANE DR | $204,400 | 2005 | -2.4% |
| 3241 GALLANT FOX TRL | $177,000 | 2005 | 3.7% |
| 1797 FOLKSTONE RD | $170,000 | 2005 | -3.9% |
| 8402 CHICKASAW TRL | $148,500 | 2005 | -3.3% |
| 5532 CATTAIL CT | $133,500 | 2005 | 0.9% |
| 2361 WINDERMERE RD | $72,000 | 2005 | -9.8% |
| 2969 PARRAMORE SHORES RD | $320,000 | 2004 | 2.0% |
| 2765 FOX HOLLOW CT | $300,000 | 2004 | -3.4% |
| 6133 EASTFIELD TRL | $235,000 | 2004 | 0.4% |
| 3403 CAMERON CHASE DR | $220,000 | 2004 | 1.5% |
| 153 NORTHCUTT TER | $180,000 | 2004 | -0.6% |
| 5920 STONELER RD | $130,000 | 2004 | 2.8% |
| 3707 WOOD HILL DR | $126,000 | 2004 | 1.8% |
| 1887 FOLKSTONE RD | $154,600 | 2003 | 1.2% |
| 185 PITKIN TER | $274,500 | 2003 | 4.5% |
| 3488 VALLEY CREEK DR | $265,000 | 2003 | 3.2% |
| 1635 CHURCH ST | $62,000 | 2003 | 2.5% |
| 9194 SHOAL CREEK DR | $475,000 | 2003 | 29.0% |
| 3966 ROYAL OAKS DR | $330,000 | 2003 | 5.2% |
| 1861 EASTON FOREST DR | $301,000 | 2003 | 3.7% |
| 1116 STONEY CREEK WAY | $260,000 | 2003 | 3.5% |
| 1506 GOLF TERRACE DR | $205,000 | 2003 | 5.3% |
| 4726 PLANTERS RIDGE DR | $200,000 | 2003 | 2.8% |
| 7837 MACLEAN RD | $200,000 | 2003 | 0.6% |
| 1018 HIGH MEADOW DR | $194,000 | 2003 | 3.3% |
| 2473 LAURELWOOD CT | $168,000 | 2003 | 1.7% |
| 5072 MINT HILL CT | $162,900 | 2003 | 0.8% |
| 963 BALKIN RD | $115,000 | 2003 | 3.6% |
| 2140 DELTA BLVD | $63,000 | 2003 | -10.9% |
| 5576 LILY POND CT | $135,000 | 2002 | 2.4% |
| 1360 OLD VILLAGE RD | $223,000 | 2002 | 4.4% |
| 1140 WINFIELD FOREST DR | $226,000 | 2002 | 4.5% |
| 1982 BUSHY HALL RD | $223,500 | 2002 | 4.4% |
| 8332 INNSBROOK DR | $215,000 | 2002 | 2.6% |
| 1215 CLARK AVE | $178,000 | 2002 | 4.5% |
| 3105 BRIARWOOD DR | $233,500 | 2001 | 6.4% |
| 3210 EARL DR | $146,000 | 2001 | 5.5% |
| 2054 HANOVER CT | $90,500 | 2001 | 5.5% |
| 3489 CEDAR LANE DR | $550,000 | 2001 | -0.3% |
| 2419 BUTTONBUSH CT | $215,000 | 2001 | 4.7% |
| 4245 SHERBORNE RD | $205,000 | 2001 | 3.3% |
| 875 VIOLET ST | $200,500 | 2001 | 5.6% |
| 1117 ALBRITTON DR | $160,000 | 2001 | 2.8% |
| 1550 PATRICK AVE | $71,100 | 2001 | 3.3% |
| 1540 PATRICK AVE | $66,300 | 2001 | 2.7% |
| 1546 PATRICK AVE | $56,300 | 2001 | 0.3% |
| 1907 SHARON RD | $170,000 | 2000 | 8.0% |
| 2944 CAPITAL PARK DR | $110,000 | 2000 | 5.8% |
| 604 KYLE ST | $31,500 | 2000 | -4.8% |
| 2709 WHARTON CIR | $330,000 | 2000 | 1.9% |
| 7307 HOLLIS ST | $158,000 | 2000 | 3.9% |
| 2863 KILKIERANE DR | $235,000 | 2000 | 5.5% |
| 3252 STORRINGTON DR | $202,500 | 2000 | 6.8% |
| 1413 COLONIAL DR | $153,000 | 2000 | 5.1% |
| 902 BALD EAGLE RUN | $106,500 | 1999 | 4.6% |
| 2608 BLOCK DR | $117,000 | 1999 | 35.8% |
| 7305 HOLLIS ST | $159,500 | 1999 | 4.1% |
| 2028 TRESCOTT DR | $37,500 | 1999 | -9.6% |
| 1292 FERN HILL CT | $210,000 | 1999 | 4.4% |
| 7845 PRESERVATION RD | $240,000 | 1999 | 3.8% |
| 3058 LAYLA ST | $141,900 | 1999 | 3.6% |
| 5657 MAPLE FOREST DR | $105,000 | 1999 | 6.9% |
| 2233 GREENWICH WAY | $55,000 | 1999 | -4.8% |
| 1227 BRAFFORTON CT | $110,000 | 1998 | 5.4% |
| 1121 SAVANNAH TRCE | $380,000 | 1998 | 4.5% |
| 1445 SILVER PINE LN | $599,000 | 1998 | 10.5% |
| 2712 KEATOR ST | $95,000 | 1998 | 6.0% |
| 7454 HEARTLAND CIR | $1,160,000 | 1998 | 7.2% |
| 3317 BARROW HILL TRL | $210,000 | 1998 | 5.7% |
| 518 RIVERPOND CT | $550,000 | 1998 | 4.6% |
| 5508 SPLIT OAK CT | $99,500 | 1998 | 4.7% |
| 1374 SILVER MOON DR | $229,500 | 1998 | 5.5% |
| 3346 THOMAS BUTLER RD | $100,000 | 1998 | 2.2% |
| 709 FOREST LAIR | $440,000 | 1998 | 4.0% |
| 405 INGLEWOOD DR | $183,000 | 1998 | 7.5% |
| 6661 MAN O WAR TRL | $162,000 | 1998 | 5.7% |
| 2417 NUGGET LN | $107,500 | 1998 | 4.5% |
| 1155 SEMINOLE DR | $275,000 | 1997 | 9.9% |
| 211 ROSEHILL LN | $690,000 | 1997 | 15.7% |
| 1230 CAMELLIA DR | $177,900 | 1997 | 5.4% |
| 1518 VALLEY RD | $129,900 | 1997 | 6.6% |
| 3284 RUE DE LAFITTE DR | $164,800 | 1996 | 4.2% |
| 3535 DAYLILY LN | $145,500 | 1996 | 5.0% |
| 2660 HARTSFIELD RD | $115,000 | 1996 | 3.3% |
| 2141 LONGVIEW DR | $93,000 | 1996 | 3.4% |
| 1322 CIRCLE DR | $161,900 | 1996 | 6.3% |
| 3025 STILLWOOD CT | $200,000 | 1996 | 4.3% |
| 927 ALACHUA AVE | $180,000 | 1996 | 5.9% |
| 3941 CALLE DE SANTOS | $182,500 | 1996 | 5.0% |
| 5302 WATER VALLEY DR | $145,000 | 1995 | 3.5% |
| 10563 WINTERS RUN | $357,000 | 1995 | 5.5% |
| 2212 PAUL RUSSELL CIR | $127,000 | 1995 | 6.0% |
| 2364 IAN DR | $122,900 | 1995 | 3.9% |
| 5751 DOONESBURY WAY | $120,000 | 1995 | 2.4% |
| 2262 MONAGHAN DR | $210,000 | 1995 | 3.8% |
| 1415 DEVILS DIP | $233,000 | 1995 | 6.3% |
| 6484 BOLD VENTURE TRL | $145,000 | 1995 | 4.8% |
| 6417 CAVALCADE TRL | $172,900 | 1995 | 5.0% |
| 3428 DAYLILY LN | $155,000 | 1995 | 3.9% |
| 3954 BOTHWELL TER | $122,800 | 1995 | 5.7% |
| 5400 BUCK LAKE RD | $170,000 | 1995 | 2.6% |
| 4015 HARPERS FERRY DR | $195,000 | 1994 | 3.6% |
| 657 LITCHFIELD CT | $185,000 | 1994 | 3.1% |
| 3496 DAYLILY LN | $143,000 | 1994 | 4.3% |
| 1920 TALPECO RD | $158,000 | 1994 | 11.7% |
| 1815 MONTICELLO DR | $148,000 | 1994 | 3.5% |
| 2037 LONGVIEW DR | $143,300 | 1994 | 5.9% |
| 800 TIMBERS CT | $107,000 | 1994 | 5.2% |
| 2813 COLONNADE CT | $275,000 | 1994 | 2.7% |
| 1718 COPPERFIELD CIR | $262,000 | 1993 | 5.0% |
| 1649 TWIN LAKES CIR | $165,000 | 1993 | 6.1% |
| 6846 HILL GAIL TRL | $179,000 | 1993 | 5.5% |
| 5881 CYPRESS CIR | $130,000 | 1993 | 5.6% |
| 3691 WOOD HILL DR | $133,900 | 1993 | 5.3% |
| 3633 KILLARNEY PLAZA CT | $167,000 | 1993 | 3.9% |
| 1883 FOLKSTONE RD | $145,000 | 1993 | 3.1% |
| 5019 EASY ST | $110,000 | 1993 | 5.1% |
| 1548 CHULI NENE | $141,500 | 1993 | 6.2% |
| 1608 REDWOOD DR | $168,000 | 1993 | 5.9% |
| 1529 CINNAMON BEAR CIR | $87,000 | 1993 | 1.3% |
| 8256 HUNTERS RIDGE TRL | $182,900 | 1992 | 4.9% |
| 3998 CAMINO REAL | $140,000 | 1992 | 3.1% |
| 4857 BALLYGAR DR | $207,000 | 1992 | 4.0% |
| 2636 BRENTSHIRE DR | $190,000 | 1992 | 5.5% |
| 2814 SAIL CT | $52,100 | 1992 | 0.0% |
| 4589 BERKLIE DR | $60,000 | 1991 | -4.8% |
| 1319 BETTON RD | $399,000 | 1991 | 5.7% |
| 1801 WOODGATE WAY | $250,000 | 1991 | 3.2% |
| 5040 TILLIE LN | $79,500 | 1991 | 8.0% |
| 713 GWEN ST | $28,350 | 1991 | 0.1% |
Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
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