Killearn Estates Housing Report January 2016

Killearn Estates, the top-selling neighborhood in the Tallahassee real estate market, had a very strong year in 2015.

With homebuyers seeking location, location, and location these days, we expect Killearn to keep on thriving.

Homebuyers continue to tell us that they favor the access to town and public school zone in which Killearn Estates lies, but the values right now seem to be the strongest driver of home sales.

This popular Northeast Tallahassee neighborhood is roughly 50 years old, so homes of all ages (and all levels of updating) are available to attract just about every type of home buyer.

In this report, we will look at home prices, home values, and home sizes in Killearn Estates, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 1991.

For each of the three real estate graphs found in this report, you will find the number of closed home sales for each year (red columns, measured on the left vertical axis), and an important real estate statistic shown in blue (measured on the right vertical axis).

It is important to note that the narrative contained below is through the end of the year for all years, though the graphs and the closed sales table will be continuously updated into the future (meaning bookmark this page if you always want to know the current status of homes in Killearn Estates).

Home Price Trends In Killearn Estates

Killearn Estates home prices rose 4% in 2015, moving from $211,400 to $220,300. Prices have recovered more than 10% since the bottom of the market was reached in 2012, but still remain 21% lower than the market peak of $280,500 that was recorded for the 2006 calendar year. With mortgage interest rates remaining near historic lows, Killearn Estates is near record affordability.

Average Home Price

Home sales activity shot up 28% in 2015, setting a new ten-year high. but the number of closed home sales at year’s end is still 20% fewer than Killearn Estates averaged from the years 1992 through 2005. Through the fourth day of the new year, Realtors posted 213 closed home sales in Killearn Estates in 2015.

Home Value Trends In Killearn Estates

Average home values in Killearn Estates rebounded 2% in 2015, recovering the equivalent loss that was reported for the prior year. They have gone from an average of $105 per square foot in 2013, down to $103 per square foot in 2014, and then back to $105 per square foot in 2015.

Average Home Value

Home values today are 23% below the home values recorded in the best year on record (2006) but up 9% over the worst year (2012).

These values suggest that many homeowners who have purchased or refinanced in the past 10 years are still going to be dealing with the problem of owing more money on their homes than they can net from a sale. I would expect to see more of these “trapped” homeowners hitting the market as sellers as values shoot up a few more points.