Killearn Lakes Unit 1 Home Prices Holding
We have been reviewing a stream of Tallahassee neighborhoods in our blog for the past two weeks and the common theme for these communities is falling home sales and falling prices. Up to now, it seems that most of these Tallahassee Subdivisions have seen prices fall (from the peak of the market) about 15-20%, but all appear to be showing long-term appreciation of greater than 3%
Today, I have pulled all the resales in Killearn Lakes Unit 1, which traditionally sees 30 to 40 home sales per year. Last year saw sales drop into the low 20s, but the biggest surprise is that home values are only down about 8%. I am not sure if this is because of how strong the neighborhood is, its school zones, or the fact that many of these homes are built on a lake on the north side of Tallahassee. Whatever the reason, the home appreciation in Killearn Lakes Unit 1 is currently beating the market.
Killearn Lakes Unit 1 Home Sales
The following real estate graph shows annual home sales and the average price per foot of homes that have sold in Killearn Lakes Unit 1. The blue bar show the total number of homes sold each year in Killearn Lakes Unit 1, while the purple line shows relative appreciation (total price per square foot).
Killearn Lakes Unit 1 Home Sales And Average Home Prices
The next real estate graph shows something that we have not seen for quite some time when analyzing Tallahassee neighborhoods. While unit sales are dropping in Killearn Lakes Unit 1, the average price appears to be rising. Of course, the previous chart showed price per foot dropping, which means that the larger homes have been selling in Killearn Lakes Unit 1, thus making it appear as if prices were rising.
Understanding Home Valuation
The previous two real estate graphs are a classic example why most real estate reports are flawed. They lead you to believe that prices are going up or prices are going down, solely based upon the movement of the average sales price. As we saw in these graphs of home sales in Killearn Lakes Unit 1, it is possible for the average price to go up, while values are dropping.
Historical Home Sales In Killearn Lakes Unit 1
| Address | Price | Size | Sale Date |
| 3352 MICANOPY TRL | $167,800 | 1,409 | 4/29/2009 |
| 3305 MICANOPY TRL | $175,000 | 1,662 | 4/15/2009 |
| 3313 BARROW HILL TRL | $175,000 | 1,384 | 4/8/2009 |
| 3619 DEER HILL TRL | $190,000 | 1,676 | 4/8/2009 |
| 3448 VALLEY CREEK DR | $297,000 | 1,848 | 4/3/2009 |
| 7939 S BRIARCREEK RD | $186,500 | 1,440 | 4/3/2009 |
| 3523 CHEROKEE RIDGE TRL | $193,000 | 1,476 | 3/27/2009 |
| 3488 VALLEY CREEK DR | $265,000 | 2,081 | 3/19/2009 |
| 3317 BARROW HILL TRL | $210,000 | 2,168 | 1/16/2009 |
| 3418 TREATY OAK TRL | $194,900 | 1,624 | 12/12/2008 |
| 3447 BRIAR BRANCH TRL | $194,900 | 1,539 | 11/14/2008 |
| 3528 OAK HILL TRL | $249,100 | 2,188 | 11/5/2008 |
| 7944 S BRIARCREEK RD | $190,000 | 1,591 | 9/30/2008 |
| 3212 FAWN HILL TRL | $175,000 | 1,330 | 9/12/2008 |
| 3409 TREATY OAK TRL | $198,800 | 1,584 | 7/31/2008 |
| 3325 WILDWOOD TRL | $160,100 | 1,204 | 7/30/2008 |
| 7873 W BRIARCREEK RD | $175,000 | 1,600 | 7/28/2008 |
| 3431 BRIAR BRANCH TRL | $54,300 | 1,695 | 7/18/2008 |
| 3329 CHEROKEE RIDGE TRL | $203,000 | 1,490 | 7/17/2008 |
| 3309 BARROW HILL TRL | $243,000 | 1,768 | 6/16/2008 |
| 7741 N BRIARCREEK RD | $199,900 | 1,408 | 5/23/2008 |
| 3376 BARROW HILL TRL | $191,900 | 1,596 | 5/19/2008 |
| 7781 N BRIARCREEK RD | $225,000 | 1,600 | 5/16/2008 |
| 7880 W BRIARCREEK RD | $275,000 | 2,216 | 4/14/2008 |
| 7884 BRIARCREEK RD | $162,000 | 1,228 | 3/27/2008 |
| 7001 FOXGLOVE LN | $195,000 | 1,546 | 1/25/2008 |
| 3309 BARROW HILL TRL | $220,000 | 1,768 | 1/17/2008 |
| 3309 BARROW HILL TRL | $236,500 | 1,768 | 1/17/2008 |
| 3432 HAWKS HILL TRL | $190,000 | 1,358 | 1/3/2008 |
| 3525 CHEROKEE RIDGE TRL | $221,500 | 1,487 | 12/27/2007 |
| 3401 ROSEMONT RIDGE RD | $170,000 | 1,200 | 12/12/2007 |
| 3444 CEDARWOOD TRL | $205,000 | 1,406 | 11/1/2007 |
| 3436 HAWKS HILL TRL | $161,000 | 1,312 | 10/1/2007 |
| 7788 BRIARCREEK RD | $255,000 | 1,776 | 9/26/2007 |
| 3489 CEDARWOOD TRL | $258,000 | 1,422 | 9/11/2007 |
| 7797 BRIARCREEK RD | $209,000 | 1,316 | 9/5/2007 |
| 7420 LAUREL RIDGE LN | $195,000 | 1,440 | 8/10/2007 |
| 3388 MICANOPY TRL | $235,000 | 1,600 | 7/31/2007 |
| 8037 BRIARCREEK RD | $246,000 | 2,044 | 7/31/2007 |
| 3416 BRIAR BRANCH TRL | $150,000 | 1,804 | 7/30/2007 |
| 3309 BARROW HILL TRL | $138,200 | 1,768 | 7/19/2007 |
| 3572 ROSEMONT RIDGE RD | $202,500 | 1,409 | 7/19/2007 |
| 3432 ROSEMONT RIDGE RD | $231,800 | 1,463 | 7/17/2007 |
| 3525 LARKSPUR LN | $169,300 | 1,406 | 7/6/2007 |
| 3329 WILDWOOD TRL | $102,000 | 1,592 | 7/3/2007 |
| 8021 BRIARCREEK RD | $228,000 | 1,600 | 6/15/2007 |
| 3501 TURKEY RUN LN | $240,000 | 1,777 | 5/24/2007 |
| 3533 OAK HILL TRL | $279,000 | 2,188 | 5/4/2007 |
| 3572 ROSEMONT RIDGE RD | $58,000 | 1,409 | 4/6/2007 |
| 3436 EDGEMONT TRL | $230,000 | 1,586 | 4/3/2007 |
| 3504 ROSEMONT RIDGE RD | $252,000 | 1,389 | 3/16/2007 |
| 3559 DOGWOOD VALLEY TRL | $179,000 | 1,240 | 3/15/2007 |
| 3205 WIND LAKE LN | $195,000 | 1,380 | 2/23/2007 |
| 3443 TREATY OAK TRL | $235,000 | 1,600 | 2/23/2007 |
| 3453 CEDARWOOD TRL | $204,000 | 1,400 | 2/23/2007 |
| 3430 TREATY OAK TRL | $205,000 | 1,352 | 2/22/2007 |
| 7858 W BRIARCREEK RD | $173,000 | 1,458 | 2/21/2007 |
| 7866 BRIARCREEK RD | $230,000 | 1,687 | 2/16/2007 |
| 3329 CHEROKEE RIDGE TRL | $214,900 | 1,490 | 2/9/2007 |
| 3336 MICANOPY TRL | $184,000 | 1,264 | 1/26/2007 |
| 8057 BRIARCREEK RD | $235,000 | 1,690 | 1/3/2007 |
| 3480 HAWKS HILL TRL | $202,500 | 1,262 | 12/29/2006 |
| 7732 BASS RIDGE TRL | $205,000 | 1,860 | 12/29/2006 |
| 3204 WIND LAKE LN | $228,500 | 1,643 | 12/20/2006 |
| 3427 BRIAR BRANCH TRL | $230,000 | 1,916 | 12/15/2006 |
| 3430 TREATY OAK TRL | $205,000 | 1,352 | 12/7/2006 |
| 3225 FAWN HILL TRL | $167,000 | 1,158 | 12/5/2006 |
| 7805 BRIARCREEK RD | $177,500 | 1,068 | 12/1/2006 |
| 7733 BRIARCREEK RD | $185,000 | 1,256 | 10/20/2006 |
| 3589 ROSEMONT RIDGE RD | $285,000 | 2,333 | 10/11/2006 |
| 3524 OAK HILL TRL | $209,000 | 1,656 | 9/28/2006 |
| 7745 BRIARCREEK RD | $202,900 | 1,417 | 9/25/2006 |
| 3608 DEER HILL TRL | $168,000 | 1,500 | 9/22/2006 |
| 7701 BASS RIDGE TRL | $187,000 | 1,599 | 9/14/2006 |
| 3621 LITTLE FOX LN | $290,900 | 1,880 | 8/29/2006 |
| 3472 CEDARWOOD TRL | $183,800 | 1,260 | 8/28/2006 |
| 3220 FAWN HILL TRL | $227,500 | 1,600 | 8/18/2006 |
| 7784 BASS RIDGE TRL | $244,000 | 1,848 | 8/2/2006 |
| 3475 HAWKS HILL TRL | $230,000 | 1,600 | 7/28/2006 |
| 7916 BRIARCREEK RD | $193,000 | 1,538 | 7/26/2006 |
| 3431 BRIAR BRANCH TRL | $205,000 | 1,695 | 7/14/2006 |
| 7775 BASS RIDGE TRL | $210,000 | 1,600 | 7/13/2006 |
| 3436 EDGEMONT TRL | $180,000 | 1,586 | 6/30/2006 |
| 7805 BRIARCREEK RD | $141,000 | 1,068 | 6/30/2006 |
| 7932 BRIARCREEK RD | $230,000 | 1,600 | 6/30/2006 |
| 3553 ROSEMONT RIDGE RD | $221,000 | 1,588 | 6/19/2006 |
| 3349 BARROW HILL TRL | $233,000 | 1,750 | 6/16/2006 |
| 7841 BRIARCREEK RD | $157,700 | 995 | 6/15/2006 |
| 3453 CEDARWOOD TRL | $155,000 | 1,400 | 6/9/2006 |
| 3328 BARROW HILL TRL | $203,000 | 1,602 | 6/1/2006 |
| 7771 BASS RIDGE TRL | $194,000 | 1,600 | 5/25/2006 |
| 3318 CHEROKEE RIDGE TRL | $282,000 | 1,814 | 5/9/2006 |
| 7412 CANDLEWOOD LN | $199,900 | 1,380 | 5/5/2006 |
| 7825 BRIARCREEK RD | $54,000 | 1,694 | 4/24/2006 |
| 3521 DOGWOOD VALLEY TRL | $176,000 | 1,161 | 4/3/2006 |
| 3423 CHEROKEE RIDGE TRL | $197,900 | 1,373 | 3/15/2006 |
| 7781 BRIARCREEK RD | $230,300 | 1,600 | 3/10/2006 |
| 3520 ROSEMONT RIDGE RD | $175,000 | 1,224 | 3/6/2006 |
| 3369 BARROW HILL TRL | $262,000 | 2,018 | 3/3/2006 |
| 3612 LITTLE FOX LN | $58,300 | 1,504 | 2/24/2006 |
| 3541 OAK HILL TRL | $225,000 | 1,888 | 1/25/2006 |
| 3560 OAK HILL TRL | $179,000 | 1,170 | 1/12/2006 |
| 7718 BRIARCREEK RD | $200,000 | 1,327 | 1/6/2006 |
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