Killearn Lakes Unit 2: Home Sales Declining
The average home price of a home sold in Killearn Lakes Unit 2 this year is $160,000, which represents a value of $110 per square foot. Much like the rest of the market, this traditionally strong Tallahassee neighborhood has seen home sales drop in half, and appreciation is -20% (meaning real depreciation) since the top of the market in 2006.
What surprises me is how Unit 2 of Killearn Lakes contrasts so much with Unit 1 of Killearn Lakes. Why is Unit 1 holding firmer in the market than Unit 2? I suspect it has to do with the size of the lots and the proximity to the lakes in Unit 1. But nevertheless, I feel that Killearn Lakes Unit 2 will rebound very strongly when the market climbs back up from the bottom.
Killearn Lakes Unit 2 Home Sales Graph
In the real estate graph below, we see that the number of home sales in Killearn Lakes Unit 2 has dropped dramatically (blue vertical lines) while the average home price has dropped from $190K to $160K (red line).
But if you are a regular reader of the Tallahassee Real Estate Blog, then you will already be thinking "just because the average price has dropped in Killearn Lakes Unit 2, we cannot know what the appreciation (or depreciation) rate is without a different measurement."
We know that the typical "housing report" that tries to equate average home prices with appreciation measurement are flawed because they do not account for the changes in the average home size and contents. A better, more accurate method uses price per foot changes to measure real estate appreciation.
Killearn Lakes Unit 2 See 19.7% Depreciation In Home Values
In the real estate graph below, we see significant drop in both the number of homes sold in Killearn Lakes Unit 2 (blue bars) as well as the average price per foot of a home sold (purple line).
I believe that Killearn Lakes Unit 2 has a lot of things going for it that will have it rebound as strong as ever when the market returns to more normal conditions.
Historical Home Sales In Killearn Lakes Unit 2
| Address | Price | Sale Date | SqFt HC |
| 8402 CHICKASAW TRAIL | $148,500 | 3/24/2009 | 1,466 |
| 1788 FOLKSTONE ROAD | $160,000 | 2/24/2009 | 1,472 |
| 1883 FOLKSTONE ROAD | $145,000 | 1/27/2009 | 1,467 |
| 8256 HUNTERS RIDGE TRAIL | $182,900 | 1/6/2009 | 1,524 |
| 1797 FOLKSTONE ROAD | $170,000 | 12/30/2008 | 1,392 |
| 1887 FOLKSTONE ROAD | $154,600 | 12/30/2008 | 1,382 |
| 2348 TUSCAVILLA ROAD | $125,000 | 12/5/2008 | 1,108 |
| 1699 FOLKSTONE ROAD | $167,500 | 11/24/2008 | 1,420 |
| 1707 FOLKSTONE ROAD | $185,000 | 11/7/2008 | 1,743 |
| 2317 TUSCAVILLA ROAD | $157,000 | 9/5/2008 | 1,214 |
| 8235 CHICKASAW TRAIL | $162,000 | 9/5/2008 | 1,341 |
| 1863 FOLKSTONE ROAD | $189,900 | 8/27/2008 | 1,313 |
| 8620 OAK FOREST TRAIL | $163,000 | 8/5/2008 | 1,232 |
| 1709 BROKEN BOW TRAIL | $229,000 | 7/31/2008 | 1,604 |
| 1679 FOLKSTONE ROAD | $191,500 | 7/25/2008 | 1,468 |
| 8753 MINNOW CREEK DRIVE | $240,000 | 7/21/2008 | 1,617 |
| 2363 TUSCAVILLA ROAD | $160,000 | 7/18/2008 | 1,088 |
| 1875 FOLKSTONE ROAD | $191,500 | 7/11/2008 | 1,382 |
| 8323 HUNTERS RIDGE TRAIL | $194,500 | 7/11/2008 | 1,560 |
| 9113 BIRCH RUN LANE | $226,000 | 5/30/2008 | 1,609 |
| 1742 FOLKSTONE ROAD | $177,000 | 5/20/2008 | 1,232 |
| 1628 FLINT RIDGE LANE | $169,000 | 5/1/2008 | 1,290 |
| 8287 HUNTERS RIDGE TRAIL | $157,000 | 3/28/2008 | 1,214 |
| 8360 CHICKASAW TRAIL | $182,000 | 3/26/2008 | 1,520 |
| 8220 HUNTERS RIDGE TRAIL | $175,000 | 3/24/2008 | 1,276 |
| 8235 HUNTERS RIDGE TRAIL | $199,000 | 2/28/2008 | 1,442 |
| 1705 BROKEN BOW TRAIL | $227,000 | 2/22/2008 | 1,652 |
| 8336 CHICKASAW TRAIL | $187,500 | 2/8/2008 | 1,452 |
| 2305 TUSCAVILLA ROAD | $193,800 | 1/22/2008 | 1,396 |
| 1611 FLINT RIDGE LANE | $155,000 | 1/7/2008 | 1,031 |
| 8604 OAK FOREST TRAIL | $199,500 | 12/28/2007 | 1,284 |
| 8653 OAK FOREST TRAIL | $200,800 | 11/30/2007 | 1,473 |
| 1817 BRIDGEMONT TRAIL | $196,000 | 11/2/2007 | 1,288 |
| 8340 CHICKASAW TRAIL | $180,000 | 10/31/2007 | 1,348 |
| 2308 TUSCAVILLA ROAD | $225,000 | 10/24/2007 | 1,568 |
| 1651 FOLKSTONE ROAD | $194,000 | 10/23/2007 | 1,379 |
| 8235 HUNTERS RIDGE TRAIL | $194,100 | 10/1/2007 | 1,442 |
| 1701 INDIAN TOWN LANE | $197,000 | 9/28/2007 | 1,373 |
| 2358 TUSCAVILLA ROAD | $208,000 | 9/21/2007 | 1,435 |
| 8109 HOLLY RIDGE TRAIL | $184,500 | 8/31/2007 | 1,187 |
| 8256 HUNTERS RIDGE TRAIL | $191,500 | 8/24/2007 | 1,524 |
| 9105 HICKORY NUT HILL | $200,000 | 8/10/2007 | 1,420 |
| 9113 BIRCH RUN LANE | $211,200 | 8/10/2007 | 1,609 |
| 1709 GREENRIDGE TRAIL | $190,000 | 7/31/2007 | 1,410 |
| 9108 BIRCH RUN LANE | $213,000 | 7/27/2007 | 1,378 |
| 1813 BRIDGEMONT TRAIL | $200,000 | 6/29/2007 | 1,238 |
| 8629 OAK FOREST TRAIL | $162,000 | 6/28/2007 | 1,458 |
| 2383 TUSCAVILLA ROAD | $221,000 | 6/27/2007 | 1,108 |
| 8312 CHICKASAW TRAIL | $162,600 | 6/27/2007 | 1,737 |
| 2289 TUSCAVILLA ROAD | $190,000 | 6/22/2007 | 1,164 |
| 8353 HUNTERS RIDGE TRAIL | $206,000 | 6/22/2007 | 1,458 |
| 8316 CHICKASAW TRAIL | $171,000 | 6/14/2007 | 1,737 |
| 8814 MINNOW CREEK DRIVE | $235,400 | 6/14/2007 | 1,638 |
| 1721 INDIAN TOWN LANE | $191,300 | 6/12/2007 | 1,213 |
| 1811 FOLKSTONE ROAD | $194,500 | 6/8/2007 | 1,408 |
| 8632 OAK FOREST TRAIL | $204,500 | 5/21/2007 | 1,533 |
| 8825 MINNOW CREEK DRIVE | $187,900 | 5/4/2007 | 1,124 |
| 1776 FOLKSTONE ROAD | $201,000 | 5/3/2007 | 1,382 |
| 2249 TUSCAVILLA ROAD | $190,000 | 4/27/2007 | 1,587 |
| 8382 CHICKASAW TRAIL | $190,000 | 4/11/2007 | 1,454 |
| 1819 FOLKSTONE ROAD | $53,000 | 4/6/2007 | 1,421 |
| 2354 TUSCAVILLA ROAD | $122,000 | 4/6/2007 | 1,322 |
| 2368 TUSCAVILLA ROAD | $116,000 | 4/6/2007 | 1,450 |
| 8311 HUNTERS RIDGE TRAIL | $61,000 | 4/6/2007 | 1,386 |
| 8373 HUNTERS RIDGE TRAIL | $57,000 | 4/6/2007 | 1,405 |
| 1891 FOLKSTONE ROAD | $166,700 | 3/29/2007 | 1,436 |
| 1735 FOLKSTONE ROAD | $212,500 | 3/16/2007 | 1,405 |
| 8807 MINNOW CREEK DRIVE | $189,900 | 3/5/2007 | 1,308 |
| 8213 BRIDGE WATER TRAIL | $236,500 | 2/28/2007 | 1,680 |
| 1887 FOLKSTONE ROAD | $202,100 | 2/23/2007 | 1,382 |
| 8810 MINNOW CREEK DRIVE | $153,000 | 2/20/2007 | 1,638 |
| 8708 MINNOW CREEK DRIVE | $51,900 | 2/8/2007 | 1,378 |
| 8794 MINNOW CREEK DRIVE | $199,900 | 1/5/2007 | 1,245 |
| 1792 FOLKSTONE ROAD | $213,000 | 1/4/2007 | 1,648 |
Discussion
The numbers are not pretty. Lets hope things start improving in the real estate industry soon.
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