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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).

killearn-lakes-unit-2-home-sales-graph-with-average-prices

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).

killearn-lakes-unit-2-home-sales-graph

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

#1 By Oakland Real Estate at 7/11/2017 3:44 AM

The numbers are not pretty. Lets hope things start improving in the real estate industry soon.

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