Northeast Tallahassee Home Sales
Recently, somebody asked me how home sales in Northeast Tallahassee are holding up. I explained that this part of the Tallahassee real estate market accounted for roughly one half of the home sales (49% over the past twelve months) and was performing stronger than the other three quadrants of Leon County.
Just a reminder, you can subscribe to the Tallahassee Real Estate Newsletter (free) in the right sidebar of the Tallahassee Real Estate Blog. This monthly newsletter provides analysis of the housing market with charts and graphs to support the findings.
The best starting point when analyzing an area or subdivision in the Tallahassee housing market is to look at current supply and demand of homes.
Supply And Demand For Northeast Tallahassee Real Estate
The real estate chart above shows that the relative supply of homes for sale in Northeast Tallahassee is 11.5 months, which is good and bad. It's good that supply has continued to fall, it's good that supply is about 2 months lower than the average in the entire Tallahassee real estate market, but it is bad that Northeast Tallahassee home supply is nearly double the amount required for a balanced market (6 months of supply).
The over-supply of homes suggests that we will continue to see Northeast Tallahassee home prices continue to decline until supply and demand are balanced.
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Northeast Tallahassee Average Home Prices
While the number of home sales in Northeast Tallahassee has dropped by more than 50%, the average price has only come down about 8%. The drop in average home prices is much lower than the rest of the Tallahassee housing market, though this could be more of a reflection on how much home buyers can afford than a reflection on real estate depreciation.
Northeast Tallahassee Home Sizes
In line with real estate depreciation, it appears as if 2009 is showing the largest average home size being sold over the past 19 years. So even though average prices are dropping, the homes being purchased are larger (on average). This suggests that our depreciation rate is larger than our value change rate.
Northeast Tallahassee Home Values
When we look at the price per square foot of homes sold in Northeast Tallahassee, we see that values have dropped 13% since the peak of the market (which actually occurred in 2007). A very important observation can be found in this home value graph. Note that while home sales were plumetting in 2006 and 2007, home values continued to rise.
This apparent lack of awareness by the market is normal, and we should expect to see a similar action at the bottom of the market. So even as the number of home sales in Northeast Tallahassee start to rise, we will continue to see falling prices as the supply and demand relationship comes into balance. Only once scarcity returns to the market will we start to see home values appreciate in Northeast Tallahassee.
Pay Attention To Supply And Demand In The Housing Market
The best way to stay abreast of your home value trend is to look at our Monthly Home Inventory Report. Each month we post updates in the right sidebar of the Tallahassee Real Estate Blog, so there is no reason to be unsure of current market trends.
Recent Home Sales In Northeast Tallahassee
| Northeast Tallahassee Subdivision | Northeast Tallahassee Address | Sale Date | Size | Price |
| VILLAGES OF MACLAY T/H | 1337 OLD VILLAGE RD | 10/30/2009 | 1,530 | $194,500 |
| MAUNDS ESTATES | 603 MCDANIEL ST | 10/29/2009 | 1,673 | $131,900 |
| PINEY-Z | 1022 HIGH MEADOW DR | 10/29/2009 | 1,908 | $212,000 |
| WEEMS PLANTATION | 3494 LANDS END LN | 10/28/2009 | 1,372 | $183,000 |
| ARBOR HILL | 2628 VASSAR RD | 10/27/2009 | 1,248 | $80,000 |
| WEEMS PLANTATION | 3472 BARNSTAPLE DR | 10/27/2009 | 1,471 | $167,500 |
| COUNTRY WALK | 4846 LIMOGES DR | 10/27/2009 | 2,111 | $231,000 |
| BUCKWOOD CLUSTER | 4305 BENCHMARK TRCE | 10/23/2009 | 1,315 | $128,000 |
| KINHEGA LANDINGS | 10515 WINTERS RUN | 10/23/2009 | 1,865 | $220,000 |
| CHATEAU LAFAYETTE TOWNHOMES | 3374 TANSEY CT | 10/22/2009 | 1,308 | $129,000 |
| ARVAH BRANCH | 1977 BUSHY HALL RD | 10/22/2009 | 1,831 | $196,000 |
| 31-01N-01E | 513 E CALL ST | 10/22/2009 | 3,028 | $260,000 |
| PINEY-Z | 1067 KINGDOM DR | 10/21/2009 | 1,479 | $178,000 |
| GRAMERCY PLACE | 3283 GRAMERCY PL | 10/21/2009 | 1,827 | $239,900 |
| KILLEARN LAKES | 8633 OAK FOREST TRL | 10/20/2009 | 1,293 | $100,000 |
| 30-01N-01E | 1565 PAYNE ST | 10/19/2009 | 1,144 | $150,000 |
| 17-02N-01E | 7106 ED WILSON LN | 10/19/2009 | 2,353 | $170,000 |
| MEADOWBROOK | 700 VIOLET ST | 10/19/2009 | 1,781 | $200,000 |
| FOREST COMMONS | 3520 SEDONA LOOP | 10/16/2009 | Â | $112,000 |
| BRIAR CHASE | 2949 ALEXIS LN | 10/16/2009 | 1,469 | $179,900 |
| KILLEARN ACRES | 3221 GALLANT FOX TRL | 10/16/2009 | 1,533 | $199,500 |
| WOODBERRY | 2632 FAIRMOUNT LN | 10/15/2009 | 1,315 | $132,500 |
| KILLEARN COMMONS | 8479 HANNARY DR | 10/15/2009 | 1,360 | $134,900 |
| GLEN AT GOLDEN EAGLE | 9341 TUSCANY DR | 10/15/2009 | 1,572 | $185,000 |
| SWEETWATER OAKS | 1735 RIVER BIRCH HOLW | 10/15/2009 | 1,636 | $192,000 |
| KILLEARN ESTATES | 2801 PARADISE PL | 10/15/2009 | 2,718 | $290,000 |
| KILLEARN ESTATES | 4081 MCLAUGHLIN DR | 10/15/2009 | 2,109 | $300,000 |
| BETTON HILL | 2114 JENETTE ST | 10/15/2009 | 2,392 | $310,000 |
| WAVERLY HILLS | 2815 REBECCA DR | 10/15/2009 | 2,270 | $475,000 |
| ARBOR HILL | 2652 BALDWIN DR S | 10/14/2009 | 1,152 | $159,900 |
| PARK BROOK CROSSING | 2147 VICTORY GARDEN LN | 10/13/2009 | 880 | $100,000 |
| PINEY-Z | 4905 PARKVIEW CT | 10/13/2009 | 1,729 | $167,300 |
| KILLEARN LAKES | 9409 BUCK HAVEN TRL | 10/13/2009 | 1,868 | $200,000 |
| SWIFT CREEK WOODS | 5780 BRAVEHEART WAY | 10/13/2009 | 2,298 | $270,000 |
| DEER POINTE | 1126 WALDEN RD | 10/13/2009 | 1,947 | $275,000 |
| OX BOTTOM | 1869 OX BOW TRCE | 10/13/2009 | Â | $695,000 |
| ARBOR HILL | 2760 VASSAR RD | 10/12/2009 | 1,230 | $135,300 |
| SWIFT CREEK WOODS | 5658 SIOUX DR | 10/12/2009 | 1,812 | $199,000 |
| GOLDEN EAGLE PLANTATION | 2163 GOLDEN EAGLE DR W | 10/10/2009 | 2,580 | $4,225,000 |
| ARBOR HILL PATIO HOMES | 3232 MOUND DR | 10/9/2009 | 920 | $112,000 |
| INGLEWOOD | 307 CHESTNUT DR | 10/9/2009 | 1,165 | $140,000 |
| MICCOSUKEE MEADOWS | 4447 ARGYLE LN | 10/9/2009 | 1,382 | $170,000 |
| CAMERON CHASE | 3390 CAMERON CHASE DR | 10/9/2009 | 1,651 | $197,000 |
| COUNTRYSIDE AT BENJAMIN'S RUN | 5633 COUNTRYSIDE DR | 10/9/2009 | 1,607 | $217,000 |
| KILLEARN ESTATES | 4118 TRALEE RD | 10/9/2009 | 1,792 | $288,000 |
| GREENS OF KILLEARN | 3057 WHITE IBIS WAY | 10/9/2009 | 2,180 | $290,000 |
| KILLEARN ESTATES | 3487 HYDE PARK WAY | 10/9/2009 | 2,142 | $292,000 |
| MEADOWBROOK | 2403 WINTERGREEN RD | 10/8/2009 | 1,960 | $199,900 |
| GOOSE CREEK | 172 GOOSE CREEK TRL | 10/8/2009 | 1,852 | $219,000 |
| KILLEARN ESTATES | 2502 KILLARNEY WAY | 10/8/2009 | 2,130 | $225,000 |
| KILLEARN LAKES | 11104 WILDLIFE TRL | 10/8/2009 | 3,343 | $300,000 |
| MINT HILL TOWNHOMES | 5079 MINT HILL CT | 10/7/2009 | 1,413 | $156,000 |
| KILLEARN ESTATES | 3190 SHAMROCK ST E | 10/7/2009 | 2,001 | $250,000 |
| KILLEARN ESTATES UNIT 28 | 2652 YARMOUTH LN | 10/6/2009 | 1,493 | $180,000 |
| LAFAYETTE CONDO/TOWNHOMES | 368 S FRANKLIN BLVD | 10/5/2009 | 711 | $130,000 |
| CHEZ SOIS CONDO/TOWNHOMES | 1904 MICCOSUKEE RD | 10/2/2009 | 1,240 | $135,000 |
| THE VINEYARDS | 1823 VINEYARD WAY | 10/2/2009 | Â | $389,900 |
| WOODBROOK | 518 RIVERPOND CT | 10/2/2009 | 3,093 | $450,000 |
| 19-01N-01E | 2144 TRESCOTT DR | 10/2/2009 | 4,427 | $825,000 |
| KILLEARN ESTATES | 2975 BAYSHORE DR | 10/1/2009 | 1,356 | $152,000 |
| EMERALD ACRES | 8697 ALEXANDRITE CT | 10/1/2009 | 1,812 | $217,000 |
| LAFAYETTE OAKS | 2122 LA ROCHELLE DR | 10/1/2009 | 2,672 | $360,000 |
| RICHVIEW PARK | 424 RICHVIEW PARK CIR E | 9/30/2009 | 992 | $120,000 |
| ARBOR HILL | 3316 WOODY WAY | 9/30/2009 | 1,260 | $150,000 |
| KILLEARN LAKES | 7956 BRIARCREEK RD S | 9/30/2009 | 1,344 | $160,000 |
| VILLAGES OF MACLAY T/H | 1141 MOSSWOOD CHASE | 9/30/2009 | 1,361 | $167,000 |
| MEADOWBROOK | 2424 WINTERGREEN RD | 9/30/2009 | 1,592 | $175,000 |
| PINEY-Z | 1141 HIGH MEADOW DR | 9/30/2009 | 1,586 | $180,000 |
| ST IVES | 5334 SAINT IVES LN | 9/30/2009 | 1,338 | $188,000 |
| KILLEARN LAKES | 11100 WILDLIFE TRL | 9/30/2009 | 1,766 | $207,500 |
| THOMASVILLE GREEN | Â | 9/30/2009 | Â | $215,000 |
| CAMERON CHASE | 3387 AQUA RIDGE WAY | 9/30/2009 | 1,682 | $229,500 |
| KILLEARN LAKES | 3524 ROSEMONT RIDGE RD | 9/30/2009 | 1,660 | $236,500 |
| EASTON | 5410 CROFTON CT | 9/30/2009 | 2,060 | $255,000 |
| KILLEARN ACRES | 5153 PIMLICO DR | 9/30/2009 | 2,465 | $360,000 |
| WOODBROOK | 438 LACY WOODS CT | 9/30/2009 | 2,879 | $665,000 |
| VILLAGES OF MACLAY T/H | 1392 OLD VILLAGE CT | 9/29/2009 | 1,754 | $226,500 |
| KILLEARN ESTATES | 3171 FERNS GLEN DR | 9/29/2009 | 2,127 | $250,000 |
| STONEY CREEK CROSSING | 1234 SANDLER RIDGE RD | 9/29/2009 | 1,948 | $260,000 |
| OAK TERRACE | 130 OAK ST | 9/28/2009 | 1,320 | $150,000 |
| LAFAYETTE OAKS | 2121 LA ROCHELLE DR | 9/28/2009 | 3,196 | $166,000 |
| HIGHLANDS AT NORTHAMPTON | 2964 PADDINGTON DR | 9/28/2009 | 1,464 | $175,000 |
| BUCK LAKE ESTATES | 4756 PINTAIL DR | 9/28/2009 | 1,869 | $235,000 |
| KILLEARN ESTATES | 3512 LEIGHTON HALL CT | 9/28/2009 | 2,332 | $273,000 |
| BETTON HILL | 2007 W RANDOLPH CIR | 9/28/2009 | 1,813 | $282,500 |
| BRANDT PLACE TOWNHOUSES | 996 MARYS DR | 9/25/2009 | 1,206 | $139,900 |
| LUCERNE AT WOODLANDS CONDOMINIUM | 3219 THOMASVILLE RD | 9/25/2009 | 1,516 | $140,000 |
| SEDGEFIELD | 1263 BURNWELL RD | 9/25/2009 | 1,399 | $146,500 |
| FOXCROFT | 2941 FOXCROFT DR | 9/25/2009 | 1,859 | $180,000 |
| KILLEARN LAKES | 1701 BROKEN BOW TRL | 9/25/2009 | 1,340 | $185,500 |
| KILLEARN ACRES | 6556 ALAN A DALE TRL | 9/25/2009 | 1,640 | $190,000 |
| BUCK LAKE ESTATES | 1969 CHARLAIS ST | 9/25/2009 | 1,802 | $193,500 |
| GLEN AT GOLDEN EAGLE | 1985 SUNNY DALE DR | 9/25/2009 | 1,709 | $197,000 |
| DEERFIELD PLANTATION | 8338 HINSDALE WAY | 9/25/2009 | 1,784 | $205,000 |
| CRESTVIEW | 920 INGLESIDE AVE | 9/25/2009 | 1,580 | $210,000 |
| NORTHAMPTON | 2980 COMPTON CT | 9/25/2009 | 2,413 | $275,000 |
| SWIFT CREEK WOODS | 5720 BRAVEHEART WAY | 9/25/2009 | 2,419 | $280,000 |
| TURKEY ROOST MINI FARMS | 11085 PENNEWAW TRCE | 9/25/2009 | 2,111 | $320,000 |
| DEERWOOD AT OX BOTTOM MANOR UNRE | 501 ROGERS CIR | 9/25/2009 | 3,150 | $453,500 |
| ASHFORD GLEN | 138 PENDLETON AVE | 9/24/2009 | 1,234 | $163,000 |
| AVONDALE | 1539 AVONDALE WAY | 9/23/2009 | 1,312 | $175,000 |
| ARVAH BRANCH | 1985 BUSHY HALL RD | 9/23/2009 | 1,783 | $212,000 |
| MIDTOWN AT MERIDIAN | 1951 N MERIDIAN RD | 9/22/2009 | 965 | $105,500 |
| KILLEARN PROFESSIONAL CENTER CON | 1535 KILLEARN CENTER BLVD | 9/22/2009 | 756 | $126,000 |
| SAWGRASS PLANTATION TOWNHOMES | 3040 ROYAL PALM WAY | 9/22/2009 | 1,308 | $136,000 |
Discussion
Great data. It's especially good to see the actual houses that have sold in the last few months in NE.
One question...Are multi-family sales included in this data or just detached housing?
No. This is just Condo, Townhouse, and Single Family Detached homes in Leon County. Since I review a lot of different information, each graph will have the source and the property type (unless I forget ... :) )
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