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Observation Pointe Housing Report June 2015

Our previous report on Observation Pointe noted that the prior year was the best on record for this popular East-side neighborhood, but unfortunately the party appears to have ended.

Through the writing of this report, the pace of home sales in Observation Pointe has slowed to a near-stop, with the single sale of the year posted at the end of May.

I suspect existing homeowners got excited with the new construction sales and prices that were being gained last year, but their entrance into the market seems to have been received with little excitement from buyers who were seeking new homes in this 32317 zip code community.

Like several other neighborhoods that were born during the real estate market expansion, Observation Pointe's existing owners might end up all trying to sell their homes at roughly the same time due to normal ownership cycles. This "boom neighborhood" effect is something that we'll keep an eye on for the next several years.

In this report, we will look at average home prices, average home values, and average home sizes in Observation Pointe, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 2007.

Home Prices In Observation Pointe

For each of the 3 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 sales are through December for all previous years, but through May in 2015.

Average home prices rose 5% last year, due to the fact that the majority of sales in 2014 were new construction which typically sells for a premium above existing home sales. The one home sold this year sold for $273,900, a whopping 17% higher than last year's average.

There were 13 closed home sales in Observation Pointe last year, the most in any year, but there has only been 1 sale in 2015.

Home Values In Observation Pointe

Average home values in Observation Pointe grew nearly 7% in 2014 aand the one sale this year is even higher at $145 per square foot, though there were significant seller incentives included in that price. I suspect the higher values are what have slowed sales to a near halt in 2015.

Home values were set a new record high in 2014, with the average value of a home sold in Observation Pointe being $136 per square foot. This is significantly higher than the value of existing home sales in the surrounding neighborhoods. These buyers have been paying a premium for newer homes, so they need to plan on staying for more than 5 years if they want to gain an equity position before they sell.

 

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Home Sizes In Observation Pointe

The average home size sold in Observation Pointe typically falls in a range of 1,550 to 1,850 square feet, and this year's slow rate of sales make it too early to tell what buyers are looking for.

The 1 home sold in 2015 was 1,888 square feet.

Observation Pointe continues to offer new homes for sale, so expect to see existing home sales have to compete on price (meaning homeowners will have to consider a significant discount to lure buyers away from the brand new homes).

Listings In Observation Pointe

The following map and list of homes are the current listings in Observation Pointe.

Observation Pointe

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Home Sales In Observation Pointe

The following list shows home sales going back to the first sales in 2007 in Observation Pointe. Note that you can sort the information by any column (for example, click on the closing date to see the most recent home sales first).

AddressPricePrice/SQFClosing DateYear BuiltSQFSale Type
6133 Observation Circle$296,000$1592018-08-0220131,857Resale
6130 Observation Circle$230,000$1502018-01-3120091,534Resale
6089 Observation Circle$274,000$1542018-01-3120121,782Resale
6178 Observation Circle$229,000$1472018-01-3120101,554Resale
6198 Observation Circle$210,000$1352017-08-1020091,554Resale
6065 Observation Circle$222,500$1462017-07-2420101,520Resale
6105 Observation Circle$267,500$1492017-06-2620071,800Resale
6145 Observation Circle$217,000$1402017-05-3120101,555Resale
6093 Observation Circle$215,000$1392017-05-1520091,552Resale
6181 Observation Circle$254,000$1562017-04-2120111,625Resale
6085 Observation Cir$195,000$1282017-04-2020091,518Resale
6073 Observation Circle$275,000$1502017-03-0920121,828Resale
6138 Observation Circle$284,000$1392017-03-0820082,038Resale
6186 Observation Circle$256,000$1592017-01-1820111,612Resale
6101 Observation Circle$242,500$1522016-08-0820131,600Resale
6210 Observation Circle$279,000$1392016-08-0120132,003Resale
6161 Observation Circle$208,000$1342016-07-2720091,550Resale
6110 Observation Circle$198,950$1312016-01-2520091,516Resale
6146 Observation Circle$210,000$1052015-09-3020071,998Resale
6206 Observation Circle$205,000$1332015-08-2620091,542Resale
6202 Observation Circle$273,900$1452015-05-2920151,888New
6134 Observation Cir$234,000$1392014-11-2120121,684Resale
6166 Observation Cir$252,200$1432014-09-3020141,760New
6129 Observation Cir$249,900$1422014-08-1520141,760New
6185 Observation Cir$253,900$1442014-07-3120141,760New
6117 Observation Cir$243,900$1472014-07-1820141,660New
6137 Observation Cir$232,900$1462014-07-1420141,600New
6194 Observation Cir$239,900$1462014-05-2020141,647New
6174 Observation Cir$270,000$1322014-05-0920142,050New
6157 Observation Cir$235,900$1422014-04-3020131,660New
6162 Observation Cir$185,000$1002014-03-1320071,848Resale
6149 Observation Cir$232,900$1272014-02-1920081,836New
6186 Observation Cir$224,000$1392014-02-1920111,612Resale
6158 Observation Cir$190,000$1262014-01-3020091,504Resale
6118 Observation Cir$229,900$1362013-12-1920131,694New
6158 Observation Cir$214,500$1432013-12-0320091,504Resale
6210 Observation Cir$250,000$1312013-11-1320131,915New
6101 Observation Cir$224,900$1422013-10-1820131,589New
6126 Observation Cir$224,900$1332013-09-2020131,694New
6182 Observation Cir$200,000$1052013-08-2220081,908Resale
6142 Observation Cir$185,000$1112013-07-2220081,661Resale
6150 Observation Cir$235,000$1332013-06-1420131,764New
6133 Observation Cir$236,000$1272013-04-0820131,857New
6125 Observation Cir$234,900$1262012-10-3120121,857New
6206 Observation Cir$174,500$1152012-08-1020091,518Resale
6134 Observation Cir$223,500$1332012-08-0920121,684New
6218 Observation Cir$240,000$1262012-08-0320121,905New
6165 Observation Cir$214,900$1322012-07-2320121,634New
6073 Observation Cir$229,900$1262012-06-2120121,828New
6061 Observation Cir$219,900$1292012-03-1420121,703New
6089 Observation Cir$224,900$1262012-03-0220121,782New
6193 Observation Cir$138,300$692011-07-1120112,000New
6121 Observation Cir$201,900$1332011-07-0820101,520New
6181 Observation Cir$219,000$1352011-07-0820111,625New
6186 Observation Cir$217,500$1352011-06-3020111,612New
6173 Observation Cir$217,000$1232011-03-0820101,758Resale
6077 Observation Cir$200,900$1322010-07-3020101,520New
6178 Observation Cir$199,900$1312010-07-3020101,530New
6153 Observation Cir$222,900$1272010-07-0920101,758New
6146 Observation Cir$210,000$1052010-05-2820071,998Resale
6065 Observation Cir$202,000$1332010-05-2820101,520New
6169 Observation Cir$237,000$1272010-04-0920091,867New
6189 Observation Cir$207,000$1182010-03-3120091,758New
6145 Observation Cir$199,900$1322010-03-0520091,516New
6109 Observation Cir$204,000$1352009-12-1120091,516New
6190 Observation Cir$201,400$1212009-12-0720081,670New
6158 Observation Cir$207,000$1382009-10-2620091,504Resale
6110 Observation Cir$204,000$1392009-10-0120091,471New
6130 Observation Cir$211,000$1392009-09-1120091,516New
6206 Observation Cir$209,900$1382009-08-0720091,518New
6161 Observation Cir$199,900$1322009-07-1720091,516New
6069 Observation Cir$225,000$1192009-06-3020081,894New
6093 Observation Cir$206,400$1362009-06-1120091,516New
6113 Observation Cir$221,000$1152009-04-1420071,918Resale
6198 Observation Cir$205,400$1352009-04-1420091,516New
6105 Observation Cir$236,000$1342008-11-0420071,761New
6081 Observation Cir$215,000$1322008-09-3020101,633New
6114 Observation Cir$249,000$1362008-09-0420081,826Resale
6097 Observation Cir$245,900$1402008-06-3020081,758New
6138 Observation Cir$265,000$1352008-06-2820081,958Resale
6182 Observation Cir$240,000$1262008-06-2320081,908New
6177 Observation Cir$289,900$1462008-05-3020071,986New
6142 Observation Cir$228,700$1382008-02-2920081,661New
6146 Observation Cir$285,900$1432007-08-3020071,998New
6141 Observation Cir$259,900$1482007-07-2620071,758New
6162 Observation Cir$259,900$1412007-04-1820071,848New
6138 Observation Cir$171,000$872007-03-2020081,958New
6102 Observation Cir$150,000$792007-03-1320071,894New

I hope you enjoyed our June 2015 update on home sales in Observation Pointe, please feel free to drop me a note if you have questions not covered in this report.

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