Pine Tip Hills Home Sales Report December 2014

Located on the NW side of Tallahassee (literally yards west of the east/west boundary Meridian Road) and North of Rhoden Cove Road, Pine Tip Hills offers large homes on large lots, in a highly desired location.

Pine Tip Hills features homes built from the 1980s through the 1990s, though occasionally new homes have been built in recent years. As the information that follows will show, Pine Tip Hills is coming off of its best year on record in 2013.

In this report, we will look at prices, values, and sizes of homes in Pine Tip Hills, as well as show current listings in the Tallahassee MLS and all closed home sales going back to 2003.

Pine Tip Hills Home Prices

For each of the 3 real estate graphs found in this report, you will find the number of closed home sales for each year (blue columns, measured on the left vertical axis), and an important real estate statistic shown in red (measured on the right vertical axis. It is important to note that sales are through December for all previous years, but through mid December in 2014.

Average home prices fell 4% in 2014 versus 2013, but this is a result of smaller homes selling this year versus what has sold in the past few years. Distressed sales are are occurring at a rate far lower than what other neighborhoods in Tallahassee are seeing (no distressed sales since May 2013), so much of what we are seeing are the result of supply and demand. The average recorded sales price is $300,600 for Pine Tip Hills thus far in 2014.

Home sales activity this year is consistent with what we’ve seen for the past 12 years. It is interesting to note that Pine Tip Hills did not experience a significant peak and valley from the real estate market expansion of 2002 through 2006. In fact, the highest volume year on record was last year, as lower prices brought in more than double the normal amount of buyers. Thus far in 2014, there have been 5 closed home sales in Pine Tip Hills.

Pine Tip Hills Home Values

Average home values in Pine Tip Hills are up 18% over last year, but this “noise in the data” is not uncommon for a neighborhood that only sees a handful of home sales each year.

Through mid December, the average value of a home sold in Pine Tip Hills has been $134 per square foot. This is up 28% over the bottom reached in 2010, and only down 18% from the market high set back in 2006. The surge of buyers to this neighborhood in 2013 clearly indicated that buyers thought they were greatly undervalued at $114 per square foot, but the adjustment this year has returned sales volume to normal.