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Piney Z Home Sales Coming Off 8 Straight Declining Years

Piney Z home sales were down significantly in 2011, and a new "low" was hit with only 28 homes sold in 2011, down 10% from 2010. This means we have seen 8 straight declining years, something that I have not seen often from the rest of the Tallahassee real estate market.

Typically, when we see unit sales decline faster than the rest of the market, we are experiencing a Tallahassee neighborhood where home owners are “holding on” trying to find higher prices. This can work for a short period of times in a stronger market, but at some point, capitulation will kick-in and we'll see major price declines as Piney Z home sellers compete with each other for the declining buyers.

I suspect we will start to see homeowners begin to be overcome by the market momentum this year and home values will likely decline at a rapid rate.

This has happened in other areas of the Tallahassee real estate market when home sellers held onto their asking price while the rest of the market continued to decline. Don’t expect Piney Z home sales levels to return until home sellers begin to price their homes competitively with the rest of the homes for sale in Tallahassee.

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Map of Piney Z Home Sales

The following map shows Piney Z Home Sales for the past few years (you must view the map on the Tallahassee Real Estate Blog site). Just click on any red dot to see the details of the sale.

Piney Z Home Prices

Piney Z Home Prices have dropped from a high average of $260K established in 2006, to the current level of $192K set last year (it's too early to establish a price point for 2012). This is a decline of 26% which is stronger than much of the rest of the Tallahassee housing market, but falling fast. The graph below shows unit sales (green for arms length, red for distressed sales) and average prices are plotted in brown.

Piney Z Home Prices

Piney Z Home Values

Piney Z home values have dropped even slower than prices, with the high in 2006 of $145 per square foot having dropped 23% to $111 per square foot in 2011. If I were a homeowner needing to sell a home in the next few years, I would sell it now and sell it fast. Value changes will catch up with the rest of Tallahassee, and this means that if you must sell a home in Piney Z, the highest value that you will receive over the next five to seven years is right now.

Piney Z Home Values

Piney Z Home Sales By Type

When we look at Piney Z home sales, segregated by property type, we see something a bit unusual... Last year, the average townhome in Piney Z sold for a bit higher than in previous years, while the average single family Piney Z home value plummeted. I think we'll see this trend (for town homes) reverse this year, as single family homes drop down close in price to single family homes.

Piney Z Home Sales By Type

Recent Piney Z Home Sales

Address Sales Price Price/SQF Closing Date Year Built SQF Type
1020 Piney Z Plantation Rd $175,000 $108 1/3/2012 2002 1,621 Arms Length
1036 Park View Dr $153,000 $105 12/29/2011 2001 1,461 Distressed
1059 Kingdom Drive $155,000 $106 12/20/2011 2001 1,461 Distressed
4870 Heritage Park Blvd $188,000 $113 12/19/2011 2002 1,659 Arms Length
1134 High Meadow Drive $175,000 $109 12/13/2011 2003 1,602 Arms Length
1019 Kingdom Drive $157,000 $119 11/22/2011 2001 1,320 Arms Length
1137 High Meadow Dr $170,000 $110 10/28/2011 2002 1,552 Arms Length
751 Eagle View Drive $263,000 $102 10/27/2011 2004 2,575 Distressed
979 Watersview Drive $275,000 $107 9/30/2011 2004 2,581 Arms Length
861 Piney Village Loop $245,000 $114 9/30/2011 2005 2,150 Arms Length
1187 Landings Loop $177,375 $121 9/12/2011 2001 1,465 Arms Length
844 Eagle View Drive $215,000 $125 8/31/2011 2004 1,723 Arms Length
1150 Landings Loop $167,800 $112 8/2/2011 2002 1,501 Distressed
4779 Planters Ridge Drive $185,000 $121 8/1/2011 2000 1,535 Arms Length
825 Eagle View Drive $250,000 $106 7/29/2011 2005 2,364 Arms Length
856 Eagle View Dr $245,500 $106 7/28/2011 2001 2,316 Arms Length
1084 Landings Loop $159,000 $108 7/22/2011 2001 1,471 Arms Length
4919 Heritage Park Blvd $190,000 $112 7/12/2011 2003 1,701 Arms Length
1001 Piney Z Plantation Road $185,000 $115 7/1/2011 2000 1,614 Arms Length
1090 High Meadow Drive $150,000 $105 6/15/2011 2002 1,427 Arms Length
1068 Winter Lane $182,500 $124 5/20/2011 2005 1,471 Arms Length
761 Eagle View Drive $262,500 $114 5/9/2011 2005 2,306 Arms Length
1023 Kindgom Drive $147,000 $113 4/28/2011 2001 1,300 Arms Length
1073 High Meadow Drive $159,905 $103 4/19/2011 2002 1,547 Distressed
1172 Landings Loop $176,650 $120 3/30/2011 2002 1,476 Arms Length
1184 Landings Loop $180,000 $122 3/16/2011 2002 1,476 Arms Length
1113 High Meadow Drive $196,000 $124 3/15/2011 2003 1,575 Arms Length
4718 Planters Ridge Drive $165,000 $95 2/23/2011 2004 1,743 Distressed
1133 High Meadow Drive $202,500 $105 1/31/2011 2001 1,930 Arms Length
4741 Plantation View $240,000 $111 12/30/2010 2002 2,169 Arms Length
925 Piney Z Plantation Rd. $293,500 $141 12/15/2010 2000 2,084 Arms Length
4902 Planters Ridge Dr $178,400 $105 12/14/2010 2000 1,707 Distressed
949 Park View Drive $255,000 $124 11/23/2010 2001 2,054 Arms Length
939 Park View Drive $275,800 $114 11/15/2010 2002 2,412 Arms Length
4580 Heritage Park Blvd. $248,980 $123 11/15/2010 2008 2,026 Arms Length
801 Eagle View Drive $260,000 $100 11/10/2010 2003 2,603 Arms Length
1020 Landings Lp $153,000 $100 10/28/2010 2001 1,535 Arms Length
4860 Lake Park Drive $245,000 $118 10/15/2010 2001 2,084 Arms Length
1055 Park View $213,500 $124 8/3/2010 1999 1,723 Arms Length
959 Lone Feather Drive $288,000 $111 7/30/2010 2001 2,584 Distressed
872 Piney Village Loop $260,000 $115 7/30/2010 2007 2,267 Distressed
1032 Kingdom Drive $172,000 $116 7/30/2010 2001 1,479 Arms Length
4725 Plantation View Dr $231,000 $127 7/30/2010 2002 1,812 Arms Length
953 Park View $269,500 $134 7/20/2010 2001 2,013 Arms Length
4702 Planters Ridge Drive $189,200 $131 6/30/2010 2009 1,440 Arms Length
4704 Planters Ridge Dr $165,000 $118 6/18/2010 2002 1,393 Distressed
921 Piney Z Plantation Rd $355,500 $129 6/11/2010 2001 2,763 Arms Length
1064 Kingdom Drive $160,000 $97 6/4/2010 2001 1,642 Distressed
1075 Park View Drive $230,300 $130 5/30/2010 2002 1,778 Arms Length
4714 Planters Ridge Drive $200,000 $120 5/24/2010 2003 1,669 Arms Length
813 Eagle View Drive $265,900 $124 5/14/2010 2003 2,149 Arms Length
1108 Landings Loop $181,500 $120 4/29/2010 2002 1,514 Arms Length
1060 Winter Lane $201,000 $137 4/16/2010 2003 1,463 Arms Length
1165 High Meadow Drive $180,000 $106 4/2/2010 2002 1,692 Arms Length
1041 Landings Loop $170,000 $125 3/29/2010 2001 1,358 Arms Length
1077 Piney-Z Plantation Road $179,000 $120 3/26/2010 2002 1,492 Arms Length
1023 Landings Loop $178,000 $116 3/16/2010 2001 1,535 Arms Length
4889 Lake Park Dr $195,000 $119 3/15/2010 2001 1,643 Arms Length
977 Watersview Dr $215,000 $109 2/24/2010 2003 1,973 Distressed
628 Eagle View Circle $267,000 $127 1/29/2010 2002 2,108 Arms Length
4739 Planters Ridge $214,000 $124 12/29/2009 2002 1,729 Arms Length
4874 Heritage Park Boulevard $178,000 $111 12/21/2009 2002 1,602 Arms Length
625 Eagle View Cir. $295,000 $120 12/17/2009 2002 2,468 Arms Length
1072 Winter Ln $175,000 $120 11/20/2009 2000 1,459 Arms Length
1003 Kingdom Drive $160,000 $121 11/20/2009 2001 1,321 Arms Length
1022 High Meadow Dr $212,000 $111 10/29/2009 2003 1,912 Arms Length
1067 Kingdom Drive $178,000 $120 10/21/2009 2001 1,479 Arms Length
1141 High Meadow Dr $180,000 $113 9/30/2009 2002 1,586 Arms Length
4882 Heritage Park Boulevard $202,500 $118 9/21/2009 2002 1,716 Arms Length
4909 Parkview Court $185,000 $104 9/14/2009 2000 1,774 Distressed
836 Eagle View Drive $255,000 $125 9/4/2009 2004 2,036 Arms Length
685 Eagle View Cir $320,000 $127 8/28/2009 2004 2,515 Arms Length
821 Piney Village Loop $235,000 $120 7/30/2009 2003 1,960 Distressed
964 Park View Drive $232,000 $117 7/17/2009 2001 1,983 Arms Length
1036 Park View Drive $195,000 $133 6/30/2009 2001 1,461 Arms Length
4732 Plantation View Drive $280,000 $119 6/22/2009 2006 2,351 Arms Length
1045 Landings Loop $170,000 $106 6/22/2009 2001 1,599 Arms Length
780 Eagle View Drive $251,000 $122 6/15/2009 2003 2,059 Arms Length
750 Eagle View Drive $268,000 $102 6/12/2009 2002 2,625 Arms Length
4590 Heritage Park Blvd. $283,980 $144 6/4/2009 2009 1,973 Arms Length
4919 Planters Ridge Dr $196,000 $130 6/1/2009 2000 1,506 Arms Length
905 Piney Z Plantation Road $265,000 $114 5/22/2009 2000 2,315 Arms Length
4837 Planters Ridge Dr $195,500 $122 5/22/2009 2003 1,600 Arms Length
4905 Park View Court $167,500 $97 5/22/2009 2001 1,729 Arms Length
1213 Landings Loop $180,000 $123 5/14/2009 2001 1,461 Arms Length
1148 Winter Lane $165,000 $111 5/7/2009 2002 1,483 Arms Length
974 Park View Drive $247,500 $136 4/17/2009 2002 1,815 Arms Length
1037 Piney Z Plantation Road $182,500 $125 4/17/2009 2001 1,460 Arms Length
4915 Planters Ridge Drive $226,000 $129 4/10/2009 1999 1,755 Arms Length
765 Eagle View Dr $305,000 $124 3/12/2009 2004 2,468 Arms Length
1018 High Meadow Drive $194,000 $123 3/9/2009 2002 1,575 Arms Length
4726 Planters Ridge Drive $200,000 $117 3/3/2009 2003 1,711 Arms Length
4907 Heritage Park Boulevard $190,000 $112 1/16/2009 2003 1,701 Distressed
1057 Landings Loop $175,000 $120 12/12/2008 2001 1,459 Arms Length
1150 Landings Loop $180,000 $120 11/24/2008 2002 1,501 Arms Length
4877 Lake Park Drive $270,000 $120 11/17/2008 2003 2,258 Arms Length
4759 Planters Ridge Drive $214,000 $131 11/14/2008 2004 1,632 Arms Length
4915 Heritage Park Boulevard $225,000 $130 10/26/2008 2003 1,737 Arms Length
669 Eagle View Circle $315,000 $124 10/14/2008 2003 2,537 Arms Length
4751 Planters Ridge Drive $208,000 $136 10/10/2008 2001 1,531 Arms Length
1168 Landings Loop $187,500 $127 10/10/2008 2002 1,478 Arms Length
1162 High Meadow $185,000 $129 10/3/2008 2001 1,430 Arms Length
911 Parkview Drive $275,000 $133 10/1/2008 2001 2,062 Arms Length
1047 Park View Drive $215,000 $123 9/24/2008 1999 1,753 Arms Length
825 Eagle View Drive $260,000 $110 9/19/2008 2005 2,364 Arms Length
4917 Lake Park $230,000 $135 9/12/2008 2002 1,710 Arms Length
4650 Soaring Wy. $332,000 $130 9/4/2008 2003 2,547 Arms Length
742 Eagle View Drive $345,000 $137 8/8/2008 2002 2,516 Arms Length
1025 Parkview Dr $248,000 $134 7/21/2008 2000 1,855 Arms Length
817 Eagle View $282,500 $133 7/17/2008 2003 2,125 Arms Length
1148 Landings Loop $200,000 $137 7/7/2008 2002 1,459 Arms Length
1108 Winter Ln $190,000 $138 7/7/2008 2002 1,374 Arms Length
1055 Parkview Dr $205,000 $119 6/24/2008 1999 1,723 Arms Length
1096 Landings Loop $187,500 $131 6/23/2008 2001 1,426 Arms Length
1032 Kingdom Drive $185,000 $125 6/20/2008 2001 1,479 Arms Length
1149 Landings Loop $190,000 $127 6/20/2008 2001 1,495 Arms Length
868 Eagleview Drive $351,000 $144 6/9/2008 2007 2,439 Arms Length
1015 Kingdom Drive $167,000 $126 5/30/2008 2002 1,321 Arms Length
1112 Winter Lane $200,000 $134 5/9/2008 2003 1,494 Arms Length
4661 Nesting Trail $272,000 $130 5/8/2008 2002 2,097 Arms Length
1137 Winter Lane $213,000 $137 4/30/2008 2000 1,555 Arms Length
989 Parkview Dr $321,000 $168 4/25/2008 2002 1,912 Arms Length
1221 Landings Loop $207,000 $142 4/21/2008 2003 1,456 Arms Length
874 Piney Village Loop $368,000 $155 4/17/2008 2007 2,372 Arms Length
4856 Lake Park Drive $297,500 $140 4/10/2008 2004 2,120 Arms Length
4710 Planters Ridge Drive $208,500 $135 3/28/2008 2002 1,549 Arms Length
861 Eagle View Drive $372,900 $130 3/10/2008 2007 2,873 Arms Length
1149 Winter Lane $198,000 $145 2/29/2008 2004 1,362 Arms Length
729 Eagle View Drive $350,000 $142 2/29/2008 2004 2,458 Arms Length
1174 High Meadow $200,000 $129 2/29/2008 1999 1,550 Arms Length
1072 Kingdom Dr $190,000 $125 2/29/2008 2002 1,517 Arms Length

Please check back again in the future for more Piney Z home sales reports.

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