Southwood Home Values Still Tumbling
Posted by Joe Manausa on Friday, February 19, 2010 at 12:36:41 PM
By Joe Manausa / February 19, 2010
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Southwood is one of the most active neighborhoods in Tallahassee, thus we are often asked to provide updates on Southwood home sales and values. For those readers who have followed the Tallahassee Real Estate Blog for any period of time, this report will not be surprising.
Home values continue to fall in Southwood, though unit sales have started to increase again. When we look at arms-length existing home sales in Southwood, we see 24% depreciation since the top of the market, and the current rate of home sales in Southwood is 44% lower than at the peak of the market.
Home Prices In Southwood
The average home price in Southwood, based upon the current one-year trend, has fallen to $271,000. At the peak of the market (for Southwood) in July of 2008, the average price had reached nearly $342,000.
Currently, there are 85 homes for sale in Southwood listed in the Tallahassee MLS, with asking prices ranging from $145,000 to $899,000.
Home Values In Southwood
The most accurate way to estimate real estate depreciation is to look at the long-term trend of home values as measured by price per square foot. The only way to get a more accurate measurement would be to do a large case study, comparing the current sales price of each home with its previous selling price.
Home values in Southwood have depreciated from a high of $168 per foot which was reached in May of 2007 and currently are falling. The current one-year trend for Southwood home values is at $127 per foot and dropping. We should expect to see values continue to drop until supply and demand for housing in Southwood reach a market equilibrium of 6 months of supply.
Recent Exiting Home Sales In Southwood
| Parcel Address | SqFt | Year Built | PPSFT | Price | Sale Date |
| 4240 RALEIGH WAY | 1,632 | 2006 | $139 | $227,500 | 12/30/2009 |
| 3163 ANDELUSIA AVE | 2,228 | 2002 | $139 | $310,000 | 12/29/2009 |
| 4024 SHADY VIEW LN | 2,185 | 2004 | $110 | $240,000 | 12/24/2009 |
| 3226 SALINGER WAY | 2,335 | 2005 | $133 | $310,000 | 12/21/2009 |
| 3797 PINEY GROVE DR | 2,223 | 2003 | $114 | $252,500 | 12/17/2009 |
| 3792 WENTWORTH WAY | 2,330 | 2005 | $144 | $336,100 | 12/9/2009 |
| 2995 VERDURA POINT DR | 2,292 | 2005 | $115 | $264,600 | 12/7/2009 |
| 4103 KIPLING CT | 2,368 | 2006 | $128 | $302,500 | 11/25/2009 |
| 2128 DRAYTON DR | 2,529 | 2003 | $143 | $361,000 | 11/23/2009 |
| 3677 ESPLANADE WAY | 1,940 | 2003 | $122 | $236,000 | 11/20/2009 |
| 4107 KIPLING CT | 2,368 | 2006 | $127 | $300,000 | 11/18/2009 |
| 4073 COLLETON CT | 1,483 | 2003 | $96 | $142,500 | 11/16/2009 |
| 3728 IVY GREEN TRL | 1,620 | 2001 | $145 | $235,000 | 11/12/2009 |
| 3151 MULBERRY PARK BLVD | 1,324 | 2002 | $120 | $159,000 | 11/6/2009 |
| 4086 FOUR OAKS BLVD | 1,818 | 2007 | $110 | $200,000 | 11/6/2009 |
| 3746 LONGFELLOW RD | 3,870 | 2006 | $120 | $465,000 | 10/30/2009 |
| 2542 TWAIN DR | 2,586 | 2006 | $162 | $420,000 | 10/28/2009 |
| 3976 SHUMARD OAK BLVD | 1,324 | 2005 | $120 | $159,200 | 10/26/2009 |
| 3693 ESPLANADE WAY | 2,012 | 2003 | $120 | $242,000 | 10/15/2009 |
| 4251 RALEIGH WAY | 1,626 | 2006 | $126 | $204,900 | 10/15/2009 |
| 3745 OVERLOOK DR | 2,320 | 2003 | $140 | $325,000 | 10/8/2009 |
| 3250 CAROLLTON DR | 1,782 | 2004 | $144 | $256,000 | 10/7/2009 |
| 4089 COLLETON CT | 1,966 | 2003 | $109 | $215,000 | 9/29/2009 |
| 3647 MOSSY CREEK LN | 4,354 | 2003 | $157 | $684,000 | 9/28/2009 |
| 3093 MERCHANTS ROW BLVD | 1,521 | 2007 | $102 | $155,000 | 9/25/2009 |
| 3610 LONGFELLOW RD | 2,714 | 2006 | $120 | $325,000 | 9/25/2009 |
| 2131 SUNLIGHT TER | 2,030 | 2005 | $128 | $260,000 | 9/23/2009 |
| 4018 BLAIRSTONE RD | 1,394 | 2005 | $126 | $175,000 | 9/15/2009 |
| 3679 ESPLANADE WAY | 1,782 | 2003 | $126 | $224,000 | 9/14/2009 |
| 3722 LONGFELLOW RD | 2,225 | 2003 | $157 | $350,000 | 9/14/2009 |
| 3622 BILTMORE AVE | 1,394 | 2006 | $139 | $194,000 | 9/11/2009 |
| 3232 WHITMAN WAY | 2,707 | 2006 | $113 | $305,000 | 9/10/2009 |
| 2107 MERRIFIELD LN | 1,620 | 2003 | $139 | $225,000 | 9/8/2009 |
| 4117 FITZGERALD RD | 2,357 | 2006 | $128 | $302,000 | 9/4/2009 |
| 3745 FOUR OAKS BLVD | 2,021 | 2001 | $125 | $253,000 | 9/3/2009 |
| 3258 THOREAU AVE | 2,027 | 2006 | $160 | $325,000 | 9/1/2009 |
| 4235 RALEIGH WAY | 1,394 | 2006 | $131 | $183,000 | 8/28/2009 |
| 4560 GROVE PARK DR | 3,819 | 2006 | $144 | $550,000 | 8/28/2009 |
| 3158 BARINGER HILL DR | 2,794 | 2002 | $134 | $375,000 | 8/26/2009 |
| 3653 ESPLANADE WAY | 1,940 | 2003 | $112 | $217,500 | 8/21/2009 |
| 3757 FOUR OAKS BLVD | 2,045 | 2002 | $125 | $255,000 | 8/17/2009 |
| 3254 NEWBERRY BLVD | 1,401 | 2004 | $138 | $194,000 | 8/14/2009 |
| 4042 BLAIRSTONE RD | 1,644 | 2005 | $116 | $190,000 | 8/6/2009 |
| 3214 YEATS AVE | 2,021 | 2005 | $126 | $255,500 | 7/31/2009 |
| 4106 FOUR OAKS BLVD | 1,521 | 2007 | $108 | $165,000 | 7/31/2009 |
| 4298 PARK CROSSING TRL | 1,324 | 2005 | $120 | $159,000 | 7/24/2009 |
| 4338 GROVE PARK DR | 1,962 | 2005 | $130 | $255,000 | 7/24/2009 |
| 3153 BARINGER HILL DR | 3,016 | 2002 | $121 | $365,000 | 7/22/2009 |
| 3614 LONGFELLOW RD | 1,650 | 2006 | $164 | $269,900 | 7/15/2009 |
| 3805 PINEY GROVE DR | 2,368 | 2003 | $112 | $265,000 | 7/10/2009 |
| 3245 DUNLEITH LN | 2,156 | 2004 | $119 | $256,000 | 6/30/2009 |
| 4286 PARK CROSSING TRL | 1,966 | 2005 | $97 | $190,000 | 6/19/2009 |
| 3157 BUCKHEAD TRCE | 1,953 | 2002 | $125 | $245,000 | 6/15/2009 |
| 2452 RAIN LILY WAY | 1,656 | 2008 | $148 | $245,000 | 6/12/2009 |
| 3785 LONGFELLOW RD | 3,385 | 2007 | $95 | $320,500 | 6/11/2009 |
| 3245 DUNLEITH LN | 2,156 | 2004 | $117 | $252,200 | 6/10/2009 |
| 3665 LONGFELLOW RD | 1,584 | 2004 | $155 | $246,000 | 6/9/2009 |
| 3161 MULBERRY PARK BLVD | 1,966 | 2002 | $120 | $235,000 | 5/29/2009 |
| 3249 UPDIKE RD | 2,622 | 2005 | $164 | $428,800 | 5/29/2009 |
| 3791 WENTWORTH WAY | 3,914 | 2007 | $145 | $566,400 | 5/29/2009 |
| 4274 AVON PARK CIR | 1,744 | 2004 | $101 | $177,000 | 5/27/2009 |
| 2112 NEW DAWN RD | 1,893 | 2003 | $132 | $249,900 | 5/18/2009 |
| 3149 BARINGER HILL DR | 2,988 | 2005 | $97 | $291,000 | 5/8/2009 |
| 3236 WHITMAN WAY | 2,368 | 2006 | $156 | $369,000 | 5/1/2009 |
| 3777 FOUR OAKS BLVD | 1,893 | 2002 | $127 | $240,000 | 4/30/2009 |
| 4077 COLLETON CT | 1,324 | 2003 | $117 | $155,000 | 4/22/2009 |
| 4221 SUMMERTREE DR | 2,073 | 2006 | $137 | $284,000 | 4/22/2009 |
| 4243 RALEIGH WAY | 1,394 | 2006 | $158 | $220,000 | 4/8/2009 |
| 3295 SALINGER WAY | 2,368 | 2004 | $122 | $290,000 | 3/27/2009 |
| 3669 ESPLANADE WAY | 1,782 | 2003 | $126 | $225,000 | 3/26/2009 |
| 4244 GROVE PARK DR | 1,876 | 2005 | $144 | $270,000 | 3/9/2009 |
| 4300 GROVE PARK DR | 1,584 | 2005 | $167 | $264,500 | 3/9/2009 |
| 3246 SALINGER WAY | 2,242 | 2005 | $137 | $307,000 | 2/27/2009 |
| 3995 FOUR OAKS BLVD | 1,483 | 2001 | $115 | $169,900 | 2/20/2009 |
| 3791 OVERLOOK DR | 1,953 | 2003 | $120 | $235,000 | 1/28/2009 |
| 3728 BILTMORE AVE | 1,683 | 2004 | $141 | $237,000 | 1/20/2009 |
| 3724 IVY GREEN TRL | 1,896 | 2001 | $116 | $220,000 | 12/18/2008 |
| 3255 SALINGER WAY | 2,368 | 2004 | $140 | $331,000 | 12/9/2008 |
| 2120 SUNLIGHT TER | 2,403 | 2007 | $135 | $325,000 | 11/21/2008 |
| 4024 COLLETON CT | 1,324 | 2003 | $132 | $175,000 | 10/8/2008 |
| 3753 FOUR OAKS BLVD | 2,156 | 2002 | $134 | $289,300 | 10/3/2008 |
| 4267 RALEIGH WAY | 1,692 | 2006 | $157 | $266,000 | 10/3/2008 |
| 3240 THOREAU AVE | 2,619 | 2007 | $176 | $460,000 | 10/1/2008 |
| 3626 FOUR OAKS BLVD | 1,777 | 2005 | $131 | $233,000 | 10/1/2008 |
| 4142 FAULKNER LN | 2,993 | 2007 | $173 | $518,000 | 9/26/2008 |
| 4265 SUMMERTREE DR | 1,632 | 2006 | $156 | $255,000 | 9/25/2008 |
| 3769 FOUR OAKS BLVD | 1,893 | 2002 | $132 | $250,000 | 9/17/2008 |
| 3143 MULBERRY PARK BLVD | 1,744 | 2002 | $112 | $195,000 | 9/15/2008 |
| 4030 BLAIRSTONE RD | 1,777 | 2005 | $119 | $212,000 | 9/12/2008 |
| 4121 FITZGERALD RD | 2,275 | 2006 | $64 | $145,000 | 8/29/2008 |
| 3766 PINEY GROVE DR | 3,588 | 2005 | $160 | $575,000 | 8/28/2008 |
| 3748 IVY GREEN TRL | 2,381 | 2002 | $136 | $325,000 | 8/22/2008 |
| 3785 CHANTICLEER CT | 2,057 | 2002 | $137 | $281,000 | 8/15/2008 |
| 3181 MULBERRY PARK BLVD | 1,324 | 2002 | $131 | $173,400 | 8/7/2008 |
| 3161 BARINGER HILL DR | 2,109 | 2002 | $166 | $349,500 | 8/6/2008 |
| 2505 TWAIN DR | 2,233 | 2006 | $145 | $324,900 | 7/31/2008 |
| 4130 FAULKNER LN | 2,853 | 2006 | $165 | $470,000 | 7/30/2008 |
| 2115 FERNLEIGH DR | 1,782 | 2003 | $141 | $251,000 | 7/25/2008 |
| 3993 FOUR OAKS BLVD | 1,324 | 2001 | $143 | $189,900 | 7/24/2008 |
| 3249 DUNLEITH LN | 2,185 | 2004 | $111 | $242,000 | 7/11/2008 |
| 3610 FOUR OAKS BLVD | 1,394 | 2005 | $164 | $228,800 | 7/11/2008 |
| 3690 MOSSY CREEK LN | 4,384 | 2007 | $167 | $730,000 | 7/3/2008 |
| 3219 WHITMAN WAY | 1,683 | 2005 | $140 | $235,000 | 6/27/2008 |
| 3129 BARINGER HILL DR | 2,368 | 2001 | $133 | $315,000 | 6/26/2008 |
| 3147 MULBERRY PARK BLVD | 1,483 | 2002 | $132 | $196,000 | 6/26/2008 |
| 3677 MOSSY CREEK LN | 4,137 | 2007 | $169 | $700,000 | 6/26/2008 |
| 3211 WHITMAN WAY | 2,021 | 2005 | $127 | $257,000 | 6/20/2008 |
| 2110 FERNLEIGH DR | 1,620 | 2003 | $161 | $261,000 | 6/16/2008 |
| 3701 LONGFELLOW RD | 2,683 | 2003 | $140 | $375,000 | 6/13/2008 |
| 3725 OVERLOOK DR | 2,521 | 2003 | $163 | $412,000 | 6/10/2008 |
| 3034 CUMMINGS AVE | 1,837 | 2005 | $133 | $245,000 | 6/9/2008 |
| 4289 SUMMERTREE DR | 1,632 | 2006 | $165 | $269,900 | 6/9/2008 |
| 4670 GROVE PARK DR | 3,145 | 2006 | $169 | $530,000 | 6/6/2008 |
| 4066 COLLETON CT | 1,744 | 2003 | $123 | $215,000 | 6/2/2008 |
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