Tallahassee Subdivisions
More than 1,230 subdivisions in Leon County have posted a home sale in the Tallahassee MLS since January 2002, and today we are going to thoroughly examine the change in home prices and home values in the most active Tallahassee subdivisions.
When we post our Tallahassee neighborhood real estate reports, we calculate price and value changes by comparing the averages from the current year against the averages for each prior year. But today, I have been motivated by Bill Cobb, the top appraiser in Baton Rouge, Louisiana to get a little more focused on Tallahassee subdivisions, comparing recent averages to ones found [by quarter] in the past.
What this means specifically is that the market peak in the past won't be averaged out over a year, rather it will be pulled from the strongest quarter, showing a higher peak than we would see if we combine it will a whole year's worth of information. Ultimately, this means that we will get a more (scary) accurate report of depreciation across all Tallahassee subdivisions.
Price Changes In Most Active Tallahassee Subdivisions
When we perform a quarterly analysis on the Tallahassee real estate market going back to January 2002, we find that average home price drops have finally crossed the 30% line, meaning the average price of a home sold in Tallahassee is 30% lower than it was at the peak of the housing market.
In the real estate graph above, the most active Tallahassee subdivisions are plotted with three sets of information. The vertical bars are the measured peak and current median home price (scaled on the left axis), while the red line shows percentage change in the median sales price from the peak of the market to our most recent quarter.
Depreciation In Most Active Tallahassee Subdivisions
Average price movement tells us more about buyer behavior than true value change, so I like to look at the average price per square foot differential as well. While prices have dropped (only) 30% since the peak of the housing market, home values in Tallahassee subdivisions have declined 37% over the same period of time. Lower interest rates have sustained buyer consumption levels, they are just getting "more house" for the money based upon values dropping faster than prices.
To put some context to what this really means, we can say that the "average" Tallahassee homeowner has experienced a loss of $73,000 in equity since the peak of the housing market (2006 for most Tallahassee subdivisions). For long-term homeowners, this was eliminated from the massive gains in home equity they enjoyed during the boom of the housing market from 2004 to 2006, but for people who have purchased their home during the boom, this is a realized loss.
I do not have the statistics on the number of people who refinanced their homes during the housing boom, but when you factor those into the mix with home purchases, there exists a large number of people who want to sell a home in Tallahassee who owe more on their homes than the homes are worth. This is the biggest threat to the stability of Tallahassee subdivisions, and it is the greatest reason that demand is so low right now.
Historically, nearly 2 out of every 3 home buyers in Tallahassee subdivisions has to first sell a home before they buy, so this large portion of the home-buying market is stymied because they have an equity problem with their current homes. If you find yourself in this situation, you should download our book titled "Should I Short Sale My Home." It is filled with over 80 pages of information that will help you understand some creative options you might have for selling your home.
The following table lists 150 of the most active Tallahassee subdivisions. If you cannot find your subdivision on the list, just leave a comment below and I will post the one you are looking for.
Tallahassee Subdivisions Home Sales Statistics
| Neighborhood | Peak Median Sales Price | Peak Median Sales Value | 2011 Median Sales Price | 2011 Median Sales Value | Median Sales Price Change | Median Sales Price Change % | Median Value Change | Median Value Change % |
| Southwood | $395,282 | $170 | $237,110 | $120 | -$158,172 | -40% | -$50 | -29% |
| Killearn Estates | $305,875 | $136 | $224,728 | $101 | -$81,147 | -27% | -$35 | -26% |
| Killearn Lakes | $260,764 | $144 | $163,933 | $92 | -$96,830 | -37% | -$52 | -36% |
| Barrington Park | $196,152 | $150 | $91,450 | $75 | -$104,702 | -53% | -$75 | -50% |
| Bull Run | $424,124 | $180 | $268,300 | $137 | -$155,824 | -37% | -$42 | -24% |
| Killearn Acres | $269,133 | $136 | $149,571 | $95 | -$119,562 | -44% | -$41 | -30% |
| Golden Eagle Plantation | $655,407 | $181 | $409,000 | $125 | -$246,407 | -38% | -$57 | -31% |
| Woodbriar | $174,961 | $136 | $75,733 | $55 | -$99,228 | -57% | -$80 | -59% |
| Piney Z | $278,329 | $149 | $180,381 | $111 | -$97,948 | -35% | -$38 | -25% |
| Summerbrooke | $478,286 | $163 | $319,875 | $118 | -$158,411 | -33% | -$44 | -27% |
| Indian Head Acres | $240,569 | $158 | $118,698 | $91 | -$121,871 | -51% | -$68 | -43% |
| Meadows At Woodrun | $182,833 | $135 | $93,750 | $72 | -$89,083 | -49% | -$64 | -47% |
| Weems Plantation | $215,000 | $154 | $155,100 | $114 | -$59,900 | -28% | -$39 | -26% |
| Betton Hills | $459,750 | $178 | $293,167 | $119 | -$166,583 | -36% | -$59 | -33% |
| Huntington Woods | $168,125 | $129 | $47,299 | $37 | -$120,826 | -72% | -$92 | -71% |
| Ox Bottom Manor | $441,000 | $164 | $267,333 | $116 | -$173,667 | -39% | -$48 | -29% |
| Settlers Creek | $169,690 | $145 | $80,000 | $50 | -$89,690 | -53% | -$94 | -65% |
| Hampton Creek | $231,500 | $149 | $139,900 | $116 | -$91,600 | -40% | -$33 | -22% |
| Forest Heights | $233,667 | $117 | $110,640 | $69 | -$123,027 | -53% | -$48 | -41% |
| Sable Chase | $300,000 | $161 | $173,400 | $93 | -$126,600 | -42% | -$68 | -42% |
| The Timbers | $144,500 | $120 | $73,560 | $66 | -$70,940 | -49% | -$54 | -45% |
| Residences At Whispering Pines | $144,900 | $142 | $19,980 | $21 | -$124,920 | -86% | -$120 | -85% |
| Savannah Crossing | $164,733 | $136 | $67,500 | $56 | -$97,233 | -59% | -$80 | -59% |
| Wolf Creek | $161,944 | $118 | $79,667 | $55 | -$82,278 | -51% | -$64 | -54% |
| Arbor Hill | $184,950 | $147 | $135,000 | $98 | -$49,950 | -27% | -$49 | -33% |
| Glen At Golden Eagle | $251,713 | $161 | $155,000 | $115 | -$96,713 | -38% | -$46 | -28% |
| Plantation Woods | $195,300 | $136 | $71,300 | $52 | -$124,000 | -63% | -$84 | -62% |
| Villas Of Westridge | $121,200 | $117 | $38,762 | $38 | -$82,438 | -68% | -$79 | -67% |
| Autumn Woods | $150,333 | $133 | $71,200 | $57 | -$79,133 | -53% | -$76 | -57% |
| Betton Hill | $696,750 | $218 | $203,667 | $93 | -$493,083 | -71% | -$125 | -57% |
| Eastgate | $213,000 | $140 | $105,633 | $80 | -$107,367 | -50% | -$60 | -43% |
| Jacksons Gap | $223,750 | $136 | $206,000 | $130 | -$17,750 | -8% | -$6 | -5% |
| Killearn Commons | $240,000 | $150 | $169,000 | $110 | -$71,000 | -30% | -$40 | -27% |
| Rivers Landing | $175,000 | $145 | $0 | $0 | -$175,000 | -100% | -$145 | -100% |
| Foxcroft | $292,750 | $137 | $172,750 | $92 | -$120,000 | -41% | -$44 | -33% |
| Summerchase Condos | $174,500 | $130 | $73,000 | $54 | -$101,500 | -58% | -$76 | -58% |
| Town N Country Park | $217,900 | $127 | $110,967 | $57 | -$106,933 | -49% | -$70 | -55% |
| Villas At Pine Forest | $169,990 | $123 | $123,990 | $101 | -$46,000 | -27% | -$22 | -18% |
| Blairstone Forest | $188,580 | $132 | $66,316 | $56 | -$122,264 | -65% | -$76 | -57% |
| Camelot Park | $265,000 | $130 | $125,000 | $82 | -$140,000 | -53% | -$48 | -37% |
| Pebble Brooke | $172,578 | $129 | $147,990 | $113 | -$24,588 | -14% | -$16 | -13% |
| Shannon Forest | $273,667 | $135 | $78,000 | $46 | -$195,667 | -71% | -$89 | -66% |
| Stoney Creek Crossing | $358,000 | $154 | $175,000 | $102 | -$183,000 | -51% | -$53 | -34% |
| Timber Lake | $163,500 | $134 | $103,488 | $84 | -$60,012 | -37% | -$50 | -37% |
| Observation Pointe | $300,445 | $160 | $210,450 | $123 | -$89,995 | -30% | -$37 | -23% |
| Parkside | $835,000 | $200 | $130,057 | $75 | -$704,943 | -84% | -$125 | -63% |
| Terrence Heights | $184,667 | $134 | $103,333 | $76 | -$81,333 | -44% | -$58 | -43% |
| Apalachee Hills | $105,000 | $90 | $72,000 | $61 | -$33,000 | -31% | -$28 | -31% |
| Chemonie Crossing | $465,000 | $185 | $317,667 | $101 | -$147,333 | -32% | -$84 | -45% |
| Lakeshore Estates | $231,200 | $141 | $108,500 | $77 | -$122,700 | -53% | -$64 | -45% |
| Linwood Manor | $249,900 | $111 | $87,000 | $64 | -$162,900 | -65% | -$46 | -42% |
| Sagebrook Mill | $263,500 | $144 | $179,900 | $128 | -$83,600 | -32% | -$15 | -11% |
| Villages At Maclay | $285,000 | $167 | $168,700 | $121 | -$116,300 | -41% | -$46 | -28% |
| Centerville Trace | $295,000 | $141 | $183,250 | $104 | -$111,750 | -38% | -$37 | -26% |
| Chateau Lafayette | $165,000 | $119 | $105,000 | $80 | -$60,000 | -36% | -$39 | -33% |
| Eagle's Ridge | $402,500 | $173 | $180,000 | $110 | -$222,500 | -55% | -$63 | -36% |
| Goose Creek | $294,750 | $150 | $178,667 | $107 | -$116,083 | -39% | -$42 | -28% |
| Park Charleston | $316,714 | $167 | $224,000 | $123 | -$92,714 | -29% | -$44 | -26% |
| Sawgrass Plantation | $182,967 | $128 | $118,500 | $86 | -$64,467 | -35% | -$42 | -33% |
| Summer Lake | $488,000 | $184 | $179,900 | $128 | -$308,100 | -63% | -$56 | -30% |
| The Tennyson | $490,000 | $300 | $318,375 | $175 | -$171,625 | -35% | -$125 | -42% |
| Villages At Wilson Green | $169,900 | $137 | $81,667 | $67 | -$88,233 | -52% | -$70 | -51% |
| Waverly Hills | $432,000 | $156 | $236,000 | $86 | -$196,000 | -45% | -$69 | -44% |
| Astoria Park | $199,950 | $125 | $110,000 | $82 | -$89,950 | -45% | -$44 | -35% |
| Avondale | $264,000 | $146 | $179,900 | $102 | -$84,100 | -32% | -$44 | -30% |
| Breckenridge On Park | $136,500 | $135 | $83,533 | $83 | -$52,967 | -39% | -$53 | -39% |
| Brighton Place Condos | $225,000 | $128 | $100,000 | $59 | -$125,000 | -56% | -$69 | -54% |
| Brockswood Park | $363,063 | $151 | $142,000 | $91 | -$221,063 | -61% | -$60 | -40% |
| Cameron Chase | $284,967 | $159 | $222,000 | $114 | -$62,967 | -22% | -$46 | -29% |
| Fairview | $82,500 | $95 | $24,750 | $32 | -$57,750 | -70% | -$62 | -66% |
| Glen Pointe | $134,000 | $128 | $57,500 | $55 | -$76,500 | -57% | -$73 | -57% |
| Lakeside | $227,375 | $133 | $121,550 | $75 | -$105,825 | -47% | -$58 | -43% |
| Lakewood Village | $199,900 | $135 | $55,000 | $34 | -$144,900 | -72% | -$101 | -75% |
| Seminole Manor | $124,500 | $120 | $24,900 | $36 | -$99,600 | -80% | -$84 | -70% |
| Baker Place | $800,000 | $217 | $375,000 | $129 | -$425,000 | -53% | -$88 | -41% |
| Buckhead | $622,750 | $199 | $303,900 | $118 | -$318,850 | -51% | -$81 | -41% |
| Capital City Estates | $155,000 | $118 | $46,700 | $43 | -$108,300 | -70% | -$75 | -64% |
| Charleston Square | $137,967 | $115 | $58,500 | $49 | -$79,467 | -58% | -$66 | -57% |
| Copper Creek | $153,000 | $138 | $53,000 | $52 | -$100,000 | -65% | -$86 | -62% |
| Dry Creek Run | $178,900 | $140 | $105,000 | $79 | -$73,900 | -41% | -$61 | -43% |
| Hartsfield Woods | $163,300 | $129 | $79,400 | $81 | -$83,900 | -51% | -$49 | -38% |
| Holly Hills | $221,000 | $124 | $131,000 | $68 | -$90,000 | -41% | -$56 | -45% |
| Lakeshore | $611,000 | $198 | $220,000 | $82 | -$391,000 | -64% | -$116 | -59% |
| Meadowbrook | $248,250 | $132 | $153,100 | $82 | -$95,150 | -38% | -$49 | -37% |
| Oak Valley Estates | $174,250 | $140 | $97,950 | $66 | -$76,300 | -44% | -$74 | -53% |
| Sunny Hill | $64,000 | $74 | $19,981 | $21 | -$44,019 | -69% | -$53 | -72% |
| Westbury | $199,900 | $140 | $106,125 | $78 | -$93,775 | -47% | -$62 | -44% |
| Woodgate | $275,000 | $174 | $108,000 | $68 | -$167,000 | -61% | -$105 | -61% |
| Adams Place Condominiums | $152,000 | $135 | $55,000 | $44 | -$97,000 | -64% | -$92 | -68% |
| Adiron Woods | $374,500 | $160 | $233,000 | $96 | -$141,500 | -38% | -$63 | -40% |
| Bloxham Heights Unrec | $225,000 | $170 | $11,500 | $13 | -$213,500 | -95% | -$157 | -92% |
| Brandt Hills | $247,000 | $158 | $136,500 | $114 | -$110,500 | -45% | -$44 | -28% |
| Caroline Courts | $149,000 | $127 | $65,000 | $54 | -$84,000 | -56% | -$73 | -57% |
| Edinburgh Estates | $275,000 | $147 | $199,267 | $87 | -$75,733 | -28% | -$60 | -41% |
| Lafayette Oaks | $400,000 | $141 | $185,000 | $73 | -$215,000 | -54% | -$68 | -48% |
| Lake Jackson Heights | $178,375 | $135 | $83,000 | $71 | -$95,375 | -53% | -$63 | -47% |
| Laurel Trace | $261,000 | $140 | $150,000 | $79 | -$111,000 | -43% | -$61 | -44% |
| Lenox Mill | $382,500 | $160 | $205,000 | $104 | -$177,500 | -46% | -$56 | -35% |
| Mabry Manor | $136,450 | $125 | $45,633 | $43 | -$90,817 | -67% | -$81 | -65% |
| Ox Bottom | $1,124,100 | $260 | $442,467 | $131 | -$681,633 | -61% | -$129 | -49% |
| Paeonia Place | $187,483 | $131 | $169,900 | $109 | -$17,583 | -9% | -$21 | -16% |
| Park Terrace | $222,167 | $143 | $116,700 | $77 | -$105,467 | -47% | -$65 | -46% |
| The Lakes | $124,800 | $114 | $72,000 | $65 | -$52,800 | -42% | -$49 | -43% |
| The Racquet Club | $176,500 | $136 | $108,000 | $89 | -$68,500 | -39% | -$48 | -35% |
| Tower Oaks | $165,333 | $140 | $91,250 | $75 | -$74,083 | -45% | -$65 | -46% |
| Westover | $159,250 | $126 | $105,833 | $78 | -$53,417 | -34% | -$47 | -38% |
| Wilson Green | $166,519 | $129 | $80,500 | $63 | -$86,019 | -52% | -$67 | -52% |
| Bradford Overlook | $185,000 | $113 | $54,167 | $33 | -$130,833 | -71% | -$79 | -70% |
| Capital Hills | $215,000 | $171 | $49,000 | $61 | -$166,000 | -77% | -$109 | -64% |
| Chase's Ridge | $132,500 | $138 | $65,500 | $68 | -$67,000 | -51% | -$70 | -51% |
| Chesapeake Place | $170,500 | $130 | $48,900 | $39 | -$121,600 | -71% | -$91 | -70% |
| Continental Oaks | $125,000 | $118 | $53,750 | $65 | -$71,250 | -57% | -$54 | -45% |
| Crawfordville Trace | $161,043 | $129 | $94,500 | $75 | -$66,543 | -41% | -$54 | -42% |
| Crescent Hills | $195,000 | $137 | $79,000 | $50 | -$116,000 | -59% | -$87 | -64% |
| Elberta Empire | $146,000 | $112 | $56,000 | $47 | -$90,000 | -62% | -$66 | -58% |
| Emerald Acres | $360,000 | $144 | $216,750 | $101 | -$143,250 | -40% | -$43 | -30% |
| Forest Green | $265,000 | $127 | $45,000 | $27 | -$220,000 | -83% | -$100 | -78% |
| Glendale | $351,667 | $184 | $105,500 | $93 | -$246,167 | -70% | -$91 | -50% |
| Highlands At Northampton | $266,500 | $150 | $189,770 | $131 | -$76,730 | -29% | -$19 | -13% |
| Inglewood | $195,600 | $142 | $83,000 | $76 | -$112,600 | -58% | -$66 | -47% |
| Lafayette Park Place Condos | $123,100 | $142 | $112,125 | $129 | -$10,975 | -9% | -$13 | -9% |
| Lafayette Town Homes | $160,000 | $233 | $65,000 | $101 | -$95,000 | -59% | -$132 | -57% |
| Lakeshore Gardens | $213,900 | $149 | $134,000 | $97 | -$79,900 | -37% | -$51 | -35% |
| Lakeview | $241,500 | $151 | $83,750 | $89 | -$157,750 | -65% | -$62 | -41% |
| Melody Hills | $242,900 | $139 | $152,500 | $111 | -$90,400 | -37% | -$28 | -20% |
| Moore Pond | $2,500,000 | $282 | $650,000 | $135 | -$1,850,000 | -74% | -$147 | -52% |
| Northampton | $820,000 | $175 | $242,750 | $109 | -$577,250 | -70% | -$66 | -38% |
| Parkhill | $137,625 | $132 | $60,500 | $58 | -$77,125 | -56% | -$74 | -56% |
| Pine Tip Hills | $750,000 | $176 | $345,667 | $124 | -$404,333 | -54% | -$51 | -29% |
| Plantation Of TLH Pecan | $238,081 | $130 | $139,350 | $79 | -$98,731 | -41% | -$51 | -39% |
| Renegade Condominiums | $85,000 | $122 | $50,150 | $94 | -$34,850 | -41% | -$28 | -23% |
| Royal Oaks | $330,000 | $140 | $175,000 | $85 | -$155,000 | -47% | -$55 | -39% |
| Settlers Springs | $205,000 | $146 | $84,760 | $59 | -$120,240 | -59% | -$87 | -60% |
| Talaflo Terrace | $457,500 | $188 | $153,500 | $129 | -$304,000 | -66% | -$59 | -32% |
| Woodside Heights | $135,000 | $104 | $27,000 | $30 | -$108,000 | -80% | -$74 | -72% |
Post a Comment