2012 Toughest Year To Sell A Tallahassee Home Thus Far
Posted by Joe Manausa on Friday, August 10, 2012 at 11:59:05 AM
By Joe Manausa / August 10, 2012
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Tallahassee home owners considering a sale have most likely heard how tough the housing market is.
They might have heard some good news about Tallahassee home sales finally starting to turn around with modest gains over last year's "Worst Year Ever" performance.
Upon entering the market however, they will find that 2012 is the toughest year on record to sell a Tallahassee home.
Yep, that's right, the gains that we see in the Tallahassee real estate market are coming from distressed home sales, not from people with equity in their homes.
When we look at the real estate graph above, we see that distressed home sales comprise 37% of the closings in the Tallahassee MLS, and their share of the market is rising.
Tallahassee Home Sales Decline
When we look at arms length home sales in Tallahassee, we find that 2012 has seen the worst January through July performance in more than 11 years.
In the real estate graph below, all distressed property sales have been removed, revealing arms length Tallahassee home values that have depreciated 2% and the number of sales have dropped about 1% since last year.
Tallahassee Home Sizes Grow With Buyer Strength
The average size of arms length Tallahassee home sales is growing. Buyers, armed with excess supply to choose from as well as falling interest rates, are choosing to purchase bigger homes and spend their full budget rather than choosing to spend less money than they can afford.
This dynamic is important to understand. Tallahassee home values are falling, even as average home prices are on the rise.
Buyers are getting "more house," as the graph above shows.
Many real estate reporters are noting rising "average prices," but they are failing to report that buyers are getting rising "average sizes." Interest rates falling have allowed buyers to spend more money, but it does not mean they are still buying the same Tallahassee home.
Do not fall into the trap of believing that average prices directly correlate to appreciation or depreciation during a short term trend.
Recent Arms Length Tallahassee Home Sales
| Neighborhood | Address | SP | Price/ SQF | Closing Date | SQF |
| Killearn Estates | 2365 Ryan Place | $109,000 | $92 | 7/31/2012 | 1,189 |
| Killearn Commons | 8520 Hannary Cir | $200,000 | $106 | 7/31/2012 | 1,884 |
| Southwood | 3005 Dickinson Drive | $225,000 | $126 | 7/31/2012 | 1,782 |
| The Timbers | 806 Timbers Court | $70,000 | $71 | 7/31/2012 | 987 |
| None | 19104 Talquin Dr | $415,000 | $150 | 7/31/2012 | 2,766 |
| Holly Hills | 2107 Evergreen Dr | $90,000 | $80 | 7/31/2012 | 1,127 |
| Huntington Woods | 2827 Duffton Court | $108,000 | $87 | 7/31/2012 | 1,237 |
| Huntington Woods | 3116 Dunkeld Place | $136,900 | $80 | 7/31/2012 | 1,703 |
| Magnolia Manor | 903 E Call Street | $124,000 | $126 | 7/31/2012 | 988 |
| Brockswood Park | 1403 Devils Dip | $139,000 | $70 | 7/31/2012 | 2,000 |
| Highgrove | 4738 Highgrove Road | $385,000 | $119 | 7/31/2012 | 3,225 |
| Pine Tip Hills | 576 Frank Shaw Road | $750,000 | $160 | 7/31/2012 | 4,700 |
| Waverly Hills | 2808 Sterling Drive | $244,900 | $115 | 7/31/2012 | 2,128 |
| Sweet Water Oaks | 1739 Riverbirch Hollow | $177,000 | $97 | 7/31/2012 | 1,820 |
| Buckhead | 4602 Oakshire Ct. | $410,000 | $158 | 7/31/2012 | 2,591 |
| Bull Run | 2625 Opequon Way | $279,900 | $133 | 7/31/2012 | 2,102 |
| Bull Run | 2604 Ulysses Rd. | $269,900 | $149 | 7/31/2012 | 1,809 |
| Glen At Golden Eagle | 2396 Heathrow Drive | $180,000 | $104 | 7/31/2012 | 1,729 |
| Hampton Creek | 5038 Hampton RidgeAvenue | $134,900 | $121 | 7/31/2012 | 1,114 |
| Killearn Estates | 3112 Ferns Glen | $214,900 | $81 | 7/31/2012 | 2,662 |
| Killearn Estates | 3469 Hyde Park Way | $225,000 | $107 | 7/31/2012 | 2,100 |
| Ox Bottom Manor | 6103 Ox Bottom Manor Dr | $342,500 | $120 | 7/31/2012 | 2,856 |
| Pheasant Ridge | 2757 Fawn Ridge Court | $314,000 | $126 | 7/31/2012 | 2,500 |
| Renegade Condominiums | 403 Hayden Rd, #241 | $41,900 | $79 | 7/31/2012 | 531 |
| Scenic Heights | 1829 Devra Drive | $137,000 | $74 | 7/31/2012 | 1,856 |
| Southwood | 4235 Raleigh Way | $200,000 | $139 | 7/31/2012 | 1,444 |
| Summerbrooke | 530 Summerbrooke Drive | $345,000 | $128 | 7/31/2012 | 2,694 |
| Wood Ridge Condominiums | 1571 Stone Road | $67,000 | $66 | 7/31/2012 | 1,016 |
| Linwood Manor | 1102 Linwood Drive | $111,500 | $89 | 7/30/2012 | 1,253 |
| Pine Grove | 607 Truett Dr | $138,000 | $150 | 7/30/2012 | 920 |
| Weems Plantation | 3525 Lands End Lane | $147,000 | $114 | 7/30/2012 | 1,285 |
| Timber Lake | 4066 Cottage Wood Trail | $120,000 | $91 | 7/29/2012 | 1,314 |
| Piney Z | 1001 High Meadow Drive | $180,000 | $94 | 7/29/2012 | 1,919 |
| Ox Bottom | 7213 Ox Bow Cir | $500,000 | $112 | 7/27/2012 | 4,457 |
| Ox Bottom Manor | 6328 Pickney Hill Road | $276,000 | $125 | 7/27/2012 | 2,206 |
| Eagle's Ridge | 9042 Eagles Ridge Dr | $205,000 | $117 | 7/27/2012 | 1,755 |
| Golden Eagle Plantation | 2146 W Golden Eagle | $687,500 | $164 | 7/27/2012 | 4,197 |
| Golden Eagle Plantation | 9013 Shoal Creek Dr | $450,000 | $145 | 7/27/2012 | 3,104 |
| Killearn Commons | 8405 Wellesly Place | $170,000 | $111 | 7/27/2012 | 1,530 |
| Killearn Lakes | 1781 Copperfield Circle | $225,000 | $109 | 7/27/2012 | 2,059 |
| Killearn Lakes | 3309 Micanopy | $228,000 | $123 | 7/27/2012 | 1,848 |
| Kinhega Landings | 2613 SadieLane | $314,000 | $112 | 7/27/2012 | 2,801 |
| Southwood | 3751 Overlook Dr | $365,000 | $134 | 7/27/2012 | 2,726 |
| Summerchase Condos | 4434 Gearhart Road #701 | $75,000 | $56 | 7/27/2012 | 1,344 |
| Hartsfield Plantation | 1901 Setting Sun Trail | $173,000 | $84 | 7/27/2012 | 2,058 |
| Westview | 1334 Charlotte Street | $67,500 | $58 | 7/27/2012 | 1,154 |
| Oak Wood | 3213 Allison Marie Court | $85,000 | $70 | 7/27/2012 | 1,216 |
| Tower Oaks | 5535 Tower Woods Trl | $96,000 | $88 | 7/27/2012 | 1,090 |
| Ben-Mor Hills | 807 Devon Dr | $155,000 | $78 | 7/27/2012 | 1,994 |
| Betton Oaks | 1497 GoodwoodCourt | $198,000 | $110 | 7/27/2012 | 1,800 |
| Lakeview | 1243 N Adams Street | $195,000 | $155 | 7/27/2012 | 1,260 |
| Breckenridge On Park | 156 W Whetherbine Way | $94,000 | $98 | 7/27/2012 | 960 |
| Starview | 212 Nabb Loop Road | $200,000 | $102 | 7/27/2012 | 1,954 |
| Sawgrass Plantation | 2417 Silver Palm Lane | $115,000 | $88 | 7/27/2012 | 1,308 |
| Breckenridge On Park | 344 Whetherbine Way | $66,900 | $76 | 7/27/2012 | 880 |
| Hollystone | 4945 Hollystone | $360,300 | $139 | 7/27/2012 | 2,601 |
| Southwood | 3809 Piney Grove Drive | $262,000 | $116 | 7/27/2012 | 2,250 |
| Killearn Lakes | 8804 EdenrockLane | $197,000 | $103 | 7/26/2012 | 1,913 |
| Golden Park | 2524 Golden Park Lane | $90,000 | $70 | 7/26/2012 | 1,282 |
| Town N Country Park | 2219 Beech Drive | $146,000 | $93 | 7/26/2012 | 1,568 |
| Lakeshore Estates | 344 Lexington Rd | $123,000 | $82 | 7/26/2012 | 1,497 |
| Park Charleston | 1668 Osprey Pointe | $220,000 | $115 | 7/26/2012 | 1,905 |
| Breckenridge On Park | 263 Whetherbine Way E | $89,750 | $89 | 7/26/2012 | 1,008 |
| Rexwood | 2912 Oakwood Drive | $36,000 | $34 | 7/26/2012 | 1,044 |
| Tallahassee Center | 215 W College Ave 404 W | $98,500 | $246 | 7/25/2012 | 400 |
| Hermitage | 1316 Constitution Place W. | $685,000 | $146 | 7/25/2012 | 4,679 |
| Killearn Estates | 4052 Brandon Hill Drive | $277,000 | $122 | 7/25/2012 | 2,267 |
| Highland Terrace | 1344 Terrace | $177,500 | $94 | 7/24/2012 | 1,888 |
| Waverly Hills | 1106 Lasswade Drive | $272,500 | $124 | 7/24/2012 | 2,200 |
| Linene Estates | 2841 Green Forest Lane | $180,000 | $98 | 7/24/2012 | 1,844 |
| Killearn Acres | 6653 Man O WarTrail | $160,000 | $101 | 7/23/2012 | 1,584 |
| Holly Hills | 2107 Skyland Dr | $160,000 | $92 | 7/23/2012 | 1,731 |
| The Timbers | 2190 Timberwood Cir N | $75,000 | $59 | 7/23/2012 | 1,280 |
| Betton Hill | 1310 Dillard St | $205,000 | $116 | 7/23/2012 | 1,770 |
| Bobbin Trace | 3798 E Millers Bridge Road | $585,000 | $148 | 7/23/2012 | 3,943 |
| Observation Pointe | 6165 Observation Circle | $214,900 | $132 | 7/23/2012 | 1,629 |
| Hutchinson Heights | 1337 Hutchinson Avenue | $18,500 | $22 | 7/23/2012 | 844 |
| Golden Eagle Plantation | 2173 Gates Dr | $325,000 | $121 | 7/20/2012 | 2,693 |
| Killearn Lakes | 2237 Tuscavilla Rd | $162,000 | $113 | 7/20/2012 | 1,433 |
| Killearn Lakes | 2312 HaverhillRoad | $225,000 | $117 | 7/20/2012 | 1,918 |
| Foxcroft | 2987 Foxcroft Dr | $189,250 | $99 | 7/20/2012 | 1,912 |
| Lone Star Camp | 24098 Lake Talquin Rd | $167,000 | $109 | 7/20/2012 | 1,526 |
| Plantation Woods | 4214 Elder Court | $112,000 | $103 | 7/20/2012 | 1,087 |
| Sombra Del Lago | 5393 Sombra Del Lago Drive | $85,000 | $58 | 7/20/2012 | 1,474 |
| Township One North Unrec | 1622 Crosspointe | $220,000 | $106 | 7/20/2012 | 2,084 |
| Wilson Terrace | 414 Wilson Ave | $325,000 | $107 | 7/20/2012 | 3,040 |
| Golden Park | 2509 Fred Smith Rd | $93,000 | $73 | 7/20/2012 | 1,282 |
| Adiron Woods | 3000 Adiron Way | $241,200 | $146 | 7/20/2012 | 1,656 |
| Arbor Hill | 2732 Whitney Dr N | $123,000 | $99 | 7/20/2012 | 1,248 |
| Southwood | 3163 Nathaniel Trace | $302,404 | $151 | 7/20/2012 | 2,007 |
| San Luis On The Park | 1545 San Luis Rd | $112,000 | $82 | 7/20/2012 | 1,365 |
| Summerchase Condos | 4434 Gearhart Road | $85,500 | $64 | 7/19/2012 | 1,344 |
| Bloxham Terrace | 405 Mckeithen Street | $85,900 | $89 | 7/19/2012 | 960 |
| None | 414 El Destinado | $295,000 | $121 | 7/19/2012 | 2,440 |
| Tallahassee Highlands | 2487 Pennlyn Drive | $125,000 | $93 | 7/19/2012 | 1,350 |
| Buckhead | 4533 Timberloch Drive | $400,000 | $129 | 7/19/2012 | 3,105 |
| None | 24376 Lone Star Court | $283,000 | $152 | 7/18/2012 | 1,856 |
| Betton Hills | 2103 Lee Ave | $370,000 | $160 | 7/18/2012 | 2,307 |
| Killearn Estates | 3037 Corrib | $255,000 | $119 | 7/18/2012 | 2,145 |
| Lee Manor | 1014 Tanner Drive | $35,500 | $27 | 7/18/2012 | 1,325 |
| The Vineyards | 1902 Vineyard Way | $335,000 | $123 | 7/17/2012 | 2,718 |
| Ox Bottom | 8024 Evening Star Lane | $560,000 | $181 | 7/16/2012 | 3,089 |
| Ox Bottom Manor | 6353 San Martin Court | $285,000 | $118 | 7/16/2012 | 2,414 |
| Beechwood Knoll Townhouses | 2787 Beechwood Knolls | $117,000 | $76 | 7/16/2012 | 1,544 |
| Bull Run | 2567 Carthage Lane | $289,900 | $130 | 7/13/2012 | 2,225 |
| Killearn Estates | 3936 Leane Drive | $222,000 | $97 | 7/13/2012 | 2,296 |
| Killearn Estates | 2673 Nantucket Lane | $165,500 | $82 | 7/13/2012 | 2,024 |
| Southwood | 2471 Goldenrod Way | $250,000 | $135 | 7/13/2012 | 1,850 |
I hope this Tallahassee Home Sales Report has been enlightening, please come back and visit the Tallahassee Real Estate Blog for more reports on home values in Tallahassee.
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