About Tallahassee's Killearn Estates

A lot of national real estate reports are showing that average home prices are on the rise, but did you know that it is very possible that this is occuring even as home values depreciate?

Yesterday's post about home sales in the 32308 zip code was well received and generated quite a few comments and emails from readers, so today I have followed it up by evaluating and creating the neighboring 32309 housing report. Not surprisingly, it is proof that that values and prices do not always move in the same direction.

The 32309 zip code is home to some very popular Tallahassee neighborhoods, such as Killearn Estates, Killearn Acres, Foxcroft, Arbor Hill, and Chemonie Crossing. Much like the 32308 zip code, the 32309 housing report could well be classified as the heart of residential Tallahassee.

If you need to sell a home in the 32309 zip code, then I urge you to take a close look at our targeted home selling plan, as more homes that hit the market in 2012 will fail to sell than will find success. Falling values leaves failed home sellers with a home that will sell for even less next year.

Home Prices In The 32309 Housing Report

Average home prices in the 32309 housing report are still rising. We know from past reports that often times the average price of homes in a certain area might be on the rise, even when property values are falling. That trend is evident in the 32309 zip code.

The real estate graph below shows that buyers are taking advantage of very-low interest rate loans to grab "more house," meaning that just because values are falling does not mean that buyers are going to spend less. Instead, they are choosing to get more house for the money.

Home Values In The 32309 Zip Code

The graph below shows that home values in the 32309 housing report continue to fall and have dropped below an average of $105 per square foot, a level last seen in 2004. That means current values are consistent with values in late 2003, and we know that they will continue to fall as the glut of supply continues to pressure a market that is struggling to stimulate demand, due to the thousands of potential buyers who are current trapped in a home with more mortgage than value.

Recent Home Sales In The 32309 Zip Code

Home sales in Killearn Estates have slowed from the rebounding pace that occurred in 2010, and home values continue to decline. Home sellers who listened to good advice got their home sold this year, while those that did not remain on the market and hoping for values that will not come.

Currently, there are 72 homes for sale in Killearn Estates in the Tallahassee MLS, and we know of many more that have tried to sell in the recent past that most likely will be re-entering the housing market next year.

As we study recent home sales in Killearn Estates, we find results similar to our recent real estate appreciation case study of the 32312 zip code. The average selling price of a home sold in Killearn Estates is on the rise, even as home values continue to fall. Buyers are simply choosing to purchase the larger homes, sending a signal that low interest rates are allowing them to spend more, but they are still very choosy and value conscious when the buy.

Home Sales In Killearn Estates

2011 home sales in Killearn Estates have seen an average price increase of 5% over those that sold last year. On the surface, this might appear to be good news if you need to sell a home in Killearn Estates, but our further graphs show that the average home sales price graph is more a sign of what buyers are prepared to spend, rather than what homes are worth.

Home Values In Killearn Estates

When we look at recent home sales in Killearn Estates and plot the average price per square foot, we get a better view of the real estate depreciation that is still occurring in all of the Tallahassee real estate market. In the real estate graph below, we see that home values in Killearn Estates have declined 6% thus far in 2011, and that the rise in average prices that we saw above must be based upon something other than home values.

Average Size Of Homes Sold In Killearn Estates

The final graph shows the average size of homes sold each year in Killearn Estates. The tremendous rise in the size of homes that are selling is clearly seen below, and it is the reason that the average sales price is higher even when values are declining. Home buyers have great opportunities in our market, and low interest rates are making for super purchases with very low monthly payments. This means that many are choosing to "buy bigger," without having to spend more than they want.

If you own a home in Killearn Estates and want advice on what you can get, just drop me a note and we can schedule a time to review all of your options, as well as the real market data that will show you an anticipated selling price. Remember, home values are declining, and our supply levels indicate that this trend will continue for quite some time. Take action today by either choosing to sell your home right away, or by choosing to hold on to your home for five or more years to allow the market to rebound to higher prices.

List Of Recent Home Sales In Killearn Estates

Home sales in Killearn Estates have slowed again this year, with unit sales down 56% from this popular Tallahassee neighborhood's best year in 2003. The average home price has dropped 20% since the peak of the housing market in 2006, and home values are down 23% based upon a year versus year comparison.

Killearn Estates is one of the hottest neighborhoods in the Tallahassee real estate market, second only to Southwood in terms of the number of home sales that occur each year. Currently, there are 77 homes for sale in Killearn Estates, which is just under one year's supply. Today we'll take a look at the current home prices and values in Killearn Estates, and we are unveiling a great new sales map as well.

Killearn Estates Home Sales Map

The following map shows recent home sales in Killearn Estates and Killearn Acres. You can click on any "red dot" and get the information about the property that was sold. For our readers who subscribe by email, you will need to click on the title of the article to be taken to your web browser to see this display. Please give me your comments/feedback if you like having this type of map included in the neighborhood reports.

Killearn Estates Home Prices

The average sales price of a home in Killearn Estates has rebounded in 2011, from $220,200 in 2010 to our current 2011 average of $234,600. Unfortunately, this is not a sign of homes selling at higher prices, rather it is a sign of buyers spending more money than they did last year. We can see the evidence of this in the second real estate graph.

In the real estate graph above, the number of home sales are shown in the vertical bars (green for arms length transactions, red for distressed property sales) and the average sales price each year is shown in brown.

Killearn Estates Home Values

Home values in Killearn Estates are still on the decline. For the fifth straight year, the average price per square foot of a home sold in Killearn Estates is dropping. Currently, the average is at $103 per square foot, and with unit sales also on the decline, we can expect this trend to continue.

As with most other Tallahassee neighborhoods, the advice for home sellers is solemn. Either choose to own your home for five to seven more years to allow market equilibrium to restore values, or sell your home fast! With prices dropping, the sooner you sell, the more money you will get.

• List Of Recent Home Sales In Killearn Estates

The 32309 zip code is in the Northeast quadrant of the Tallahassee real estate market, and it features the popular Killearn Estates community as its most active neighborhood. This post will provide a quick examination of homes sales in the 32309 zip code and identify some current trends. You will also find a list of recent home sales at the end of this article.

Average Home Prices In The 32309 Zip Code

Home prices in the 32309 zip code at are on the decline, with the average price of a home down from over $280,000 at the peak of the market to just $232,000 in June. Currently, the average price trend of homes selling in the 32309 zip code is well under $230,000, and with relative housing inventories on the rise, we can expect the decline to resume.

Average Home Values In The 32309 Zip Code

Home values in the 32309 zip code show a continued trend of decline. While the average price of a home has appeared more stable, the average price per square foot of homes sold continues to fall. The average price per square foot of a home sold in June was $106, which is 35% lower than it was at the peak of the market in the 32309 zip code.

The growth in the relative supply of homes should cause existing homeowners some concern should they need to sell a home in the 32309 zip code any time soon. The (repeated) advice to home sellers is the same, plan to hold on for many years, or sell fast and get the top price that you can.

List of Recent Home Sales In The 32309 Zip Code

The number of home sales in Killearn Estates was down 26% year-to-date through April, but homebuyers are finding great values and are moving towards the higher end of the Killearn housing market. This has pushed the average home sales price higher, as the real estate graph below shows.

But don’t be tempted to believe that means that values are rising, rather this is just a case of the larger homes (and ones on the Killearn Golf Course) selling at a rate that is higher in proportion than we have seen in the recent past. The next real estate graph shows that the average price per square foot of homes sold in Killearn Estates is still dropping.

The fact that buyer activity is slowing in Killearn Estates comes as no big surprise, and the fact that Killearn home values are declining is no any different than the rest of the Tallahassee real estate market. The biggest surprise to me is the rapidly rate of decline in homes sold, as Killearn Estates is one of the most popular destinations for homebuyers in the entire Tallahassee housing market.

If you have to sell a home in Killearn Estates, make sure you take an in-depth look at your current competition. The prices are very low on many of the homes, and I have been amazed at some of the values that have not-yet been scooped up by buyers. With nearly 90 homes on the market today, Killearn has enough supply for over a year at the current rate of sales.

You can link to a current list (with pictures) of homes for sale in Killearn Estates, and you can view a list of the most recent homes sales below.

List Of Recent Home Sales In Killearn Estates