About Tallahassee's Pine Tip Hills

We have been reviewing the top neighborhoods in Tallahassee for the past few weeks in an attempt to identify the rate at which home values are changing, and we’ve chosen the subdivisions that have the most sales over the past year because they give us more information from which to work. But occasionally we get a reader request for a neighborhood that has fewer sales, and today is one such day where we will take a look at Pine Tip Hills in Northeast Tallahassee.

Recently, “Nancy” asked

“Mr. Manausa, Why don’t you ever have Pine Tip Hills on your lists????”

So Nancy, today’s review of Pine Tip Hills in Tallahassee is just for you .

Pine Tip Hills In Tallahassee

There have only been four homes sold in Pine Tip Hills over the past 12 months in the Tallahassee MLS, so the confidence level in our data is not the same as it would be for a neighborhood that has seen a hundred home sales during the same time period (for example, Southwood in Southeast Tallahassee).

Home prices in Pine Tip Hills continue to fall in a similar manner as the rest of the Tallahassee real estate market. Our previous analysis on Pine Tip Hills was performed in January 2010 (also at the request of Nancy ) and we have only recorded 5 sales in the Tallahassee MLS over that 16 month period of time.

One large sale (a home that was marketed at $1.9M sold for $750K) has had a large impact on the limited data, but the overall trend is still apparent. The average sales price of a home in Pine Tip Hills has dropped 41% since the peak of the housing market in 2006.

Home values in Pine Tip Hills have fared better than the price movement shows. When we look at the sales price of homes measured against the home sizes, the resulting price per square foot of homes in Pine Tip Hills has dropped roughly 29% since 2006.

If you are thinking about selling a home in Pine Tip Hills, then you should be aware of the falling values and the urgency in finding a buyer sooner rather than later. The advice for home sellers is the same here as it is with the rest of the Tallahassee real estate market… sell fast to get your top price. The longer you wait, the less money you will get for your home.

List of Recent Home Sales In Pine Tip Hills

Recently a reader of the Tallahassee Real Estate Blog, going by the name of “Nancy,” asked why we did not have a neighborhood report on our site for Pine Tip Hills in Tallahassee. Since I couldn’t come up with a good answer, today we’ll take a quick look at home sales in Pine Tip Hills.

REMINDER: The 18th Edition of the Tallahassee Real Estate Newsletter went out this morning. It is full of charts, graphs, and analysis of the Tallahassee real estate market and is free to subscribers. If you would like to receive a free copy each time the newsletter is published, just submit your name and email address in the form in the right sidebar of the Tallahassee Real Estate Blog.

Pine Tip Hills Home Sales

The number of home sales in Pine Tip Hills rarely reaches one per month, and historically the average number of homes sold is just under 8 per year. Currently, there are 8 homes for sale in Pine Tip Hills. The following real estate graph shows the one year trend of home sales as well as the one year trend of average home prices in Pine Tip Hills:

Much like the rest of the Tallahassee housing market, Pine Tip Hills home prices have dropped since the peak of the market several years ago. The average home price in Pine Tip Hills has fallen 21%. The unit sales trend is down 63% since the peak of the market, though that number shows that homes are selling at a pace that is about 21% slower than “average” going back to 1991.

Pine Tip Hills Homes Have Depreciated 19%

While the average home price in Pine Tip Hills has dropped 21%, home values in Pine Tip Hills have out-performed the rest of the Tallahassee housing market. When we measure real estate appreciation, we find that homes have only depreciated in Pine Tip Hills 19% since the peak of the market in 2006.

Currently, homes are valued similarly to where prices were in the summer of 2005.

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Recent Home Sales In Pine Tip Hills