About Tallahassee's Piney Z

Piney Z home sales were down significantly in 2011, and a new "low" was hit with only 28 homes sold in 2011, down 10% from 2010. This means we have seen 8 straight declining years, something that I have not seen often from the rest of the Tallahassee real estate market.

Typically, when we see unit sales decline faster than the rest of the market, we are experiencing a Tallahassee neighborhood where home owners are “holding on” trying to find higher prices. This can work for a short period of times in a stronger market, but at some point, capitulation will kick-in and we'll see major price declines as Piney Z home sellers compete with each other for the declining buyers.

I suspect we will start to see homeowners begin to be overcome by the market momentum this year and home values will likely decline at a rapid rate.

This has happened in other areas of the Tallahassee real estate market when home sellers held onto their asking price while the rest of the market continued to decline. Don’t expect Piney Z home sales levels to return until home sellers begin to price their homes competitively with the rest of the homes for sale in Tallahassee.

Map of Piney Z Home Sales

The following map shows Piney Z Home Sales for the past few years (you must view the map on the Tallahassee Real Estate Blog site). Just click on any red dot to see the details of the sale.

Piney Z Home Prices

Piney Z Home Prices have dropped from a high average of $260K established in 2006, to the current level of $192K set last year (it's too early to establish a price point for 2012). This is a decline of 26% which is stronger than much of the rest of the Tallahassee housing market, but falling fast. The graph below shows unit sales (green for arms length, red for distressed sales) and average prices are plotted in brown.

Piney Z Home Values

Piney Z home values have dropped even slower than prices, with the high in 2006 of $145 per square foot having dropped 23% to $111 per square foot in 2011. If I were a homeowner needing to sell a home in the next few years, I would sell it now and sell it fast. Value changes will catch up with the rest of Tallahassee, and this means that if you must sell a home in Piney Z, the highest value that you will receive over the next five to seven years is right now.

Piney Z Home Sales By Type

When we look at Piney Z home sales, segregated by property type, we see something a bit unusual... Last year, the average townhome in Piney Z sold for a bit higher than in previous years, while the average single family Piney Z home value plummeted. I think we'll see this trend (for town homes) reverse this year, as single family homes drop down close in price to single family homes.

Recent Piney Z Home Sales

Home sales in Piney Z have been on a steady decline since 2003, and 2011 appears poised to set another new market bottom for unit sales. There have only been 22 closed home sales through late October, and without a huge surge it is highly unlikely that 2011 will surpass the previous bottom of 31 homes sold in 2010.

This is clearly the case of home owners “holding on” trying to find higher prices. I suspect we will start to see homeowners begin to be overcome by the market momentum next year and home values could decline at a rapid rate. This has happened in other areas of the Tallahassee real estate market when home sellers held onto their asking price while the rest of the market continued to decline. Don't expect Piney Z sales levels to return until home sellers begin to price their homes competitively with the rest of the homes for sale in Tallahassee.

Map Of Recent Home Sales In Piney Z

(Reminder: If you subscribe to the Tallahassee Real Estate Blog by email, you will need to click the headline of this post to visit the blog and use the interactive Piney Z Home Sales Map)

Home Prices In Piney Z

Home prices in Piney Z have dropped from a high average of $260K established in 2006, to the current level of $199K. This is a decline of 23% which is stronger than much of the rest of the Tallahassee housing market. The graph below shows unit sales (green for arms length, red for distressed sales) and average prices are plotted in brown.

Home Values In Piney Z

Home values have dropped even with prices, with the high in 2006 of $145 per square foot having dropped 23% to $111 per square foot so far this year. If I were a homeowner needing to sell a home in the next few years, I would sell it now and sell it fast. Value changes will catch up with the rest of Tallahassee, and this means that if you must sell a home in Piney Z, the highest value that you will receive over the next five to seven years is right now.

Recent Home Sales In Piney Z

Home sales in Piney Z have been on a steady decline since 2003, and 2011 looks to be no different. There have only been 17 closed home sales through mid August, and with a slowing housing market, it is unlikely that 2011 will surpass the 31 homes sold in 2010.

The good news for Piney Z is that home price and home value declines are beating the market, but the bad news is that it is due to home owners "holding on" trying to find higher prices. This is a concern unless homeowners in Piney Z have a stronger staying power than the rest of the Tallahassee real estate market.

Home Prices In Piney Z

Home prices in Piney Z have dropped from a high average of $260K established in 2006, to the current level of $189K. This is a decline of 27% which is consistent with the rest of the Tallahassee housing market, and even slightly better. The graph below shows unit sales (green for arms length, red for distressed sales) and average prices are plotted in brown.

Home Values In Piney Z

Home values have dropped even less than prices, with the high in 2006 of $145 per square foot having dropped 23% to $111 per square foot so far this year. If I were a homeowner needing to sell my home in the next few years, I would sell it now and sell it fast. Value changes will catch up with the rest of Tallahassee, and this means that if you must sell a home in Piney Z, the highest value that you will receive over the next five to seven years is right now.

Home Sales In Piney Z By Property Type

When we break down home sales in Piney Z by property type, we find that townhouses are actually doing better this in both unit sales and in values, while single family homes in Piney Z are taking the biggest hit. Townhouse values in Piney Z are down just 18% compared to the peak of the market, while single family home values are down 25%.

Map Of Home Sales In Piney Z

Full List Of Recent Home Sales In Piney Z

From time to time, we like to take a close look at home sales in Piney-Z in Tallahassee. Today, we’ll take exert some extra effort in the pursuit of quantifying the amount of depreciation that has occurred in Piney-Z, as well as studying the average sales price of homes that have recently sold there. Of course, if you are interested in seeing homes for sale in Piney-Z, we also can send you there.

The real estate graph above shows each home sale in Piney-Z over the past twelve months, with the most recent on the left. The red bars measure total real estate depreciation (appreciation for three of them), while the blue bars measure how long each home was owned by the seller. The most recent sales in the past three months are averaging 18% depreciation.

Piney-Z Home Sales Over Past 12 Months (With Previous Sales Data Included)

Piney-Z Is A Fair Representation Of Tallahassee

The table above shows the arms-length, existing home sales in Piney-Z for the past twelve months, with the most recent sale at the top of the table, the least recent sale at the bottom. The trend is not a good one, as Piney-Z homes are giving back more value as each month goes by.

As far as Tallahassee neighborhoods go, Piney-Z appears to be about average in its rate of real estate depreciation. We have measured neighborhoods that are doing worse (Southwood), and we have seen others that are doing better (Killearn Lakes).

Piney Z Home Value Trends

The real estate graph above shows that currently 3 homes are selling each month in Piney Z, and the average value has dropped to $120 per square foot. The past three months have seen values hold steady, hopefully we will see it sustain at that level, though further reductions are more likely based upon what is happening in the overall market.

Piney Z Average Home Prices

The average price of a home in Piney Z reached above $260K in 2006, but since has dropped to below $220K. In the graph above, the blue lines show that 3 homes are selling each month (on average), while the red shows the rapid rise in prices from 2002 to 2006, then the subsequent correction from 2006 to present.

[click here for list of all past resales in Piney-Z]

The next meeting of Tallahassee's Piney Z Community Development District is this coming Monday at 6 p.m. All residents are invited to attend. The Piney Z Community Development District is an actual taxing body with responsibility to payoff the bonds originally issued to start the neighborhood and to maintain the community amenities.

Piney Z has a community pool, fitness center, playground and several common areas. Taking care of these items and more is the responsibility of the CDD board.

The Piney Z neighborhood in Tallahassee has over 700 residences with three blocks of duplex townhouses and the balance in single family residences. Piney Z is a diverse neighborhood represented by a mix of retirees, government workers, private sector employees, professors and professionals. Piney Z is an excellent neighborhood for almost anyone who enjoys a suburban lifestyle that is convenient to all Tallahassee has to offer. Only 15 minutes from downtown, less than a mile from Tom Brown Park and 10 minutes from Governors Square Mall, Piney Z may be where you want to be!

Just let me know if you would like more information about Piney Z.

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Looking for a seasoned real estate professional that knows homes in Tallahassee and the real estate market and can get the results you desire? Are you in the market to buy or sell a home in the Tallahassee, Florida area? Let me put my knowledge and experience to work for you.

My goal is to help people find the best home for the best price with the most protection and least amount of stress possible. If this sounds like what you want, please allow me the opportunity to earn the right to serve your real estate needs. Call me, Michael Lee today at (850) 339-9346.

Michael Lee

Tallahassee Realtor

Homes in Tallahassee

Piney Z Specialist

Michael@frogrealty.net

www.tallahasseerealestatetoday.com

www.pineyzsales.com

www.MichaelDaleLee.com

www.tallahasseerealtor.net

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