About Tallahassee's Sable Chase

Sable Chase is a Tallahassee neighborhood born during the boom of the housing market, and because of this it will have a tougher go of the housing market than the more established subdivisions in town. With so many people “moving in” during the same time, natural move cycles will result in a high number of people who need to “move out” at roughly the same time.

Currently, there are only 8 homes for sale in Sable Chase, but the fact that every resident in this northeast Tallahassee neighborhood (an extension of Killearn Lakes Plantation) purchased their home within the last 6 years means that many more will be wanting to move. The average home owner (demographic) in this price range typically moves every 5 to 7 years.

This means that if you own a home in Sable Chase, you need to know the competition among home sellers is going to rise at even a faster rate than the rest of the sluggish Tallahassee real estate market. If you need to sell your home, or if you know that you will need to sell a Sable Chase home soon, sell it now, sell it fast, and you will get your best price. Though I repeat this message often, I can tell you I have driven by a home in Sable Chase that has been on the market with the same real estate agent for years. Take a look at the real estate graphs below and see the money this homeowner left on the table by not selling it fast!

In the real estate graph above, we see that home prices averaged nearly $290K in 2007, and currently the average sales price of home sold in Sable Chase is $190K! That is a $100,000 price drop (51%) in just the last four years.

The real estate graph below shows that the average price per square foot of homes has dropped from $153 in 2006 to a currently value of $107 per square foot (a decline of 44%). This trend of home value declines will continue over the years as homeowners are forced to sell in a market where there are more homes than buyers.

List Of Recent Home Sales In Sable Chase

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Like many people who live in Killearn Lakes Plantation, I’ve discovered a great little neighborhood (56 homes) that joins Killearn Lakes to Bannerman Road. It’s called Sable Chase and it is relatively new, with new home sales that started just five years ago.

Unlike some of the larger subdivisions in Tallahassee for which we report, Sable Chase has fewer than 1 home sold each month, so the trends are not as clear to see. The key to trend reporting is to have enough sales (liquidity) that you can draw clear conclusions from the data. With fewer than 1 sale per month, we see quite a bit of “noise” in the data.

In the real estate graph above, the vertical blue bars show the average number of homes sold in Sable Chase each month, while the red field represents the average price trend. Like most neighborhoods in Tallahassee, Sable Chase home prices have been on a steady decline since the top of the market.

Sable Chase Home Values Dropping

In order to get a feel for the level of depreciation in Sable Chase, we look at the overall average price per square foot of arms-length existing home sales. We can see that the peak of the market enjoyed home values that exceeded $150 per square foot, but recently, prices have trended down to $125 per square foot. This seems consistent with many other areas which have seen similar drops.

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Recent Home Sales In Sable Chase

[click for list of recent Sable Chase Home Sales…]