Home sales in 7 Oaks (Killearn Lakes Unit 3) continue their steady decline from the height of the boom market several years ago. Consisting of 3 and 4 bedroom, single-family detached homes, Seven Oaks has been a very popular family neighborhood in Killearn Lakes for the past 20 years.
This seems to be a fairly consistent theme as we perform more of our Tallahassee Neighborhood Reports, both average home prices dropping as well as signs of roughly 20% depreciation in home values since the top of the market.
Killearn Lakes Unit 3 Home Sales Decline 71%
More and more, we see the number of homes sold in a Tallahassee Subdivision down well over 60%, and in the case of Seven Oaks, home sales are down 71% since the peak of the market. With less than 2 homes sold each month (current trend), it sure is a far cry from when more than 5 homes per month were selling at the beginning of 2007.
Home Values Decline 21% In Seven Oaks
The level of real estate depreciation in 7 Oaks is consistent with the rest of Killearn Lakes in Tallahassee, but it sure is a problem for those of us who live out there. If somebody purchased a home (or refinanced one) at the height of the market in March of 2007, we might have a long way to go before we can sell it and have any equity in the home.
Right now, home values in Killearn Lakes Unit 3 are similar to how they were valued in the beginning of 2004 (meaning most likely you need to have purchased prior to 2004 to have any equity).
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