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.
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