The Tallahassee Real Estate Blog regularly reviews Tallahassee neighborhoods in order to get a feel for what home values are doing. You can click any one of the links in the right side bar (see pictured on the right) for a list of any blogs when the corresponding neighborhood in Tallahassee is mentioned.
When we last looked in on Killearn Lakes Unit 1, we noted that the home prices were holding fairly steady, though values (when looked at price per square foot) were falling. This told us that people who were buying a home in Killearn Lakes Unit 1 were buying larger homes, making the market look stronger than it appeared in standardized real estate reports.
Killearn Lakes (Unit1) Home Values
Home values continue to fall in Killearn Lakes (Unit 1). The best way to track real estate appreciation (or real estate depreciation) across a single Tallahassee subdivision is to track resale price per square foot data on a one-year trend.
The following real estate graph shows that the average number of homes selling in Killearn Lakes (Unit 1) each month has dropped below 2 per month (from a peak of nearly 5 home sales each month), and the average price per square foot of a home has dropped below $120 per square foot.
Remember, using the average price per square foot is an excellent way to track area home valuations over time, but it by no means is an accurate way to determine a home’s value. Killearn Lakes (Unit 1) features many different types of homes sitting on different types of home sites.
Some homes in Killearn Lakes (Unit 1) are on water front lots, while others are on the interior. Some have additional features such as swimming pools and multi-car garages. An individual home valuation must consider all of the differences, not just heated and cooled square feet.
Average Home Prices In Killearn Lakes (Unit 1)
Many real estate reports feature average home prices in an area. This is good to know if you are considering buying a home in an area such as Killearn Lakes (Unit 1), but it by no means an accurate depiction of true real estate depreciation (or appreciation).
The real estate graph above shows that the average home price in Killearn Lakes (Unit 1) did not start dropping until late in 2008, well more than a year after the rest of the Tallahassee real estate market. What we found in our previous analysis of Killearn Lakes Unit 1 was that buyers were selecting the larger homes when buying in this neighborhood.
This meant average home prices looked to be staying the same, while our average price per square foot report showed that homes in Killearn Lakes (Unit 1) were depreciating at a rate consistent with the rest of the Tallahassee housing market.
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