Recently a reader of the Tallahassee Real Estate Blog, going by the name of “Nancy,” asked why we did not have a neighborhood report on our site for Pine Tip Hills in Tallahassee. Since I couldn’t come up with a good answer, today we’ll take a quick look at home sales in Pine Tip Hills.
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Pine Tip Hills Home Sales
The number of home sales in Pine Tip Hills rarely reaches one per month, and historically the average number of homes sold is just under 8 per year. Currently, there are 8 homes for sale in Pine Tip Hills. The following real estate graph shows the one year trend of home sales as well as the one year trend of average home prices in Pine Tip Hills:
Much like the rest of the Tallahassee housing market, Pine Tip Hills home prices have dropped since the peak of the market several years ago. The average home price in Pine Tip Hills has fallen 21%. The unit sales trend is down 63% since the peak of the market, though that number shows that homes are selling at a pace that is about 21% slower than “average” going back to 1991.
Pine Tip Hills Homes Have Depreciated 19%
While the average home price in Pine Tip Hills has dropped 21%, home values in Pine Tip Hills have out-performed the rest of the Tallahassee housing market. When we measure real estate appreciation, we find that homes have only depreciated in Pine Tip Hills 19% since the peak of the market in 2006.
Currently, homes are valued similarly to where prices were in the summer of 2005.
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Recent Home Sales In Pine Tip Hills
The following are the arms-length home sales that have occurred in Pine Tip Hills in Tallahassee. [continued here]
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