The Gardens of Killearn is a very popular Northeast Tallahassee neighborhood located in the southeastern corner of the large Killearn Estates subdivision. Homes in the Gardens for the most part were built in the 1990s, and most homes are more than 2,000 square feet of heated and cooled space with three or four bedrooms.
Just as we are seeing across the rest of the Tallahassee real estate market, home values are still falling in the Gardens of Killearn. And also like many other Tallahassee neighborhoods, the average recent home sales price has begun to stabilize. So how do prices stabilize while values continue to fall? This just means that people who have recent purchased a home for sale in the Gardens of Killearn are buying the biggest ones.
Map Of Recent Home Sales In The Gardens Of Killearn
Home Prices In The Gardens Of Killearn
According to home sales recorded in the Tallahassee MLS, the average sales price for a home in the Gardens of Killearn has remained at just under $255,000, after reaching a high of over $330,000 at the peak of the housing market in 2006. In the real estate graph below, the green bars show the number of arms length home sales each year, while the red bars show the number of distressed sales. The brown line is the measurement of the average sales price of a home sold in the Gardens of Killearn, which has flattened out.
Home Values In The Gardens Of Killearn
Currently, the average value of a home in the Gardens of Killearn has dropped to less than $105 per square foot of heated and cooled space, after reaching a high of $145 per square foot at the peak of the Tallahassee housing market in 2006. The blue line below shows the incredible run-up of home values in the Gardens of Killearn, and the subsequent drop that has returned values back to levels last seen in 2003.
The number of homes that have sold through mid December 2011 is average for home sales in the Gardens of Killearn over the past 10 years. While the rest of Tallahassee is selling at about 50% of the average rate, the Gardens of Killearn is proving to be one of the most popular neighborhoods in town by returning to its normal rate of sales. Home sellers who utilize a great home selling plan should expect to be able to sell their home in 2012, even as the rest of Tallahassee struggles with the falling demand from homebuyers.