If you saw our recent report on the top-selling neighborhoods in Tallahassee than you know that Killearn Estates has sold more houses than any other subdivision in our area.
People are drawn to Killearn Estates for many reasons, but its school zoning and proximity to town are likely to be among most of its houseowners favorite features.
House building for Killearn Estates began in the 1960s and continues sporadically through today, though most of the building was completed more than 10 years ago. Today's buyers can find recently renovated houses and houses that still have green shag carpet, so there is something for everybody.
In this report, we will look at house prices, house values, and house sizes in Killearn Estates, as well as show current listings in the Tallahassee MLS and all closed house sales going back to 1991.
For each of the three real estate graphs found in this report, you will find the number of closed house sales for each year (red columns, measured on the left vertical axis), and an important real estate statistic shown in blue (measured on the right vertical axis).
It is important to note that the narrative contained below is for sales through December for all previous years, but through the second week of September in 2015. The graphs and the closed sales table will be continuously updated into the future (meaning bookmark this page if you always want to know the current status of houses in Killearn Estates).
House Price Trends
Killearn Estates house prices are 3.5% higher on average thus far in 2015 versus last year, moving from $211,700 to $219,000. Prices have recovered nearly 10% since the bottom of the market was reached in 2012, but still remain 22% lower than the market peak of $280,500 that was recorded for the 2006 calendar year.
House sales activity has been brisk this year and appears to be on a 10 year "best" run, but the number of closed house sales at year's end will be far lower than what houseowners enjoyed in Killearn Estates from the years 1992 through 2005. There have been 141 closed house sales in Killearn Estates through mid-September of 2015, representing a pace that remains far lower than the standard established in the 1990s.
House Value Trends
Average house values in Killearn Estates have not changed much in the past two years. They have gone from an average of $105 per square foot in 2013, down to $103 per square foot in 2014, and they remain at $103 per square foot thus far in 2015.
House values today are 24% below the house values recorded in the best year on record (2006) but up 8% over the worst year (2012).
These values suggest that many houseowners who have purchased or refinanced in the past 10 years are still going to be dealing with the problem of owing more money on their houses than they can net from a sale, and thus they will need creative solutions for selling their houses today.
House Size Trends
The average house size sold in Killearn Estates typically falls in a range of 1,900 to 2,200 square feet, and this year appears to be the same for buyers.
The 141 houses sold in 2015 have averaged 2,113 square feet, which explains how prices are rising while values remain the same, meaning that buyers are getting larger houses for the money in 2015 than they did in 2014.
Current Listing Inventory
The following is a map of houses for sale in Killearn Estates. Simply click on the red house image and click "view details" to see all of the images and detailed information about the property listing.
Past House Sales
The following list shows more than 5,000 house sales going back to 1991 in Killearn Estates.