Existing home sales in Killearn Lakes (Unit 2) have dropped 72% from the peak of the market. With home prices historically running about 15% below the average home price in Tallahassee, Unit 2 of Killearn Lakes has been a very popular destination for Tallahassee homebuyers. So why have existing home sales declined in Unit 2 of Killearn Lakes faster than the rest of the market (existing single family detached home sales are down 62% from the peak of the market)? I suspect that the declining ma... Read Full Story

Something positive occurred in the Tallahassee real estate market during the month of October. It was long awaited, yet one month prior to my prediction made earlier this year, so I am very excited to report REAL PROOF of a housing market improvement in Tallahassee. We finally put a halt to a run of year over year declines in home sales! Previously, the Tallahassee housing market experienced a 39 month run, from July 2006 through September 2009, of year over year home sales declines! October ... Read Full Story

You always hear the expression that real estate is local, and there certainly is a whole lot of truth to that. Certainly, national interest rates and Obama stimulus money have an affect on a local market, but the reality is that local job growth and local population growth have a whole lot more to do with the housing market than outside influencers. Today, I want to mention two people who are very local to Tallahassee  and are starting to make an impact, both in our local market, as well as u... Read Full Story

Congress has extended and expanded the homebuyer tax credit. The modifications will become effective when President Obama signs the bill, which could occur as early as November 6, 2009. I have received numerous emails and comments from readers who asked for me to report the changes to the First Time Homebuyers Tax Credit when they occurred, and the changes most likely will occur immediately. This post will review the changes and enhancements so you should be able to understand the new housing... Read Full Story

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... Read Full Story

For those of you who like to carry a one-page summary of the current supply and demand report for Tallahassee housing, you can download this report from the right sidebar of the Tallahassee Real Estate Blog. It looks like the picture on the right and you only need to click the top link. Every month I post the updated report at this location. Relative Home Supply Dropping! As we have discussed often in the past, there exists a glut of homes for sale in Tallahassee. The Home Inventory Reports ... Read Full Story

Like many people who live in Killearn Lakes Plantation, I’ve discovered a great little neighborhood (56 homes) that joins Killearn Lakes to Bannerman Road. It’s called Sable Chase and it is relatively new, with new home sales that started just five years ago. Unlike some of the larger subdivisions in Tallahassee for which we report, Sable Chase has fewer than 1 home sold each month, so the trends are not as clear to see. The key to trend reporting is to have enough sales (liquidit... Read Full Story

Do you remember when you were growing up and falling down all the time, Mom would put a band aid on your fleshy scrape to keep it from getting infected. That band aid made you feel really good, but it came with a price. Removing a band aid from a messy wound is not a pleasant experience. There are two schools of thought on how to remove the band aid: Take your time – Be very slow, gently trying to “peel” it away from the would without damaging new skin or pulling hairs out.... Read Full Story

Tallahassee has quite a few golf courses and most of them have neighborhoods that are built around and through the golf courses. In the northeast quadrant of Tallahassee, you can find the Summerbrooke neighborhood which is also built around a locally developed golf course. The Tallahassee Real Estate Blog often visits Summerbrooke in order to keep our readers informed of the activity in the housing market. As we have seen (and reported) in the past, Summerbrooke home sales continue to be affe... Read Full Story

Every time I do a Tallahassee neighborhood report featuring Piney-Z, it seems like my comments and email go from positive to negative. I have even been accused of “bashing” the Piney Z Subdivision (as if I hold a grudge against a community???). Certainly, that is not the case. Piney Z is a very desirable neighborhood located in Northeast Tallahassee, with home prices about 20% above the median for our county.  I try to do regularly updates for many of the more active neighborhoods... Read Full Story