The Tallahassee neighborhoods that were created during the housing boom are faring the worst during the correction of the housing market, and Woodbriar provides a vivid example of what can happen when everybody buys at the same time in a community.
The demographic group that comprises the Woodbriar neighborhood in Tallahassee historically owns their home for 5 to 7 years, and that means this 2005 neighborhood is loaded with people who have already sold or are needing to sell a home.
Unlike established neighborhoods (for example, we reviewed Killearn Estates yesterday), new neighborhoods have patterned behavior that can be very costly during a housing market correction. With many of the homeowners needing to sell, we have seen Woodbriar home values decline by an average of 55% since the peak of the market.
Woodbriar Home Sales
When we look at the overall housing market in Woodbriar, we see that home prices have dropped from a peak of $167K in 2006, down to $77K thus far in 2011. This represents a drop of 54% and the trend is still heading downward.
Average Home Values In Woodbriar
Home values in Woodbriar have dropped one percent more than home prices at 55%, with values in 2006 at $126 per square foot recently selling at $57 per square foot. With the current state of the market as it is, this kind of pricing pressure will not let-up any time soon. If you notice the red bars in the graph above (representing distressed property sales in Woodbriar), then you will understand the significant value decline that we see in the real estate graph below.
Single Family Home Sales In Woodbriar
There are two different property types in Woodbriar, single family detached homes and town homes, so it makes sense to evaluate them separately to discover how each are performing. The real estate graph below shows that single family detached home sales have fallen 37% in value and thus far in 2011 we have only seen short sales and foreclosures selling in Woodbriar.
Townhouse Sales In Woodbriar
As with the rest of the Tallahassee real estate market, town house sales in Woodbriar are doing far worse than single family detached home sales. Woodbriar town home sales are down 59% in value, and like their single family detached home counterparts, only the distressed properties have sold in 2011.
Woodbriar Report Has Hidden Lessons
As I was preparing the list of recent home sales in Woodbriar (see below), it reminded me how important a great buyer’s agent is during the purchase of a home. Scroll down the list of sales and see if a few “jump out at you” in terms of what the buyer paid, despite the clear evidence of lower values in the market. Having somebody with a lot of experience and great analytical skills will prevent you from over-paying in a market that is loaded with great buying opportunities.
Joe Manausa, MBA
Joe Manausa Real Estate