If you read yesterday’s article about the 7 Hottest Neighborhoods In Tallahassee, then you know that Bull Run Home Buyers are very active right now.
In fact, they are buying homes fast enough to propel Bull Run into the most active position among all Tallahassee neighborhoods.
I identified an important trend among Bull Run home buyers last November, and we find that trend has strengthened in the first quarter of 2012. And what trend might that be (for those of you who missed the previous article)?
Bull Run Home Buyers Choosing New And Smaller
Our first real estate graph shows that Bull Run home buyers are buying smaller and smaller homes every year. As Bull Run is a younger neighborhood, most of the sales thus far have been new construction.
I believe this is a sign of builders have to go “smaller” to compete with falling home prices across Tallahassee. Of course, this begs the question, what’s going to happen when the normal cycle (5 to 7 years) of re-sales really starts to hit the market in Bull Run?
Bull Run Home Buyers Enjoy Lower Prices
If you are thinking about buying a home in Bull Run, you will be treated with the lowest prices ever seen there. Currently, the average price of a closed home sold in Bull Run is under $284,000.
Bull Run Home Buyers Flocking To Fallen Values
Home values have followed home prices, and Bull Run home buyers are liking what they are seeing.
This chart shows that values are falling, but values appear (at first glance) to be done just 20% since the peak of the market… how could this be true when the rest of Tallahassee is down over 30%?
Bull Run Home Buyers
Our final real estate graph shows what’s really happening in Bull Run.
Understanding Bull Run Home Buyers
It seems Bull Run home buyers are choosing so much new construction that it is hiding the fact that existing home values have declined significantly. Fortunately for Bull Run homeowners, the decline is better than the market (down 27%).
My concern for people who want to sell a home in Bull Run over the next few years is that the supply is going to exceed the norm for Tallahassee. I believe demand for this great Northeast Tallahassee neighborhood will be solid, but the supply side might get glutted when the 7 year itch kicks in.
If you are interested in finding out how your home stacks up and whether or not you should sell it this year, just drop me a note and we can schedule an informative meeting that will help you prepare your best housing plan.
Remember, Bull Run home buyers are choosing new right now, so the resale market will either have to wait until this cycle is over, or will have to offer significant value over what is being built.
Recent Bull Run Home Sales
| Address | Sales Price | Price/SQF | Closing Date | Year Built | SQF | Type |
| 2629 Opequon Bend | $275,950 | $138 | 3/2/2012 | 2011 | 2,000 | New |
| 2607 Ulysses Rd | $284,900 | $142 | 2/24/2012 | 2011 | 2,005 | New |
| 2565 Halleck Lane | $290,000 | $145 | 2/21/2012 | 2011 | 2,000 | New |
| 2623 Manassas Way | $244,900 | $147 | 2/8/2012 | 2011 | 1,670 | New |
| 2570 Carthage Lane | $290,000 | $147 | 2/3/2012 | 2012 | 1,972 | New |
| 2518 Lagrange Trail | $271,400 | $150 | 1/31/2012 | 2011 | 1,809 | New |
| 2566 Carthage Lane | $319,900 | $144 | 1/29/2012 | 2011 | 2,224 | New |
| 2542 Manassas | $260,000 | $137 | 1/27/2012 | 2009 | 1,891 | Existing |
| 2569 Ulysses Rd | $299,900 | $143 | 1/27/2012 | 2011 | 2,100 | New |
| 2656 Breton Ridge Drive | $279,000 | $113 | 1/26/2012 | 2005 | 2,475 | Existing |
| 2641 Opequon | $249,900 | $150 | 1/20/2012 | 2011 | 1,670 | New |
| 2664 Breton Ridge Drive | $281,000 | $125 | 1/20/2012 | 2012 | 2,250 | New |
| 2609 Farragut Way | $272,900 | $136 | 1/6/2012 | 2011 | 2,000 | New |
| 5604 Burnside Circle | $350,000 | $134 | 1/5/2012 | 2007 | 2,611 | Existing |
| 2629 Manassas Way | $256,300 | $150 | 12/21/2011 | 2011 | 1,712 | New |
| 5621 Ringold Lane | $284,900 | $142 | 11/10/2011 | 2011 | 2,005 | New |
| 2542 Bennitts Mill Way | $313,700 | $148 | 10/28/2011 | 2011 | 2,124 | New |
| 2580 Ulysses Rd | $309,900 | $146 | 10/21/2011 | 2011 | 2,124 | New |
| 5625 Ringold Lane | $289,320 | $144 | 9/30/2011 | 2011 | 2,005 | New |
| 2617 Manassas Way | $269,900 | $130 | 9/28/2011 | 2011 | 2,070 | New |
| 2541 Lagrange Trail | $296,000 | $128 | 9/9/2011 | 2008 | 2,318 | Existing |
| 2590 Halleck Lane | $252,900 | $140 | 9/1/2011 | 2010 | 1,811 | Existing |
| 2586 Ulysses Rd | $274,297 | $152 | 8/26/2011 | 2011 | 1,809 | New |
| 2539 Bennits Mill Way | $299,900 | $145 | 8/15/2011 | 2011 | 2,074 | New |
| 2558 Manassas Way | $249,900 | $141 | 8/15/2011 | 2011 | 1,775 | New |
| 5647 Burnside Cir | $239,500 | $126 | 8/11/2011 | 2007 | 1,899 | Existing |
| 2560 Carthage Lane | $305,000 | $140 | 7/29/2011 | 2011 | 2,184 | New |
| 2605 Farragut Way | $242,900 | $145 | 7/27/2011 | 2011 | 1,670 | New |
| 5641 Ringold Lane | $304,900 | $147 | 7/22/2011 | 2011 | 2,074 | New |
| 2595 Farragut Way | $269,900 | $130 | 7/15/2011 | 2011 | 2,070 | New |
| 5853 Appomattox Way | $266,000 | $129 | 7/15/2011 | 2008 | 2,070 | New |
| 2544 Carthage Lane | $305,826 | $147 | 6/29/2011 | 2011 | 2,081 | New |
| 2554 Manassas Way | $239,900 | $144 | 6/1/2011 | 2011 | 1,670 | New |
| 2587 Ulysses Rd | $309,900 | $146 | 5/27/2011 | 2011 | 2,124 | New |
| 2595 Halleck Lane | $276,040 | $137 | 5/27/2011 | 2011 | 2,008 | New |
| 2556 Carthage Lane | $288,000 | $146 | 5/27/2011 | 2011 | 1,972 | New |
| 2587 Farragut Way | $252,900 | $139 | 5/25/2011 | 2011 | 1,825 | New |
| 2537 Ulysses Rd | $263,000 | $155 | 4/29/2011 | 2011 | 1,700 | New |
| 2509 Ulysses Rd | $269,900 | $154 | 4/25/2011 | 2010 | 1,748 | New |
| 2704 Breton Ridge Dr | $400,000 | $121 | 4/22/2011 | 2006 | 3,305 | Existing |
| 2538 Lagrange Trail | $279,900 | $141 | 4/15/2011 | 2011 | 1,990 | New |
| 2639 Ulysses Rd | $260,000 | $114 | 4/1/2011 | 2006 | 2,272 | Existing |
| 2533 Carthage Lane | $285,000 | $138 | 3/28/2011 | 2008 | 2,072 | Existing |
| 5636 Burnside Circle | $275,000 | $122 | 3/25/2011 | 2006 | 2,257 | Existing |
| 2549 Lagrange Trail | $370,000 | $161 | 2/28/2011 | 2011 | 2,297 | New |
| 5755 Farnsworth Drive | $405,690 | $150 | 2/24/2011 | 2011 | 2,700 | New |
| 2591 Ulysses Road | $299,900 | $145 | 2/3/2011 | 2010 | 2,074 | New |
| 5632 Burnside Circle | $242,000 | $125 | 1/21/2011 | 2006 | 1,941 | Existing |
| 2540 Ulysses Rd | $361,000 | $136 | 1/14/2011 | 2008 | 2,650 | Existing |
| 5682 Burnside Circle | $244,900 | $121 | 1/7/2011 | 2006 | 2,022 | Existing |
| 2615 Ulysses Road | $279,900 | $141 | 12/29/2010 | 2010 | 1,990 | New |
| 2504 Ulysses Road | $319,900 | $158 | 12/17/2010 | 2010 | 2,020 | New |
| 2534 Bennits Mill Way | $303,200 | $135 | 12/17/2010 | 2010 | 2,244 | New |
| 2594 Halleck Lane | $274,400 | $157 | 12/1/2010 | 2010 | 1,748 | New |
| 2649 Antietam Trail | $324,000 | $127 | 11/29/2010 | 2005 | 2,545 | Existing |
| 2530 Manassas Way | $246,850 | $148 | 11/5/2010 | 2010 | 1,670 | Existing |
| 5698 Burnside Circle | $253,000 | $123 | 10/22/2010 | 2007 | 2,058 | Existing |
| 2570 Halleck Lane | $269,900 | $130 | 9/30/2010 | 2010 | 2,070 | Existing |
| 2526 Manassas Way | $254,900 | $145 | 9/28/2010 | 2010 | 1,755 | New |
| 2547 Bennitts Mill Way | $367,000 | $156 | 9/27/2010 | 2008 | 2,356 | New |
| 2533 Ulysses Rd | $272,400 | $156 | 9/17/2010 | 2010 | 1,748 | New |
| 2522 Manassas Way | $249,900 | $137 | 9/16/2010 | 2010 | 1,825 | New |
| 2533 Lagrange Trail | $299,900 | $145 | 8/30/2010 | 2010 | 2,074 | New |
| Xxx Carthage | $317,000 | $149 | 8/30/2010 | 2010 | 2,134 | New |
| 2571 Manassas Way | $264,900 | $128 | 8/6/2010 | 2008 | 2,070 | New |
| 2513 Ulysses Road | $282,000 | $120 | 7/26/2010 | 2008 | 2,345 | Existing |
| 2530 Carthage Ln | $340,000 | $140 | 7/22/2010 | 2010 | 2,432 | New |
| 2554 Lagrange Trail | $266,900 | $153 | 7/15/2010 | 2010 | 1,748 | New |
| 2517 Ulysses Rd | $273,600 | $157 | 6/28/2010 | 2010 | 1,748 | New |
| 2534 Lagrange Trail | $292,400 | $141 | 6/28/2010 | 2010 | 2,074 | New |
| 2548 Halleck Lane | $249,500 | $138 | 6/15/2010 | 2008 | 1,805 | Existing |
| 2692 Breton Ridge Drive | $550,000 | $161 | 6/1/2010 | 2006 | 3,410 | Existing |
| 2611 Ulysses Rd | $269,900 | $154 | 5/28/2010 | 2010 | 1,748 | New |
| 2583 Ulysses Road | $294,900 | $147 | 5/21/2010 | 2010 | 2,004 | New |
| 5628 Tecumseh | $260,000 | $132 | 5/10/2010 | 2006 | 1,963 | Existing |
| 2571 Halleck Lane | $264,500 | $151 | 5/10/2010 | 2010 | 1,748 | New |
| 2526 Lagrange Trail | $280,000 | $134 | 5/1/2010 | 2009 | 2,097 | Existing |
| 2652 Antietam Trail | $360,000 | $112 | 4/23/2010 | 2006 | 3,209 | Existing |
| 5790 Farnsworth Drive | $465,000 | $156 | 4/14/2010 | 2007 | 2,987 | Existing |
| 5849 Appomattox Court | $257,900 | $143 | 3/31/2010 | 2008 | 1,805 | Existing |
| 5613 Ringold Lane | $370,000 | $157 | 3/19/2010 | 2010 | 2,356 | New |
| 5646 Burnside Circle | $320,000 | $133 | 3/9/2010 | 2006 | 2,411 | Existing |
| 2586 Farragut Way | $242,000 | $142 | 3/5/2010 | 2009 | 1,707 | New |
| 2578 Halleck Lane | $264,415 | $145 | 3/5/2010 | 2009 | 1,820 | Existing |
| 2604 Antietam Trail | $369,900 | $159 | 2/26/2010 | 2005 | 2,325 | Existing |
| 2520 Carthage Lane | $295,000 | $146 | 2/17/2010 | 2009 | 2,020 | Existing |
| 5666 Burnside Circle | $280,000 | $122 | 2/4/2010 | 2006 | 2,292 | Existing |
| 2607 Manassas Way | $264,500 | $140 | 1/31/2010 | 2008 | 1,885 | New |
| 2546 Lagrange Trail | $305,000 | $157 | 1/28/2010 | 2009 | 1,939 | New |
| 2582 Halleck Lane | $276,028 | $153 | 1/28/2010 | 2009 | 1,805 | Existing |
| 2565 Ulysses Road | $254,000 | $134 | 1/15/2010 | 2008 | 1,898 | Existing |
I hope this report on Bull Run home sales has provided what you were looking for, if not, leave a comment below and we will endeavor to help you out.
About Joe Manausa, MBA
