Baton Rouge Housing Market: The Woodlands 2010 Home Price Correction Continues

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing Market Metrics: The Woodlands 70816 Home Price Correction Continues

Baton Rouge Housing Market: The Woodlands 2010 Home Price Correction Continues

 

“The Woodlands” was built in approximately 1978 through the early 1990s with two (2) different age ranges of homes in GBRMLS.   There’s the original older and larger homes in the 21-32 year age range and then the new and smaller homes in the 6-10, 11-15 and 16-20 year old range.   Naturally, the smaller newer homes (approx. 1300sf to 1700sf) to sell for more per sq. ft. than the older larger homes (1800sf to say 2300sf).  BASED ON THE ANALYSIS WITHIN THIS STUDY, POTENTIAL HOME BUYERS OF THE OLDER LARGER HOMES IN THE WOODLANDS SHOULD USE CAUTION AND NOT OVERPAY (there are 12 current MLS listings and 4 FSBOBR.COM Listings).  16 Total Listings Is An Oversupply.   And, there are at least 2 more foreclosures that will be on the market at some point in the future within The Woodlands of the larger older homes.   NOTE: For any purchase of the older larger homes in The Woodlands, I would highly recommend a “Baton Rouge Pre-Purchase Home Appraisals” to avoid overpaying, click here for more details.  Some sellers in Greater Baton Rouge still believe we are living in the 2006 highs of the market and aren’t functioning in reality.

Baton Rouge Housing Market: The Woodlands 2010 Home Price Correction Continues

 

Appears To Be A Price Correction For Older Larger Homes.  In 2010, like some of the Greater Baton Rouge Housing Market correcting from post Hurricane Katrina highs and with the expiration of the Federal Tax Credit, sales have slowed in The Woodlands, from 15 in 2009 to 6 in 2010.  The GBRMLS chart below shows a continued decline in both the Average Sold Price and Median Sales Price, a correction from 2009 to 2010 of -1.8% and -2.8% respectively.  From 2008 to 2010, the correction is -5.6% and -7.3%. 

Newer Smaller vs. Older Larger.  It appears from closer examination that the younger aged homes are maintaining price stability while the older homes are not.  In 2010, there have been two older larger home sales for $155,000 or $80/sf for 2117sf (not a distressed sale) and for $169,900 or $91/sf for 1,875sf.  Also, there is a listing on Woodmoss Dr of 2,138sf built in 1981 with new roof and 3 car garage for $184,000 AND this home has been listed since February 11, 2009 or 631 days on the market (the average Woodlands home is on the market less than 100 days).  Data as of 11/04/2010.

 

Baton Rouge Housing Market: The Woodlands 2010 Home Price Correction Continues

 

Baton Rouge Housing Market: The Woodlands 2010 Home Price Correction Continues

 

 

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®MLS for the period of January 1, 2009 to November 4, 2010.  This information was extracted on 11/04/2010.   YES, this appraiser does have the permission of GBRMLS to use the MLS Charts Above.  

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Baton Rouge Housing Market: The Woodlands 2010 Home Price Correction Continues

About Bill Cobb, Appraiser

The Baton Rouge Residential Appraisal Blog is an information source provided by local Home Appraiser, Bill Cobb, and Accurate Valuations Group. Bill has 24 years experience as a Baton Rouge Residential Home Appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! 225-293-1500