Baton Rouge Real Estate: Sherwood Forest Home Prices Increase In Previous 12 Months

http://fhaappraiserbatonrouge.info/ – Baton Rouge Real Estate: Sherwood Forest Home Prices Increase In Previous 12 Month Period.

This is commentary on Sherwood Forest Terrace S/D.   Sherwood Forest Terrace is located just west of Sharp Road and is close to Broadmoor Area.   So, commentary is included for Sherwood Forest and Broadmoor. 

An MLS CMA of Sherwood Forest from 8/13/07 to 8/14/08 reveals: 
The Average Sales Price: $174,335
The Average Sold Price Per Sq. Ft.: $79.98/sf
The Median Sold Price: $169,500
Low Sales Price: $101,850
High Sales Price: $355,000
Average # of Days On Market: 68 Days On Market
# of Sales: 98
 
An MLS CMA of Sherwood Forest from 8/13/06 to 8/13/07 reveals: 
The Average Sales Price: $171,568
The Average Sold Price Per Sq. Ft.: $79.97/sf
The Median Sold Price: $165,000
Low Sales Price: $107,875
High Sales Price: $318,900
Average # of Days On Market: 51 Days On Market
# of Sales: 129

Excludes Any REO Sales NOTE: The increase was both in average sales price and median sales price and Median Sales Price is the ‘barometer” used by the National Association of Realtors.    So, the comparison of the 2 periods of time shows that there has been an INCREASE in the average sales price of $2,767 in the past 12 months.   The average sold sales price per sq. ft. has remained the same.   And, the median sales price has INCREASED +$4,500 over this period.   So, the direction of the Sherwood Forest market has remained stable to slightly increasing.   

THIS IS VERY IMPORTANT:
Now, let’s take a look at the Number of Current Listings on the market.   There are currently 70 listings in
Sherwood Forest S/D.   And, there are 45 listings available in the adjacent Broadmoor Area.   So, there are 115 total available homes for sale in the subject’s marketing area.   However, since 1/1/2008, MLS states that there have been 68 sales in Sherwood Forest with an average of 72 days on the market, which is almost the same number of listings in Sherwood Forest.   Also, in 2008, there have been 46 sales in Broadmoor with an average of 56 days on the market, which is about the same number of listings.  So, in both Sherwood Forest and Broadmoor, these homes are selling fairly regularly and in 56 to 72 average days on the market.   So, this appraiser doesn’t see a reason to discount a home with the market moving this steady. 

Sherwood Forest Data Used With Permission Of The Greater Baton Rouge Board Of Realtors

Baton Rouge Real Estate: Sherwood Forest Home Prices Increase In Previous 12 Months

Baton Rouge Real Estate: Sherwood Forest Home Prices Increase In Previous 12 Months

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