Baton Rouge Real Estate: What’s The Housing Market Direction For High End Homes In MLS Areas 52, 53 & 62 (LSU, Highland Rd Areas, Out To Santa Maria)?

http://batonrougehomesrealtor.com/Baton Rouge Real Estate: What’s The Housing Market Direction For High End Homes In MLS Areas 52, 53 & 62 (LSU, Highland Rd Areas, Out To Santa Maria)?

I recently completed a home appraisal in the high-end Myrtle Hill / Myrtle Ridge Subdivision and made this discovery below. 

Solds In MLS Areas 52, 53, & 62 from 9/13/06 to 9/13/07 reveal: 
Average Sales Price: $759,642
Average Sold Price Per Sq. Ft.: $186.44/sf
Median Sold Price: $645,000
Low Sales Price: $500,000
High Sales Price: $3,000,000
# of Sales: 165
Average # of Days On Market: 96 Days On Market

Solds In MLS Areas 52, 53 & 62 from 9/13/07 to 9/13/08 reveal:  
Average Sales Price: $795,596
Average Sold Price Per Sq. Ft.: $191.16/sf
Median Sold Price: $696,450
Low Sales Price: $500,000
High Sales Price: $2,500,000
Average # of Days On Market: 119 Days On Market
# of Sales: 114  

Search Parameters were from $500,000 up to $3,000,000, Excluded Any REO Sales.  Note that the period from 2006 to 2007 was still a more brisk “Post Katrina” market.   Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors), the market direction appears to be increasing.   The average sales price has increased +$35,954, average sold price per sq. ft. +$4.72/sf and median sales price increased +$51,450.  

NOTE: There was 1 $4,300,000 sale recorded in MLS for 6326 Highland Rd, which appeared to be a very complicated 1031 Exchange for subject at 6326 Highland Rd plus a 14.43 acre commercial tract.   This is why the $4,300,000 sale wasn’t used within this comparison.

 

Author’s Bio:

Bill Cobb, CREA, is Greater Baton Rouge’s favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values.  A home appraiser with 16 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:

Office: 225-293-1500

Fax: 1-866-663-6065

fastvalue2@cox.net

http://www.getfastvalue.com 

Baton Rouge Real Estate: What's The Housing Market Direction For High End Homes In MLS Areas 52, 53 & 62 (LSU, Highland Rd Areas, Out To Santa Maria)?

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