http://ascensionparishfhaappraisers.com/ – Market Direction For Seven Oaks At Oak Lane Farm S/D: Up or Down?
Solds In Seven Oaks from 9/25/06 to 9/25/07 reveal:
Average Sales Price: $330,900
Average Sold Price Per Sq. Ft.: $123.45/sf
Median Sold Price: $327,450
Low Sales Price: $266,500
High Sales Price: $455,000
# of Sales: 12
Average # of Days On Market: 41 Days On Market
Solds In Seven Oaks from 9/25/07 to 9/25/08 reveal:
Average Sales Price: $312,000
Average Sold Price Per Sq. Ft.: $115.85/sf
Median Sold Price: $299,000
Low Sales Price: $252,000
High Sales Price: $398,000
Average # of Days On Market: 149 Days On Market
# of Sales: 7
Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Seven Oak, the market direction appears to be decreasing. The median sales price decreased by -$28,450. And, the average sales price has decreased by -$18,900 and average sold price per sq. ft. -$7.60/sf. It was also noted that in the first period, there were 2 sales at $429,900 and $455,000 and in the second period no sales over $398,000. The 2 higher sales in the first period may have skewed the median/average somewhat in this analysis. Yes, this market has slowed with 7 sales in the previous 12 months versus 12 sales between 9/06 to 9/07. However, the
9/06 to 9/07 market time period was still in a “Post Hurricane Katrina High” where the market was paying a premium for local housing. When one views a historical chart of solds by year, 2008 is declining to 2006 support level within Seven Oaks. Current values appear to be remaining steady or stable.
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: