http://fhaappraisersbatonrouge.com/ – Baton Rouge Real Estate: Did Woodland Ridge Property Values Increase Or Decline In Most Recent 12 Month Period?
To discover the answer, let’s look at two different periods of time – 8/07 to 8/08 (Post National Mortgage Meltdown) and 8/06 to 8/07 (Pre National Mortgage Meltdown)
Solds from 8/9/07 to 8/13/08 reveals:
Average Sales Price: $240,254
Average Sold Price Per Sq. Ft.: $93.38/sf
Median Sold Price: $243,500
Low Sales Price: $183,500
High Sales Price: $295,000
Average # of Days On Market: 99
# of Sales: 13
Excludes 2 REO Sales
Solds from 8/9/06 to 8/13/07 reveals:
Average Sales Price: $245,100
Average Sold Price Per Sq. Ft.: $86.02/sf
Median Sold Price: $239,500
Low Sales Price: $180,000
High Sales Price: $400,000
Average # of Days On Market: 97 Days
# of Sales: 14
In the 2 Comparison Periods, the average sold price declined by $4,846. However, the 8/06 to 8/07 period statistics may have been skewed due to the higher than average $400,000 sales price in that period. In the most recent period of time, the highest sales price was $295,000. And, the average sold price per sq. ft. increased by +$7.36/sf or 8.56% and the median price increased by +$4,000 or 2.67%. So, based on the total picture of all 3 indicators, the Woodland Ridge market still gained in home prices.
A comparison of the two different time periods, despite the troubles in the national housing market, shows a modest increase in median Woodland Ridge home sales prices of +$4,000 and +$7.36/sf or +8.56% increase over a 1 year period. The Point here is that when one reads the constant negative national real estate headlines, the fact that Woodland Ridge had this many closed sales and values are still increasing in a “Post Mortgage Meltdown” and a “Tight Credit Crisis” market, that’s good news for the Baton Rouge Housing Market!
Woodland Ridge information is provided with the permission of the Greater Baton Rouge Board of Realtors.