Baton Rouge Real Estate: Hermitage Subd Gardere Lane Market Update
Buyers seeking to buy Real Estate Investor flipped properties in Hermitage Subdivision should only proceed with extreme caution! I highly recommend potential buyers obtain a Baton Rouge Pre-Purchase Home Appraisal to ensure they don’t pay too much for a home.
Hermitage is reeling from distressed activity and dealing with a 51% correction in median sales prices since the Post Hurricane Katrina 2007 high pricing.
Hermitage Subdivision has experienced a Steep Correction since 2007 highs. In 2007, the Hermitage median sales price was $117,500 and in 2013, it’s $58,000, a 51% correction.
Hermitage Subdivision Market Conditions
From 01/2012 to 2013 Year To Date Hermitage Subdivision, there have been 14 total sales from $33,500 to $121,900: Median Sales Price was $58,000, Avg Sold Price Per Square Foot was a WEAK $50/sf, Average Listing Price to Sales Price Ratio was 98%, 112 Average Days On Market.
What’s The Hermitage Subdivision Distressed Sales Percentage?
Nine (9) of fourteen (14) sales or 64% of total sales were Distressed Sales in some form or another.
How Many Of The Current GBRMLS Listings In Hermitage Are Distressed?
Of seven (7) total GBRMLS Listings in Hermitage Subdivision, six (6) or 86% are distressed listings (reo, short sale or 3rd party).
GBRAR MLS NOTE: Based on info from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2007 to 06/05/2013. This information was extracted on 06/05/2013.