http://www.batonrougehomeappraisal.com/ - Baton Rouge Real Estate Buzz: Woodlawn Estates Median Sales Price Declines Into 2010

In MLS Area 43, near Shenandoah Area, the Woodlawn Estates Subdivision was developed in late 1970′s. Based on the chart below, the average sales price, median sales price and average sold price per sq. ft. has been declining since the post Hurricane Katrina highs. From 2009 to 2010, the average sales price has declined -8.4%, median sales price has declined -5.3% and average sold price per sq. ft. has declined by -$2.6%.

This is the contradictory charting based on all Woodlawn Estates sales in GBRAR MLS since 1/1/2007. According to this charting, the median sales price has increased since June 2009. I do believe the chart above is more accurate.

This is chart below is from a recent appraisal in Woodlawn Estates of an 1840sf 4 bedroom home. The chart is based on MLS Area 43 sales comparable to the home appraised from 6/1/2008 to 6/26/2010, 1700sf to 2050sf. According to this charting, the median sales price has increased since June 2009 by approximately 3%. So, it appears that two motivated sales may have taken place in Woodlawn Estates in 2010, which lowered the overall indicators.

Possibly Oversupply of Potential Competing Listings? I do know that the marketing time period appears to be increasing after the tax credit expiration. Also, for the appraisal completed in Woodlawn Estates, there were 25 competing listings with only 51 competing solds in the past 12 months. So, there’s at least 50% of the number of homes sold since 6/2009 on the market currently. And, this doesn’t include FSBO Listings. If competing FSBO listings were included, the number of competing listings could be closer to 30 to 35.

Information is used with permission of the GBRBR MLS. Period covered is 1/1/2007 to 6/26/2010. Date of data extraction was 6/26/2010!

Tags: Baton Rouge Real Estate, Baton Rouge Homes, Woodlawn Estates, Homes In Baton Rouge, 70817, Baton Rouge FSBO, FSBOBR.com