Baton Rouge Neighborhoods: Villa Del Rey Home Prices Correct -10.3% YTD in 2011
Correcting Average Sold Price Per Square Foot. An analysis of Villa Del Rey home sales prices from 2010 versus 2011 Year-To-Date shows a -10.2% decline or correction based on a lower than average seven (7) sales. There were 33 total sales in 2010. In 2010, there were 33 total sales with an average sales price of $66.28/sf. In 2011 YTD, there has been 7 total sales with an average sales price of $59.51/sf, which calculates to a -10.2% decline.
Villa Del Rey Average Sold Price Per Square Foot Is Below 2005 Pre-Katrina Support! NOTE: In 2005, the average was $62/sf. The current 2011 figure of $59.51 is now below 2005 support.
Correcting Average Sold Price and Median Sold Prices. Per GBRMLS, the Average Sold Price and Median Sold Prices in 2010 were $138,488 and $139,900 versus 2011 numbers of $117,442 and $120,500. The Average Sales Price has declined by -$21,045 or -15.2%. The Median Sales Price has declined by -$19,400 or -13.9%. This decline is due to significant REO or foreclosure activity and is only based on 7 total sales. This data doesn’t mean that every home in Villa Del Rey is all of sudden worth 10% to 15% less than in 2010. However, the “trend” is showing continued correction from the very high average sales price of $160,000 in 2007.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to September 19, 2011. This information was extracted on 09/19/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!