Baton Rouge Housing Correction: In 2011 Shenandoah Estates Home Prices Correct At Least -4.4% YTD
Correcting Average Sold Price Per Square Foot. An analysis of Shenandoah home sales prices from 2010 versus 2011 Year-To-Date shows a -4.4% decline or correction. In 2010, there were 46 total sales with an average sales price of $92.61/sf. In 2011 YTD, there has been 41 total sales with an average sales price of $88.55/sf, which calculates to a -4.4% loss. However, at $88.55/sf, this is only close to $1.00 off the 2006, 2008 and 2009 support levels. AND, with those homes set to close from summer buying season, the 2011 numbers could improve.
Correcting Average Sold Price and Median Sold Prices. These two (2) charts below show a fairly strong correction in sold prices since 2009 and September 2010. However, Shenandoah Estates is one of the largest subdivisions in Baton Rouge with varying sizes of homes. It did appear from analysis that more of the smaller homes sold in 2011 than in 2010 contributing to the visual declines below. No, I don’t believe it’s at all possible for declines of -19% since September 2010 as the median sold price chart shows. This is why I placed the Average Sold Price Per Sq. Ft. chart above first in the series since it’s more realistic.
HOWEVER, per GBRMLS, the Average Sold Price and Median Sold Prices in 2010 were $200,593 and $199,000 versus 2011 numbers of $187,382 and $185,000. The Average Sales Price has declined by -$13,211 or -6.6%. The Median Sales Price has declined by -$14,000 or -7%.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to September 13, 2011. This information was extracted on 09/13/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!
Produced For Baton Rouge Housing Reports Dot Com by Bill Cobb, Appraiser with Greater Baton Rouge’s Accurate Valuation Home Appraisal Group!