Email Answer To Baton Rouge Home Buyer Desiring To Buy In Woodridge Subdivision

http://www.batonrougemarketmetrics.com/ – Woodridge Subdivision:
Email Answer To Baton Rouge Home Buyer Desiring To Buy In There

I received an email from an out-of-town home renter (they’re from out-of-town but renting locally) seeking to purchase an existing home in Woodridge. I said existing home because approximately 90% of recent home sales in Woodridge recently have been taking place in the new rear filing of new homes. The question was asking what’s a reasonable asking price and/or support for the 2,300sf to 2,400sf existing homes as opposed to the newer homes?

Below I have posted the general home price trends within Woodridge since 2007 with 2011 vs 2012 support increasing from $138.13/sf up to a new historic high of $142.64/sf. And, median sales price increase in 2011 vs 2012 from $329,200 up to $348,000. Marketing time in same period declined from 125 days to 109 days. Home sales do appear to have slowed with only 7 year-to-date as opposed to the 41 that sold in 2012. This could also be bacause of the incredibly high prices being asked for new homes in new rear filing.

Woodridge Existing Home Sales.

Since 07/18/2011, there have been 11 sales between $295,500 to $352,500, between $127/sf up to $146/sf, between 2,262sf to 2,484sf most in the 6-10 year old range. This is a $19/sf variance. These 11 homes sold on average for 97.3% of most revised listing price. See chart below, addresses of homes sold were omitted.

Total # of Listings 11
Lowest Price Listing $295,500
Highest Price Listing $352,500
Average Listing Price $334,991
Average Sold Price $326,045
Avg. Sold Price/SqFt $136.22
Avg. Days on Market 45

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to April 6, 2012. This information was extracted on 04/06/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!