Baton Rouge Housing Reports: Green Trails at Shenandoah Baton Rouge Housing Report May 2010 Versus May 2012. Green Trails at Shenandoah is referred to below as “GTAS”. There’s ample good news to report and the correction in home pricing has positioned GTAS for growth to finish filling in remaining vacant lots. This author and local Appraiser grew up in Shenandoah Estates from 1973 to 1980.
GOOD NEWS: Median Sold Price by Month
May-10 vs. May-12: The median sold price is down 40%
Why is this Good News? Because GTAS is located in GBRMLS Area 43 where predominant values of custom homes is lower than in Areas 52, 53 and 62. Pricing new homes in GTAS initially as if they were located in MLS Areas 52, 53 and 62 was a mistake. The chart above shows a home selling for $611,766 or $162/sf, which represents that spike on the chart below and which was totally unsustainable for GTAS or MLS Area 43. See GBRMLS chart below showing sold price per sq. ft. decline in 2010 from $140.48/sf down to $127.95/sf in 2012, which is much welcomed for GTAS. This is a very solid decline to $127.95/sf in 2012 based on 15 sales. To put this into perspective, there were only 15 total sales in GTAS in 2011 and 10 in 2010. This shows pent up demand. Point is that when the pricing finally fell to where it should have been, homes began selling again very well for GTAS. This correction has also placed GTAS into growth mode to fill in the remaining vacant lots. $127.95/sf is a price compatible with MLS Area 43, which has traditionally sold below MLS Areas 52, 53 & 62.
GOOD NEWS: Sold Properties by Month
May-10 vs. May-12: The number of sold properties is up 300%
GOOD NEWS: Under Contract Properties by Month
May-10 vs. May-12: The number of under contract properties is up 100%
NOT GOOD NEWS: The Average Days on Market by Month
May-10 vs. May-12: The average days on market is up 9,617%
Supply & Demand by Month
May-10 vs. May-12: The number of for sale properties is down 26% and the number of sold properties is up 300%
GOOD NEWS: Months Supply of Inventory
May-10 vs. May-12: The average months supply of inventory is down -66.7%
New Properties by Month
May-10 vs. May-12: The number of new properties is down 20%
Median For Sale vs. Median Sold
May-10 vs. May-12: The median price of for sale properties is up 0% and the median price of sold properties is down 40%
For Sale Properties by Month
May-10 vs. May-12: The number of for sale properties is down 26%
Expired Properties by Month
May-10 vs. May-12: The percent change calculation is N/A
Report created by Bill Cobb Appraiser with Greater Baton Rouge House Appraisals
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®MLS for the period of 05/01/2010 to 06/04/2012. This information was extracted on 06/05/2012.