While the number of Greater Baton Rouge Home Sales Are Stronger in 2013, Bellwether Shenandoah Estates Is Correcting Big Time into 2013.
Fantastic report on increasing number of GBR Home Sales yesterday, Capital Region home sales rise 11.4% in July 2013 by Baton Rouge Business Report. I’m all for good news, however, it’s not all good news in Baton Rouge Real Estate in terms of home prices.
See Chart of Shenandoah with close to 3,000 Lots, which illustrate a different reality! While the thinking is that BR Real Estate is doing great in 2013, it’s not necessarily so in all markets. Shenandoah Estates has about 3,000 lots and is a MAJOR bellwether barometer of housing’s local pulse. July 2013, which should have been strong in our minds based on strong sales reported by GBRMLS, was very weak AND the Year To Date numbers speak volumes to me of correction.
Sure, closed sales are up 15.6% BUT Year To Date:
1.) Average sold price per sq. ft. is down 7.6%.
2.) Median sold price is down 3.4%
3.) Days on market is up 27.5%
4.) Average Sold Price is down almost 5%
5.) Average Listing Price of Pending Listings is down 8.1%
Yes, I understand Shenandoah Estates is only 1 subdivision in Baton Rouge, but large enough that Google classifies it a City on Google Maps. These trends shouldn’t be ignored.
No, not all markets locally are a “seller’s market”.
This study compares July 2012 versus July 2013 sales and 01/01/2012 to 07/31/2012 versus 01/01/2013 to 07/31/2013.
FYI! Bill Cobb, Appraiser