The Reserve At Cedar Lodge Condos Baton Rouge Sales Update 2015-2016
Baton Rouge Appraisers Advice: BEWARE of over pricing on these condos!
DON’T OVER PAY! WHY? Read below…
2015-2016 Reserve At Cedar Lodge Condos Sales Trends
Twenty Six Sales from $114,000 to $250,000
Median Sales Price $122,500
Average Sold Price: $137,996
Average Sold Price Per Sq. Ft.:$163/sf
Condos Sold From $134/sf to $186/sf
Average SP/LP% 97%
Average Days On Market: 83 Days
Average Home Condominium: 859sf
The “Average SP/LP% 97%” or Listing To Sales Price Ratio means the average home sale sold for 3% less than listing price.
BEWARE of over pricing on these condos! DON’T OVER PAY! WHY?
See Average Sold Price By Year chart and note how much original buyers lost in value. In the next market correction, these units “may” correct downward again. According to Gary Keller, CEO of Keller Williams Realty and largest real estate brokerage in America, housing markets run in 7 to 9 cycles of correcting, which means in 2017-2018, nationally we’ll be due for another housing market correction. Also, Moodys and Money magazine just reported on the potential of an upcoming national correction in the 2017-2018 timeframe.
by Bill Cobb Appraiser 225-293-1500
Based on information from Greater Baton Rouge Association of REALTORS®\MLS for period 1/1/2015 to 4/19/2016, extracted on 4/19/2016