Sherwood Forest Flood Repaired Sales Update
Initially, due to the perceived low inventory and desperation by flood victims within the Baton Rouge housing market, Sherwood Forest homes were selling briskly. In August 2017, Sherwood Forest sales, as well as Baton Rouge home sales in general, are slowing.
1.) Sales in this market do appear to be slowing
2.) Most recent 5-6 sold prices indicate lower sales prices
3.) Of the 51 sales since 1/1/2017, median sales price was $205,000 and $90/sf, low of $88/sf and a high of $103/sf.
4.) Of those listed above $90/sf, 20 are still ACTIVE and have been so for some time now, only 6 others are pending.
Example: E Millburn Ave 2580sf 8/4/2.1 for only $235,000 or $91/sf.
Stunning renovation including newer roof, new windows, slab granite in Kitchen and Bathrooms, new inside selling for only $235,000.
To present a word picture of differences in the Baton Rouge housing market is the sale of 1144 Rue Crozat with only 1747sf in zip code 70810 by Perkins Rowe for $220,000 or $126/sf. This home, of similar ago to E Millburn Ave sale in zip code 70815, was only in good condition with slab granite counters.
Why do I bring this up to potential Baton Rouge home buyers?
Because of the very high listing prices over $103/sf. There are 11 listings listed over $103/sf where only 3 are pending, the other 8 are still active and have been so for some time now.
Be careful of overpaying in Sherwood Forest
Be careful of paying TOO MUCH for a Sherwood Forest home as when there’s a downturn or major correction in the U.S. and/or Baton Rouge housing markets, Sherwood Forest is almost certainly to correct. This Appraiser performed quite a bit of foreclosure and pre-foreclosure appraisals in Sherwood Forest from 2008 to 2013. After the Hurricane Katrina sales spiked Sherwood Forest prices, up to a median sales price of $181,000, they came right back down to the $146’s during the meltdown in 2009-2012.
Now, I am watching the Sherwood Forest pendings or under contract listings for future direction of home sales prices and support. I will be updating locals on Sherwood Forest market conditions. Perhaps future sales will change this trend to an upward trendd. Bill Cobb Appraiser
Remember, my mission within Greater Baton Rouge Real Estate is to help locals make informed housing decisions!