Louisiana Real Estate News: What’s The Housing Market Trend For Spring Lake Subdivision In Walker?

PRLog (Press Release) - Nov 16, 2008 -
http://www.springlakewalker.com/ - Walker Louisiana Real Estate: What’s The Housing Market Trend For Spring Lake Subdivision?

Spring Lake Subdivision Market Direction: Up or Down?    During a recent market study of Spring Lake Subdivision, I made this discovery below.  


Solds In Spring Lake from 11/11/07 to 11/11/08 reveal:
Average Sales Price: $189,206
Average Sold Price Per Sq. Ft.: $98.49/sf
Median Sold Price: $189,688
Low Sales Price: $151,000
High Sales Price: $242,000
Average # of Days On Market: 195, # of sales 30

Solds In Spring Lake from 11/11/06 to 11/11/07 revealed:  
Average Sales Price: $193,299
Average Sold Price Per Sq. Ft.: $106.09/sf
Median Sold Price: $187,400
Low Sales Price: $159,000
High Sales Price: $259,500
Average # of Days On Market: 76, # of Sales: 26  

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Spring Lake, the market direction appears to be decreasing.   The average sales price, average sold price per sq. ft. and median sales price all declined.    However, one has to understand Spring Lake before one can draw conclusions here.  

When Spring Lake was developed, it was improved with higher quality speculative construction from local builders.  These homes sold for higher prices.  Then, after Hurricane Katrina, DR Horton Homes moved to our market and bought up a newer section of Spring Lake, selling lesser quality homes in bulk.  Generally, in the Livingston Parish market, DR Horton provides the largest home for the lowest price on a bulk basis (like 800 home subdivisions).   The first period above, from 11/06 to 11/07, appears to be higher because there were more resales and more of the local builder homes being sold.  Only 7 of the 27 homes sold in the 11/06 to 11/07 period above were DR Horton Homes.  In the 11/07-11/08 period, there appears to have been more DR Horton homes sold (19 of 30), which may have assisted in lowering the median sales price.   So, it may not be that the Spring Lake housing market is declining, but rather that there are a predominance now of lower priced home sales.  

NOTE: This is not a put-down of DR Horton Homes.  This appraiser lives in a very nice 2,000 DR Horton Home, which we chose because a comparable 2,000sf new construction home built by a local builder would have cost us almost $80,000 more.

Be sure to visit the new Spring Lake Subdivision Website: http://www.springlakewalker.com/



Author’s Bio:

Bill Cobb, CREA, is Greater Baton Rouge’s favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values.  A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:

Office: 225-293-1500

Fax: 1-866-663-6065

fastvalue2@cox.net

http://www.denhamspringshomeappraisals.com