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FHA Appraisers Zachary Louisiana Sandy Creek Subdivision 12/2008 Market Update
Based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Sandy Creek, the market direction appears to be increasing slightly.
By: William D. Cobb, CREA
Average Sales Price: $185,355
Average Sold Price Per Sq. Ft.: $117.71
Median Sold Price: $187,200
Low Sales Price: $167,500
High Sales Price: $210,600
Average # of Days On Market: 51
# of Sales: 48
Solds From 01/01/2008 to 12/31/2008 reveals:
Average Sales Price: $188,938
Average Sold Price Per Sq. Ft.: $120.26
Median Sold Price: $191,500
Low Sales Price: $160,000
High Sales Price: $201,500
Average # of Days On Market: 73
# of Sales: 8
Listing Price To Sales Price Ratio Has Been: 98.44%
Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within this Subdivision, the market direction appears to be increasing slightly.
The Average Sales Price has increased by +$3,583.
Median Sales Price has increased by +$4,300.
Average Sold Price Per Sq. Ft. has increased by +$2.55/sf.
Yes, this Sandy Creek market is much slower now because the 48 sales in 2007 were of mostly new homes and Sandy Creek is built out - meaning there are no more new homes to sell, just resales. However, the Zachary housing has slowed dramatically over the past year.
However, this data showing an increase is also from the entire 2008 period, which presents a lag time in actual market activity. This data must also be weighed with the recent BR Business Report News. According to the Baton Rouge Business Report and the Greater Baton Rouge Association of Realtors on 12/12/2008 http://www.businessreport.com/
"November home sales down 38%
The number of houses sold in the Capital Region was down 38% in November, while the average sale price dropped by 5.3%. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 405 homes sold in the area last month, compared with 658 in November 2007. The average sale price was $186,129, compared with $196,521 one year ago. East Baton Rouge Parish saw the smallest drop in average sale prices, a 2.7% decrease from $196,521 to $190,413. The average dropped 10.6% in Ascension Parish, from $245,127 to $219,164. In Livingston Parish, the average was down 9.1%, from $158,120 to $143,632. And in the other category, which includes MLS sales in West Baton Rouge, East and West Feliciana, Iberville and Pointe Coupee parishes, the average was down 11.2% from $193,285 to $171,705. Year to date, the number of houses sold in the Capital Region is down 25%, from 8,926 sales as of November 2007 to 6,821 in the first 11 months of this year."
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 16 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:
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