Galvez Oaks Home Sales 2016 Update, Flooding Commentary

Galvez Oaks Subdivision home sales trends are listed below as a result of research.
The Great Flood of August 2016 is discussed below.



January 2016 to January 2017 Galvez Oaks Home Sales Trends, Only 1 of these 7 sales is post flood
7 Sales from $137,750 to $257,000
Median Sales Price $175,000
Median Sold Price Per Sq. Ft.:$103/sf
Average Sold Price: $203,107
Average Sold Price Per Sq. Ft.:$112/sf
Homes Sold From $89/sf to $149/sf
Median SP/LP% 98%
Average Days On Market: 16 Days
Average Home Is 3 Bedrooms 2 Baths 1,804 sq ft

The “Median SP/LP% 98%” or Listing To Sales Price Ratio means the average home sold for 2% less than listing price.









Yes, Galvez Oaks flooded during the Great Flood of August 12-16, 2016 and the Facebook photos I’ve viewed show 2 to 3 feet of water, I don’t have permission to share these photos. According to GBRMLS listings, NOT EVERY SINGLE HOME WITHIN FLOODED! Recovery has been taking place and only time will tell how buyers react to future home prices. However, there’s only been one GBRMLS sale for $245,000 for 2133sf on Greenwood Dr, a flooded repaired home. The home actually sold for $250,000 but the seller had to pay $5,000 of buyers closing cost, so the seller walked from the closing table with $245,00. This sale would indicate no major stigma and that at least one buyer was willing to pay TOP DOLLAR for a repaired home in Galvez Oaks. The good thing is homeowers are repairing and staying versus investors moving in. The cost to repair and renovate each home is at least $60,000 to $80,000.

With the low inventory of available homes to purchase in Greater Baton Rouge and Ascension Parish having such a great public school system, I don’t expect to see significantly lower prices within and perhaps some will sell above pre-flood prices.



Update provided by Greater Baton Rouge Home Appraiser Bill Cobb 225-293-1500




Ascension Parish Appraisers


And on here:



Based on information from Greater Baton Rouge Association of REALTORS®\MLS for period 01/01/2016 to 02/01/2017, extracted on 02/01/2017.

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