Prairieville Housing Trends: Jefferson Crossing Prices Correct In 2011.
Since the Federal Tax Credit Expiration in May 2010, the number of home sales has been on the decline.
A recent home appraisal in and analysis of Jefferson Crossing revealed this interesting finding. From 2007 to 2011, the median sales price has continued to decline slowly. From 2007 to 2010, the median sales prices were $313,700, $299,000, $303,500, $338,000 and in 2011 it’s currently $289,000 based only on 5 sales. Again, this is only based on 5 sales in the first 4.5 months of 2011. In 2010, there were 11 total sales, so one can see that the number of home sales for 2011 could be about the same as in 2010. NOTE: Per GBRMLS sheets, two (2) of these home sales were normal, two (2) were below market relocation sales and one (1) was an REO or foreclosure.
THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a correction from the average $112.86/sf to $108.11/sf into 2011.
The Chart below is “Sub-Market” study in Northern Ascension Parish for homes similar to Jefferson Crossing homes in the 2,500sf to 3,300sf range. So, instead of a broad inclusion of all homes and the various quality of construction levels or a general market study, this chart below further narrows the solds selected. It shows a correction since May 2010. This chart indicates that it’s the entire North Ascension Parish housing market correcting!
The chart below, based on same parameters above, shows 25 competing REOs or Foreclosures taking place since June 2008 or 21.4% of all competing solds. This is a fairly high number. Again, this does not mean that there have been 25 foreclosures in Jefferson Crossing, but rather in the general market. This chart indicates that it’s the entire North Ascension Parish housing market correcting!
CURRENT LISTINGS. There are 9 current listings from $254,900 to $352,386 or $112/sf to $128/sf with 8 active and 1 pending or under contract. The Average Listing Price per sq. ft. is $120/sf.
ZERO DISTRESSED LISTINGS. Out of the 9 current listings, 0 or Zero are foreclosure or short sales.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to May 23, 2011. This information was extracted on 5/23/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill’s company, Accurate Valuations 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, Cell: 225-953-0638