http://www.woodlandcrossingappraiser.info/ – Video: Denham Springs Home Appraisers Report on Woodland Crossing 2011
Hi Bill Cobb, you’re a local Home Appraiser with Accurate Valuations Group 225-293-1500. I understand you just completed a home appraisal in my Denham Springs Subdivision, Woodland Crossing, last week?
Yes Cassie, that’s correct. You know, that’s a very large subdivision with how many homes? Like 750 Homes?
Yes, approximately 750 homes. Bill, value wise how is my subdivision doing during this local housing market correction? I heard 2011 was the Year of Correction for Greater Baton Rouge housing. I mean, aren’t home values still declining locally?
Yes Cassie, 2011 was the year of correction where GBR home values finally corrected from Post Hurricane Katrina highs. Based on a recent YouTube video from Livingston Parish Tax Assessor, Jeff Taylor, http://www.youtube.com/watch?v=zfa48ipb23w , a majority of Western Livingston Parish has experienced home price declines. Woodland Crossing continues to decline from 2008 highs of a median sales price of $156,000. From 2009 to 2012 Year To Date, the median sales prices has has declined to $147,400, $149,150, $139,900 and now $139,000 in 2012. The Average Sales Price has declined from $89/sf in 2008 to $84/sf in 2011 and $87/sf in 2012. In 2011, there were 47 sales, so sales aren’t necessarily slowing down. However, in 2012, the 5 sales this year have taken 237 days on the market to sell.
Wow Bill! 237 days is a long time. My, Woodland Crossing is still correcting. Bill, it seems like new homes are still being built, but they are smaller in size. Why is that?
Cassie, I believe it’s because the larger, more expensive homes in Woodland Crossing are less in demand and take longer to sell. Those are the types of homes that sit longer on the market and builders need to sell inventory fast to build more homes. For instance, the 5 home sales so far in 2012 took an average of 237 days to sell and averaged 1,603sf. However, the median sales price is $139,000, meaning more of the smaller 1200sf to 1500sf are being built and sold. As more and more new home inventory is added and sold at lower prices, this drags down the home prices of those that have already purchased homes in Woodland Crossing. So many new homes still being built is part of the reason home prices keep dropping.
Bill Cobb Appraiser, thank you so much for your insight into local housing trends. I now better understand what’s taking place in my subdivision! If I need a home appraisal in the future, how do I contact you?
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to February 18, 2012. This information was extracted on February 18 2012. This video is based on analysis of local housing numbers and trends.