Richmond Place Denham Springs Home Prices Increasing in 2017

Richmond-Place-SubdivisionBill Cobb Appraiser has released a Richmond Place Subdivision Denham Springs Watson Home Sales Update 2016-2017, Prices Increasing in 2017

Are Watson home values higher after the flood?

At least in Richmond Place where it did not flood and those subdivisions competing with Richmond Place style and quality homes, they are higher. With low inventory, the 1998sf Evangeline Meridian PCC plan is listed at $189,900 with 2 pendings.
There’s sort of this debate on Facebook about whether home prices are up post flood. To some extent they are, but this isn’t the same run up as the post Katrina market either. In this example comparing median sales price of $164,000 to current $175,950, that’s an increase of 7.2%. HOWEVER, see the chart below showing in May 2015, median sales prices were at $175,000 meaning this increase into 2017 is a recovering market.

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Have ALL Watson homes increased 7.2% since 12 months ago?
I don’t know as it wouldn’t be a fair comparison to compare non-flooded subdivisions with flooded subdivisions. Only time and recovery will determine where prices go from here…and there’s almost no flooded-repaired sales in MLS to know yet.

 

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Richmond Place Home Sales Trends
27 Sales from $141,512 to $193,900
Median Sales Price $165,000
Median Sold Price Per Sq. Ft.: $95 per sq. ft.
Average Sold Price: $166,704
Average Sold Price Per Sq. Ft.: $94 per sq. ft.
Homes Sold From $74/sf to $119/sf
Average SP/LP% 98%
Average Days On Market: 38 Days
Average Home Is 3 Bedrooms, 2 Baths, 1,743sf

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

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

 

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Based on information from Greater Baton Rouge Association of REALTORS®\MLS for period 01/01/2016 to 01/25/2017, extracted on 01/25/2017.

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