Seven Oaks Subdivision Prairieville Home Appraiser: Are Home Values Artificially Low?
Seven Oaks At Oak Lane Farm Subdivision, Seven Oaks for short, was developed in the early 1990's with homes built through the 2000's. Per GBRMLS, home living area sizes range from 2,070sf up to 4,080sf. Home designs range from the acadian to french, country french and colonial styles.
From 2005 to 2012 YTD, there were ninety nine (99) GBRMLS home sales averaging $294,468, home sales price varying widely from $230,000 to $459,900, selling from $77/sf up to 143/sf, again, a very wide range.
Currently into 2012, there have been three (3) home sales averaging $303,000, median $288,000, $103/sf, 97% Listing to Sales Price Ratio and 313 days on the market, which means it's taking 10 months to sell the average home in Seven Oaks. THIS IS A HUGE CORRECTION from the 2007 post Hurricane Katrina Highs of $335K and $120.65/sf. Chart above shows a 28.6% correction from post Hurricane Katrina highs and 11.1% correction in the past year, but only based on 3 sales.
Are Corporate Relocation Sales hurting Seven Oaks values?
I have a relative that lives in Seven Oaks stating Seven Oaks is and has been under valued because of too many corporate relocation sales. Is this a valid point? According to GBRMLS, it doesn't appear to be with only 7 of 99 sales or 7% of total 99 sales. Perhaps 7% is enough to bring down home prices some?!
Are Foreclosure Sales hurting Seven Oaks values?
According to GBRMLS, there have been 6 foreclosure sales of 99 sales or 6% of total 99 sales. Perhaps 6% foreclosure rate is enough to bring down home prices over time?! Foreclosure sales may be hurting the Seven Oaks market as much as Corporate Relocation sales.
TRUST THE MARKET!
Over 19 years as an Ascension Parish Home Appraiser, I've learned to trust the market (buyer and seller interaction), to trust that the housing market is right and knows what it's doing. Market interaction indicates Seven Oaks is fairly priced and not under priced.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1 2005 to November 15, 2012. This information was extracted on 11/15/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!
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