A client planning a potential purchase in The Settlement At Willow Grove requested sales trends. So, I prepared charts, interactive charts and commentary on trends. What the trends are communicating is prices are pulling back to prices of two years ago.
***NOTE: There are 9 under contract homes within when closed will provided a more clear trends direction for 2017. While it's important to report "What Happened", it's as important to report on the "Market In Play" or what is taking place right now.
Baton Rouge's Luxury Market appears to be softening, becoming weaker.
Outside of Settlement within Baton Rouge's 70806, 70808, 70809 and 70810 in the $1,000,000 to $1,500,000 from ages 6-10 plus, not including Country Club of Louisiana or Settlement, appears to be weakening with 20 month supply, 89% listing to sales price ratio, average 197 days on the market. What about The Settlement?
From 3/1/2016 to 3/12/2017, these are the trends GBRAR MLS is reporting infographic.
As of 1/6/2017, this is the trends view
This is called a Fannie Mae Market Conditions Chart or 1004mc in the appraisal world and included only Settlement At Willow Grove data.
Trends comparison 7-12 months ago vs Current to 3 months:
Total sales have DECLINED from 18 to just 5 or declined 72%
Total Active Competing Listings is little changed from 11 to 12
HOWEVER, Months of Housing Supply INCREASED from 3.67 to 7.2 months, a 96% increase
Median Comparable Sales Price has DECLINED from $812,500 to $745,000 or -8.3%
Discount off listing price INCREASED by 4%, meaning homes are selling for 4% less than listing price.
INTERACTIVE CHART - MOVE "SOLD DATE" FROM LEFT TO RIGHT TO VIEW CHANGES BY DATE
Average Sales Price Per Sq. Ft. has DECLINED from $238 to $225 per sq. ft. or -5.46%
Both Average and Median Sales Prices Have DECLINED
Over a 2 year period, the average sold price per sq. ft. is unchanged at $225. This means home prices increased and now are pulling back.
Homes are now selling for 4 percent less than listing price
Days On Market appears to be unchanged from 1 year ago.
GREATER BATON ROUGE REAL ESTATE DATA NOTE:
Based on information from Greater Baton Rouge Association of\MLS for period 01/01/2015 to 03/12/2017, extracted on 03/12/2017.