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FHA Appraisers Geismar Dutchtown Louisiana Report On Cobblestone Parc 2009 Decline 70734

http://www.ascensionrealestateappraisers.com/ – FHA Appraisers Geismar Dutchtown Louisiana Report On Cobblestone Parc 70734

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Housing Market Direction For Cobblestone Parc: Up or Down?

Solds In Cobblestone Parc from 1/2008 to 12/2008 revealed:
Average Sales Price: $255,870
Average Sold Price Per Sq. Ft.: $113.41/sf
Median Sold Price: $245,000
Average Days On Market: 117
Number Of Sales: 5

Solds In Cobblestone Parc from 1/2009 to 12/2009 revealed:
Average Sales Price: $224,475
Average Sold Price Per Sq. Ft.: $105.30/sf
Median Sold Price: $226,500
Average Days On Market: 70
Number Of Sales: 4

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Therefore, based on the “median sale price barometer” within Cobblestone Parc, the barometer used by the National Association of Realtors, the market direction declined from 2008 to 2009. The 2008 median sales price declined from $245,000 down to $226,500 in 2009 or -7.55%. However, the from peak in 2008 pricing in 11/2008 at $266,500, the median sales price has declined by -20%. However, this is only based on 4 total sales in 2009 and there are so many different sizes and floor plans of homes in Cobblestone Parc that I doubt the true decline has been as much as -20%.

One of the sales in 2009 was an REO that only sold for $95/sf, which attributed to some of the decline. The 4 2009 Solds went for $95/sf, $103/sf, $106/sf and $117/sf. So, it appears support of the later three sales is $109/sf.

The irony of this situation now in 2010 is that there are 3 current listings for $113/sf, $124/sf and $137/sf, the latter 2 listed far above 2009 market support when the market was in decline. Remember we stated above at 2009 support was $109/sf. Perhaps these homes have extras or upgrades to warrant listing prices that are $15/sf to $28/sf above 2009 support. Not Sure! Buyers: Do Your Homework Here and make sure you don’t pay more than market support!

Bill Cobb, Appraiser – Your Local Greater Baton Rouge Housing “Trust Agent”!

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