This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision.

A recent home appraisal in and analysis of Park Forest East revealed this interesting finding. From 2009 to 2010, the median sales price remained stable at $135,000. However, in 2011, based on 3 sales, 2 of which were foreclosures, the median sales price has slipped to just $81,000. Again, this is only based on 3 sales in the first 4 months of 2011. In 2010, there were 11 total sales. Again, this drop is due to foreclosures and/or distressed sales.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a major correction.

The Chart below shows a considerable correction since May 2010 for home comparable to a 1,400sf in Zip 70814.

CURRENT LISTINGS. There are 9 current listings from $99,500 to $140,000 with 7 active and 2 pending. The Average Price per sq. ft. listing is $85.48/sf, which is too high. If you examine the chart above, 2009 and 2010 support was at $83/sf and $72/sf. And, CoreLogic tells us that Baton Rouge is in its’ 7th straight month of declines. So, this average $85.48/sf is far too high. Why are these 7 listings, in 2011, priced above 2009 and 2010 when the market was stronger then. The 2 pendings average $65.69/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 6, 2011. This information was extracted on 5/6/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Potential $20K Loss. This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision. In the appraisal I recently completed, the home sold for $155,900 in 2007, a Post Hurricane Katrina high price, and is now on the market for $136,000. If this home sells for $136,000, then homeowner only loses $20,000 and will lose a total of $28,160 after paying the selling commission.

A recent home appraisal in and analysis of Villa Del Rey revealed this interesting finding. From 2009 to 2010 to 2011, the median sales price has declined from $145,000 to $137,500 to now $136,000 (chart below is not updated) into 2011 based only on 3 sales. This drop is due to foreclosure and/or distressed sales. Actually, the chart below is incorrect because GBRMLS reports “38″ solds in 2010, not just 33, with a median of $137,500. Of those 38 sales, 11 or 29% were foreclosures, which is quite high. And, in 2011, the 3 solds only sold for $119,000, $136,000 and $139,000 indicating these sold below market.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 3, 2011. This information was extracted on 5/3/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Greater Baton Rouge Home Prices, in general, are in correction mode per the CoreLogic report for the 7th straight month and reflected in local housing statistics I see almost daily. The favorable Highland Creek Subdivision is no exception.

Highland Creek. Per the HOA Website http://highlandcreekbr.com/, “Highland Creek is an awesome neighborhood off highland road in beautiful Baton rouge. It is conventialy located to downtown BR, the LSU campus, three major retial outlets and two hospitals; great for kids of all ages.” Highland Creek was developed around 1982-1983 with 1 to 2 story garden homes ranging from 1,076sf up to 2,330sf situated on smaller lots. Approximately 75% of Highland Creek is located in the Flood Zone per the FEMA map below, map from a recent appraisal.

Highland Creek Homes

THE CORRECTION IN HOME PRICES – The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

As with Hurricane Katrina, the Median Sales Price rose from $125,000 in 2005 up to $138,500 in 2006. Then median sales price from 2007 to 2009 from $145,000, $147,500 and $154,000 rounded. 2010 began the descent to $148,500 and 4 sales in 2011 currently have it at $126,500. At the highs, the Average Sold Price was at $104/sf and now in 2011 it’s at $84/sf. YES, 2 of the 4 2011 sales were foreclosures helping to bring down the 2011 numbers. However, even the 2 non-foreclosures sold at $90/sf and $99/sf showing a correction from 2008 and 2009 highs.

However, is it only Highland Creek correcting or are other competing developments correcting as well? YES, other developments are correcting as well. This chart below of 64 competing home sales in the 1250sf to 1650sf range in 70808, 70810 and 70820, homes in subdivisions that would be comparable to Highland Creek, shows a -6.2% decline.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 2, 2011. This information was extracted on 5/2/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

For More Information On Highland Creek, Check Out The HOA Website here:

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Accurate Valuations Group (Home Appraisals) has completed an analysis of the East Baton Rouge Parish housing market from First Quarter 2010 versus First Quarter 2011. The results are below. Click the chart to view in a larger size.

This is a lot of data to report on in one (1) article with “20″ zip codes. A short summary follows:

Number of Home Sales Decreased by 3% Over 2010! For the number of home sales, only 9 zip codes reported a smaller number of sales. And, Ten (10) Zip Codes experienced more sales in Q1 2011 than in Q1 2010, which is great news for our market. Still, in Q1 2010 there were 738 home sales versus 714 in Q1 2011, which is a difference of 24 sales or -3%.

Average Sales Prices Overall Decline! This is consistent with the CoreLogic report on national home prices falling for the 7th straight month, as reported on Thursday, April 7, 2011. Thirteen (13) of the 20 Zip Codes showed declining average sales prices versus only Seven (7) showing increases. Local home prices are continuing to correct.

Average Sales Price Per Square Foot Overall Declines! This is consistent with the CoreLogic report. Fifteen (15) of the 20 Zip Codes showed declining average sales prices per sq. ft. versus only Seven (5) showing either no change or just slight increases.

Biggest Gainers. Zip Code 70807, the Scotlandville market, showed a 450% increase in number of home sales. Zip Code 70739, the Central or Greenwell Springs market, showed a +16.2% increase in Average Sales Prices AND +5.6% in Average Sales Price Per Sq. Ft.. Central is a “hot” market viewed by locals as having a favorable school district.

Largest Declines. Zip Code 70820, the market below LSU off Brightside, showed a -35.3% decrease in number of home sales. Zip Code 70802, the market in and around Central Business District, showed a -33.4% decline in Average Sales Prices AND -30.2% decline in Average Sales Price Per Sq. Ft..

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Author’s Bio:
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

RESIDENTIAL PERMITS DECLINE Were Down In 2010! As a whole, residential building permits were down from 2,184 in 2009 versus 1,964 in 2010, a decline of 220 permits or -10% (includes all residential permit types). December 2010 versus December 2009 saw an increase from 177 in 12/2009 to 201 in 12/2010.

DECEMBER 2010 RESIDENTIAL SFR PERMITS TOTAL “53″! For Residential Permits only for “Single Family Residences”, December 2010 saw 53 permits issued versus 44 for November 2010.

ANY IMPROVEMENT IN JANUARY 2011? NO! According to EBRP Department of Public Works Permit Office, “Building permits are down from 1,763 in December 2010 to 1,673 in January 2011.” For Residential ONLY, there were 30 permits issued for Single Family Residences and 62 for Additions-Remodeling for a total of 92 permits. This is a -36% decrease compared to the 143 permits issued in January 2010. And, this is -48% decrease compared to the 177 permits issued in December 2010. However, December 2010 did see an odd “88″ permits for “Duplexes”, which was more than any recorded in recent history.

NOTE: Top Image Source: www.remodeling-sanantonio.com

Tags: Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors, East Baton Rouge Residential Building Permits

RESIDENTIAL PERMITS DECLINE In 2010! As a whole, residential building permits are down from 2,184 in 2009 versus 1,964 in 2010, a decline of 220 permits or -10% (includes all residential permit types). December 2010 versus December 2009 saw an increase from 177 in 12/2009 to 201 in 12/2010.

DECEMBER 2010 RESIDENTIAL SFR PERMITS TOTAL “53″! For Residential Permits only for “Single Family Residences”, December 2010 saw 53 permits issued versus 44 for November 2010.

NOTE: Top Image Source: www.remodeling-sanantonio.com

Tags: Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors, East Baton Rouge Residential Building Permits

I recently completed a home appraisal assignment on Summer Drive in Merrydale Subdivision on an average 1,000sf home, in really nice condition, for this subdivision and noticed these observations. Actually, I’m reporting on ALL of the subdivisions in the Merrydale area state that “Merrydale” in this subdivision name. There appears to be some decline due to REO or foreclosure activity.

Solds In The Merrydale Subdivisions from 1/1/2010 to 12/16/2010 revealed:

Average Sales Price: $65,733 ($63,500 in 2009)
Average Sold Price Per Sq. Ft.: $54/sf ($61/sf in 2009)
Median Sold Price: $63,500 ($87,450 in 2009)
Number of Sales: 6 (14 in 2009)
Average Number of Days On Market: 76 (52 in 2009)
Low To High: $26,900 to $103,500
Number of Sold REO/Foreclosures Noted In MLS: 3
Current # Listings: 4, 0 Are Foreclosures
Current Listings Prices: $69,900 To $115,500

The 6 sales in 2010 versus the 14 in 2009 reflect the current stalling of this market post Federal Tax Credit Expiration. Without the tax credit, there doesn’t appear to be as much incentive to purchase a home. This slowdown in homes sales in a trend throughout the Baton Rouge housing market in latter 2010.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 16, 2010. This information was extracted on 12/16/2010.

Tags: Baton Rouge Appraisers, Baton Rouge Housing, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Baton Rouge, Appraisers in Baton Rouge, Merrydale, 70812

High End Homes Market Appears Near Solid Support, Most Solid Within East Baton Rouge Parish. From 9/1/08 to 9/30/09, MLS reports 298 sales versus 294 sales 9/1/09 to 9/30/10, which is only a decrease of -4 sales or -1.3%. Average Sold Price for the 2009/2010 period is $539,650 compared to $548,036 for the 2008/2009 period. Median Sold Price for the 2009/2010 period is $500,000 compared to $495,700 for the 2008/2009 period. Average sold price per sq. ft. is $157.89/sf versus $159.43/sf for the 2008/2009 period. Average days on the market is 122 days versus 140 days in the 2008/2009 period. So, while the average sold price per sq. ft. is down $1.54/sf, and average sold price is down approx. $8,400, the median sales price has increased by $4,300 and the days on the market has improved.

Yes, There Are Certainly Exceptions! Copper Mill in Zachary is one example where the average sold prices were $161/sf in 2007, $158/sf in 2008, $157/sf in 2009 and $147/sf in 2010 based on 13 sales. That’s a $10/sf drop since 2009. Plus, the days on the market for the 13 sales were: 336, 850, 20, 274, 4, 393, 252, 1082, 50, 344, 197, 54 and 2. Renaissance in Prairieville is another example where the average sold prices were $137/sf in 2007, $141/sf in 2008, $133/sf in 2009 and $129.24/sf in 2010 based on 7 sales. That’s a -$4/sf difference between 2009 and 2010. And, MLS reports the average days on the market were 417 in 2009 and 252 in 2010. Actually, upon closer examination of total days on market, the actual continuous days on market were: 231, 1, 4, 561, 692, 1025 and 302. Greystone Golf in Denham Springs has only had 2 sales in 2010 averaging $142/sf and 6 sales in 2009 averaging $146/sf, a $4/sf decline. NOTE: For this paragraph, this includes all price ranges within these high end subdivisions.

High End Homes Market Absorption Rate Appears To Be Improving! The numbers of high end home listings has declined just slightly from 445 for September 2009 and 424 for September 2010. In September 2009, the Months Inventory showed 23.42 months. In September 2010, the Months Inventory showed 21.2 months and in August 2010 it was 19.4 months. Certainly, the market for homes requiring “Jumbo” loans remains slower in the overall Greater Baton Rouge market.

High End Homes Market NOTE: Parameters were $400,000 to $1,000,000, all price ranges within ASC, EBR, LIV and WBR for Property Types: DSF, ASF, PRC and PRA.

NOTE: Data For The September 2010 GBRAR MLS Report is used with permission of the GBRMLS from dates stated above and from 1/1/2008 through 9/30/2010.

Active Listings On 10/1/2010: 4245

Pending Listings On 10/1/2010: 795

SOLDS

Sept 2010-407 (Decline of 172 or -30% Compared to 9/2009)

Sept 2009-579

Sept 2008-374 ( Hurricane Gustav Meant Less Closings )

Sept 2007-695

Sept 2006-841

Sept 2005-1763 (Hurricane Katrina Meant Increase In Sales)

Sept 2004-635

NOTE: These numbers are provided by Tony Zito with Zito Real Estate Group and used with the permission of GBRAR MLS. Search dates would be 9/1/2004 through 10/1/2010, extraction date 10/1/2010. Parishes include East Baton Rouge, Livingston and Ascension.

http://www.batonrougerealestateminute.com/

A 2009 versus 2010 comparison of Bellingrath Lakes shows a slight decline in Average Sold Price per sq. ft., from $123.75/sf down to $123.13/sf. The Median Sales Price has declined from $304,400 to $290,000. The Average Sales Price has declined from $318,550 to $290,500. And, the Average Days On Market have declined from 188 in 2009 to $105 in 2010. There were 6 total MLS sales in 2009 versus 4 so far into 2010.

Solds In South Point from 1/2010 to 8/31/2010 revealed:
Average Sales Price: $147,476
Average Sold Price Sq. Ft.: $88/sf (-$5.33/sf Decline From 2009)
Median Sold Price: $149,500 (+4,500 Increase From 2009)
Number of Sales: 21
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5
Current # Listings: 26 (NOTE: MORE LISTINGS THAN SALES)
Current Listings Prices: $103,500 To $198,900

The BIG Change is that while the Median Sales Price has increased +8.1%, the Average Sold Price Per Sq. Ft. has declined by -$5.33/sf. And, there’s more listings now than total sales in all of 2010.

Tags: denham springs, denham springs real estate, south point subdivision, denham springs real estate agents, denham springs realtor, denham springs realtors, denham springs housing, denham springs homes

]]> http://www.batonrougerealestateappraisal.com/2010/08/denham-springs-housing-statistics-south-point-subdivision-report-for-august-2010/feed/ 0 http://www.batonrougerealestateappraisal.com/2010/08/with-federal-tax-credit-expiration-livingston-parish-home-sales-numbers-decline-25-into-july-2010/ http://www.batonrougerealestateappraisal.com/2010/08/with-federal-tax-credit-expiration-livingston-parish-home-sales-numbers-decline-25-into-july-2010/#comments Fri, 20 Aug 2010 12:53:20 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/greater-baton-rouge-subdivision-video-tours/with-federal-tax-credit-expiration-livingston-parish-home-sales-numbers-decline-25-into-july-2010/ http://www.denhamspringsappraisers.com/ – With Federal Tax Credit Expiration, Denham Springs Livingston Parish Home Sales Numbers Decline Into July 2010!

The Baton Rouge Business Report Daily PM Report is report a Capital Region home sales plunge of 21% in July 2010. “The number of homes sold in metro Baton Rouge fell by 21% in July compared with the year before, as the market corrected itself after being bolstered by the federal homebuyer tax credit. There were 523 homes in the Capital Region sold in July, compared with 665 sales in July 2009, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service. An $8,000 tax credit for homebuyers expired earlier this year, and transactions had to be under contract at the end of April to qualify for the money. That led to Capital Region home sales posting 21% and 28% increases in April and May over last year. The average sale price in July was $197,076, down from the $203,735 average in July 2009. Sales were down nearly 31% in Ascension Parish in July, from 111 in 2009 to 77. Livingston Parish saw a 25% drop, from 114 homes changing hands to 85. In East Baton Rouge, there was a 24% drop in home sales, from 414 to 313. The other category, which includes MLS sales in West Baton Rouge, Iberville and the Feliciana parishes, actually saw an 85% increase, from 26 to 48. Through the first seven months of the year, home sales continued to run slightly ahead of the 2009 pace. There were 4,107 homes sold through the end of July, up 3% from the 3,985 sales total at the end of July 2009.”

The Baton Rouge Business Report Daily PM Report is report a Capital Region home sales plunge of 21% in July 2010. “The number of homes sold in metro Baton Rouge fell by 21% in July compared with the year before, as the market corrected itself after being bolstered by the federal homebuyer tax credit. There were 523 homes in the Capital Region sold in July, compared with 665 sales in July 2009, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service. An $8,000 tax credit for homebuyers expired earlier this year, and transactions had to be under contract at the end of April to qualify for the money. That led to Capital Region home sales posting 21% and 28% increases in April and May over last year. The average sale price in July was $197,076, down from the $203,735 average in July 2009. Sales were down nearly 31% in Ascension Parish in July, from 111 in 2009 to 77. Livingston Parish saw a 25% drop, from 114 homes changing hands to 85. In East Baton Rouge, there was a 24% drop in home sales, from 414 to 313. The other category, which includes MLS sales in West Baton Rouge, Iberville and the Feliciana parishes, actually saw an 85% increase, from 26 to 48. Through the first seven months of the year, home sales continued to run slightly ahead of the 2009 pace. There were 4,107 homes sold through the end of July, up 3% from the 3,985 sales total at the end of July 2009.”

Median Sales Price History. For Nicholson Lakes, these are the median sales prices since 2006. From 2009 to 2010, this market is only down $900 (a -0.47% decline) and from the high in 2007, it’s down $4,000, which isn’t that unusual. What is unusual is the oversupply of competing listings, see below.

2006: $184,723
2007: $193,000
2008: $189,950
2009: $189,900
2010: $189,000

Market Conditions. 11 Months Supply of Housing On Market. 34 Competing Listings IS A MAJOR OVER-SUPPLY considering that only 34 solds took place in past 12 months. Still Strong 99% List-To-Sales Price Ratio.

Nicholson Lakes In 2010. Within Nicholson Lakes in 2010 based only on 5 sales, Median Sales Price $189,000, Average Sold Price Per Sq. Ft.: $128sf, Average SP/LP%: 99% and Average Days On The Market: 133 Days. The chart below represents competing solds in Area 53 since 6/2009 showing a declining median sales price of -3.63%, from $202,250 to $194,900. But again, the numbers above only show a -0.47% decline in Nicholson Lakes from 6/2009 to 6/2010.

REO Foreclosure Rate Remains Low. The chart below represents competing solds foreclosure rate in Area 53 since 6/2008 representing a 7% rate.

THE IMPORTANT INDICATORS:

1.) HOW MANY HOMES ARE LISTED IN NICHOLSON LAKES NOW, BOTH IN MLS AND FSBOBR.COM?

Answer: 21 (16 MLS Listings and 5 FSBOBR.com Listings) AND NONE ARE PENDING or Under Contract.

2.) IN MLS AREA 53, HOW MANY COMPETING HOMES ARE FOR SALE VERSUS HOW MANY SOLD IN PREVIOUS 12 MONTHS?

Answer: 34 and 34. This means that there are just as many homes for sale as those that have sold in the previous 12 months, indicating an oversupply. And, this doesn’t include the many listings in Springlake either.

3.) AVERAGE DAYS ON MARKET APPEARS TO BE INCREASING IN NICHOLS ON LAKES!

In 2009, average DOM was 117 days. In 2010, it’s been 133 days. And, 9082 Winding Lake Ave has been listed since 12/2009. 2938 Tide Dr has been listed since 1/2010. 3336 Southlake Ave has been listed since 2/21/2010. 9084 Eastbank Ave has been listed since 2/1/2010. So, it appears the days on market is increasing.

NOTE: Data used with permission of GBRAR MLS extracted on 6/22/2010, from 6/1/2008 to 6/22/2010.

Stevendale Heights Market Direction: Up or Down?

Solds In Stevendale Heights from 1/1/2008 to 12/31/2008 revealed:
Average Sales Price: $68,097
Average Sold Price Per Sq. Ft.: $61/sf
Median Sold Price: $66,000
Number of Sales: 15
Number of Sold REO/Foreclosures Noted In MLS: 6

Solds In Stevendale Heights from 1/1/2009 to 12/31/2009 revealed:
Average Sales Price: $73,470
Average Sold Price Per Sq. Ft.: $53/sf
Median Sold Price: $70,000
Number of Sales: 10
Number of Sold REO/Foreclosures Noted In MLS: 4

No MLS Solds Year-To-Date In 2010 as of 4/23/2010! However, there are currently 3 current foreclosure listings and at least 2 pre-foreclosures. Current RealtyTrac map below.

Therefore, based on the median sale price barometer within Stevendale Hts, the market direction appears to be increasing from $66,000 in 2009 to $70,000 into 2010 or +6%. HOWEVER, the sold price per sq. ft. differences between 2009 and 2010 is approximately a decrease of $8.41/sf, from $61.22/sf to $52.81/sf. AND, keep in mind that the recent foreclosure activity and sheer number of current foreclosures overshadows and emphasizes this decline. NOTE: The median sales price is the NAR’s barometer because it tends to eliminate the “outliers” in a market reporting periord. Outliers are those homes that sold unusually low or high based on an historical pattern.

NOTE: Based on Detached Single Family information from the Greater Baton Rouge Association of REALTORS\MLS. This information was extracted on 04/23/2010.

This Denham Springs Housing Update proves what I’ve been saying for the past year – that the Denham Springs housing market is turning more affordable, to lower priced housing. The chart below shows the largest percentage of homes sold in Denham Springs in the $130,000 to $139,999 range. According to the Baton Rouge Business Report Weekly below, the March 2009 average sales price was $165,404 and $154,782 in March 2010, -6.42% decline.

Yesterday’s Baton Rouge Business Report Weekly Real Estate Update for March 2010 stated:

“For the first time this year, more houses were sold locally in a month than were sold the year before. There were 596 homes sold in March, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, compared with 594 MLS sales in March 2009. The average sale price also increased slightly, from $194,321 in March 2009 to $197,042. The gain was entirely driven by Ascension Parish, where there were 142 MLS sales in March, compared with 105 in March 2009. Average sale prices were down somewhat in Ascension, from $213,600 to $201,082. Sale prices were also down in Livingston Parish, where there were 91 sales, three fewer than in March 2009. The average sale price in the parish was $154,782, compared with $165,404 in March 2009. East Baton Rouge sales were down from 351 to 320, while the average sale price rose from $202,975 to $206,061. And in the other category, which includes MLS sales in the Felicianas, West Baton Rouge and Pointe Coupee parishes, the average sale price jumped up to $206,020, from $141,057, while the number of sales was virtually unchanged, from 44 in March 2009 to 43 last month.

Through the first quarter of 2010, 1,402 MLS sales have happened in the Capital Region, 2% less than the 1,431 sales in the first three months of 2009. The average sale price is $192,709, down slightly from the $193,216 figure in the first quarter 2009.“

Chart #1 includes ALL solds from November 2008 to November 2009 YTD indicating a +7.36% increase in median sales price. ALL home sales includes both new home construction sales and existing home sales.

Chart #2 includes ONLY solds of existing homes from November 2008 to November 2009 YTD indicating a -0.66% decline in median sales price.

Current Listings. Currently, there are 29 listings within Springlake, from $196,900 up to $288,900. Of these listings, 15 are new construction and 14 are existing homes. The Average Listing Price is $238,655, Average Listing Price Per Sq. Ft. is $139.56/sf, Median Listing Price $239,500 and Average Days On Market 104 days. FSBOBR.com indicates 11 more current listings in Springlake from $198,000 up to $265,900. Assuming the 11 FSBOBR.com listings are not listed in MLS, that would total 40 current listings in Springlake, which would appear to be an oversupply and possibly the reason that the existing median sales price basically didn’t increase from 11/2008 to 11/2009.