Baton Rouge Real Estate Appraisal » Median Sales Price

Baton Rouge Real Estate Appraisal: MLS Area 43 Report For August 2011

Baton Rouge Real Estate Appraisal — Mon, 29 Aug 2011 06:23:42 +0000

http://batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisal: MLS Area 43 Report For August 2011. There’s a bright spot in Baton Rouge Housing in 2011 – The Lakes At White Oak Subdivision. In the slower sales market of 2011, there’s already been 18 sales year-to-date versus only 16 total for 2010. The chart below shows the median sales price is up 7.8% from August 2010 to August 2011 and up 5.1% since after Hurricane Katrina (or as of 1/1/2006).

There’s so much confidence in this neighborhood that a buyer, in the midst of a national recession, paid $791,500 or $154/sf for 6353 Double Tree Drive, see photo below. 6016 North Shore Drive sold for $464,000 in 1/2011 for $157/sf. A home on North Shore Ct is under contract for an unknown price and listed for $529,500 or $159/sf. Of course, these are homes on the lake and are the exception and not the typical sales price. For 2011, the median sales price for the year is $337,319 or $113/sf.

If there’s any negative report, it’s the 12% REO or sold foreclosure rate or 17 out of 140 total sales.

This home at 5741 Lake Shadow Drive sold for $355,000 or $129/sf in 6/2011

Entrance Sign

6353 Double Tree Drive (Private Entrance)

From 01/01/2006 to 08/28/2011, GBRMLS is showing 17 REO or Foreclosure sales in The Lakes At White Oak Subdivision out of 140 total sales or about 12%, which is fairly high for East Baton Rouge Parish.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to August 28, 2011. This information was extracted on 08/28/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Author: Bill Cobb, Appraiser with Accurate Valuations Group

Tags: Baton Rouge Real Estate, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Home Appraisers, Baton Rouge Real Estate Appraisers, East Baton Rouge, Greater Baton Rouge, Baton Rouge Home Appraisal, Home Appraisals, Baton Rouge Realtors, Baton Rouge Real Estate Agents

Baton Rouge Real Estate Correction: Forest Oaks Subdivision 2011 Update 70815

Baton Rouge Real Estate Appraisal — Tue, 26 Jul 2011 11:56:49 +0000

http://www.facebook.com/brrebuzz – Baton Rouge Real Estate Correction: Forest Oaks Subdivision 2011 Update 70815.

GBRMLS data for the Forest Oaks Subdivision revealed these interesting findings. From 2004 to 2009, the median sales price increased from $84,700 to $106,200. From 2009 to 2010 to 2011, median sales price declined from $106,200 down to $97,500 and $93,000. There are currently 13 MLS Listings from $46,500 to $115,000. Ten of these are active listing at an average price of $74/sf, which is substantially above market. In contrast, the 3 pending listings are pending at an average $54/sf and the 6 home sales in Forest Oaks in 2011 sold for an average of $62.88/sf. SO, If you plan on buying a home in Forest Oaks in 2011, ask yourself why these 10 listings are priced $10.67/sf ABOVE what the other 6 homes sold for and then order a Greater Baton Rouge Pre-Purchase Appraisalto make sure you don’t pay too much for Baton Rouge Real Estate.

CHART OF FOREST OAKS HOME SALES SINCE 2004

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2004 to July 26, 2011. This information was extracted on 7/26/2011. 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/

Baton Rouge Housing Trends: Old Jefferson Home Prices Correct Downward Into 2011

Baton Rouge Real Estate Appraisal — Sat, 21 May 2011 01:53:28 +0000

http://www.batonrougemarketmetrics.com/ – Baton Rouge Market Metrics: Old Jefferson Home Price Trends 2011 Update. Read below where there is an oversupply and some overpriced listings in Old Jefferson. Baton Rouge Real Estate: How Is Old Jefferson Subdivision Performing Into 2011? Since the Federal Tax Credit Expiration in May 2010, the number of home sales has declined considerably. And, the number of foreclosures has continued to rise. With fewer sales and more foreclosures, this increases the percentage of the number of sales as foreclosures. In 2010, GBRMLS reported 2 foreclosures and in 2011 Year-To-Date, no foreclosure solds.

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 Old Jefferson revealed this interesting finding. From 2008 to 2011, the median sales price has continued to decline. From 2008 to 2010, the median sales prices were $149,900, $147,000, $145,000 and in 2011 it’s currently $140,200 based only on 4 sales (the chart below isn’t updated yet). Again, this is only based on 4 sales in the first 4.5 months of 2011. In 2010, there were 22 total sales, so one can see that the number of home sales has dropped considerably. NOTE: There is no indication per GBRMLS sheets that any of these 4 2011 sales were distressed or foreclosures, just a correction to a lower price level.

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 correction.

The Chart below shows a considerable correction since May 2010 for home comparable to a larger 2,000sf in Zip 70817. Yes, the average home in Old Jefferson is 1,500sf to 1,600sf. The home I was appraising had an addition.

CURRENT LISTINGS. There are 20 current listings from $117,000 to $174,900 with 18 active and only 2 pending or under contract. So, there is a major oversupply of available homes for sale in Old Jefferson. The Average Listing Price per sq. ft. is $91.23/sf, which is too high and the reason these homes aren’t selling. If you examine the chart above, 2011 support is now in the $80s/sf, not the $90s/sf. This is called sellers in denial. AND, the 2 pendings have an average listing prices of $83.60/sf, further proof that reaching $91/sf in Old Jefferson was something that took place in 2010 but no longer in 2011. And, CoreLogictells us that Baton Rouge is in its’ 8th straight month of declines.

DISTRESSED LISTINGS. Out of the 20 current listings, 1 is a foreclosure and 3 are short sales. So, 20% of available listings are distressed in nature.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to May 20, 2011. This information was extracted on 5/206/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

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).

Zachary LA Home Appraiser Housing Update: 2008-2011 Pointe South

Baton Rouge Real Estate Appraisal — Tue, 17 May 2011 11:46:03 +0000

http://www.zacharylouisianarealestate.info/ – Zachary LA Market Metrics: 2008-2011 Pointe South Homes Sales Report. I recently completed an appraisal an an 1,800sf 5 year sold home in Pointe South Subdivision and made these discoveries. The Pointe South market itself is generally performing better than competing home sales in Zachary as a whole.

For Example, the GBRMLS Chart for Pointe South itself below shows a continuing upward direction for Median Sales Prices. This MLS chart for Pointe South shows the 4 solds in 2011 have increased the Median Sales Price to $259,450, a substantial increase over 2007, 2008, 2009 and 2010 when the Median Sales Prices were $234,000, $230,000 and $248,000. However, the second MLS chart below shows All competing solds since 6/2008 and a correction downward since 5/2010. Because Pointe South itself is performing well, no declining markets adjustments were applied.

The Chart below shows a correction since May 2010 for competing homes in general.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to May 16, 2011. This information was extracted on 5/16/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

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).

Prairieville La House Appraisers: Lakes At Oak Grove Homes Sales Report 2011

Baton Rouge Real Estate Appraisal — Mon, 09 May 2011 03:37:57 +0000

http://www.facebook.com/ascrebuzz – Prairieville La Home Appraisers: Lakes At Oak Grove Homes Sales Report 2011. Since May 2010, median sales price has risen 4%.

A recent home appraisal in and analysis of Lakes At Oak Grove Subdivision revealed this interesting finding. From 2008 to 2011, the median sales price has declined from $237,800 to $227,800 to $229,700 to now $235,000 into 2011 based only on 1 sale. So, 2008 was the post Hurricane Katrina “High” year followed by 2 years of declines. 2011 at $235,000 is higher than 2009 and 2010. Again, 2011′s $235,000 is only based on 1 sale while 2010′s $229,700 was based on 5 sales. The Listing-To-Sales-Price-Ratio at 98% is the highest since 2007.

TWO MLS CHARTS OF ALL HOME SALES SINCE 2005

The Chart below shows all home sales since 2005. The median sales price is still down -1.6% since the high in 2007. The median sales price has risen 4% since May 2010. But Again, this chart’s is greatly weighed upward based on this one (1) 2011 sale of $235,000.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 8, 2011. This information was extracted on 5/8/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

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).

Baton Rouge Real Estate: Park Forest East 2011 Report

Baton Rouge Real Estate Appraisal — Sat, 07 May 2011 03:33:56 +0000

http://www.appraisersinbatonrouge.com/ – Baton Rouge Real Estate: How Is Park Forest East Subdivision Performing Into 2011, Increasing, Declining or Remaining Steady? Since the Federal Tax Credit Expiration in May 2010, the number of home sales has declined considerably. And, so has the number of foreclosures. With fewer sales and more foreclosures, this increases the percentage of the number of sales as foreclosures.

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

Baton Rouge Video Tours: Real Estate Market Report Of Villa Del Rey Subdivision 2011

Baton Rouge Real Estate Appraisal — Wed, 04 May 2011 02:36:28 +0000

http://www.appraisersinbatonrouge.com/ – Baton Rouge Real Estate: How Is Villa Del Rey Subdivision Performing Into 2011, Increasing, Declining or Remaining Steady?

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

Baton Rouge Real Estate Videos: Even Highland Creek Is Correcting Downward into 2011

Baton Rouge Real Estate Appraisal — Tue, 03 May 2011 02:07:34 +0000

http://www.accuratevg.com/ – Baton Rouge Real Estate Videos: Even Highland Creek Subdivision Is Correcting Downward into 2011. 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. 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.

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

Prairieville Home Appraisals Reports On Les Chenier Subdivision 2011

Baton Rouge Real Estate Appraisal — Sat, 23 Apr 2011 22:30:36 +0000

http://www.facebook.com/ascrebuzz – Prairieville Home Appraisals Reports On Les Chenier Subdivision 2011. So far, only one (1) home sale in 2011, a foreclosure for $155,000.

I had a local real estate agent contact me last week asking for a update on Les Chenier Subdivision as there really hasn’t been much home sales activity in this development, but a development that has experienced some REO or foreclosure activity.

This development has puzzled me for several years as to how it climbed so high in home prices after Hurricane Katrina for these smaller homes. The Median Sales Prices from 2005 to 2010 climbed and then rightfully so corrected from $167,000, $186,000, $191,000, $195,250, $193,500, $180,000 and now one (1) distressed sale in 2011 for $155,000. It would appear that the $193,500 to $195,000 price range is high for Les Chenier, or about $117/sf. I’m just not sure that over $117/sf is really sustainable for Les Chenier interior lots (those homes not fronting McCrory Rd 1). And, I just posted a video report about the housing price corrections taking place in in this immediate market here: Ascension Parish Home Appraiser Charting Of Declining Housing Market 2008-2011

Total # 2010 Sales: 7
Average Sales Price: $191,964
Median Sales Price: $180,000
Average Sold Price: $111.60/sf
Average List To Sale Price Ratio: 98%
Average Days On Market: 85

FORECLOSURES.

Regarding REOs, 1 2010 sale was an REO and the 1 2011 sale was an REO or Real Estate Owned. According to Legal News, there have been 3 REO sales since 1/2010 being Lots 25, 29 & 90.

CURRENT LISTINGS: ZERO FORECLOSURES!

There are currently 6 listings from $179,900 up to $210,900 or $114/sf up to $126/sf, which some are priced high and certainly not priced according to the correction in home prices taking place in this market. In fact, if one examines the 2007 to 2009 highs in the market on that chart above, the average sold prices per sq. ft. were $116.51/sf, $119.53/sf and $115.38/sf. So, why in 2011, when the market isn’t as strong, are there homes listed above the previous highs, homes listed at $120/sf, $125/sf, $126/sf and $126/sf? Of all 6 listings, all are Active and none are Pending.

Keep Up With Ascension Parish Real Estate Buzz on Facebook!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to April 23, 2011. This information was extracted on 4/23/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

Top Subdivision Entrance Photo Is Courtesy of Homes Of Baton Rouge Blog: http://www.homesalesofbatonrouge.com/

Author’s Bio:

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).

Home Sales Report For Week of April 22, 2011 Greater Baton Rouge

Baton Rouge Real Estate Appraisal — Sat, 23 Apr 2011 18:18:39 +0000

http://www.batonrougerealestatebuzz.com/ – Greater Baton Rouge Housing Update For Week of April 22, 2011 (From April 16-22, 2011). This report covers the primary four (4) Parishes that make up Greater Baton Rouge Real Estate.

ASCENSION PARISH

SOLDS:

5 from $67,000 to $229,900, Average Sales Prices $168,180 or $99.98/sf, Median Sales Price $185,000, Average Days On Market 41.

LISTINGS:

Currently Actives Total: 744 $234,268 Average Listing Price and Median Price $198,200.

Currently Pending: 246 $194,128 Average Listing Price and Median Price $174,975.

New Listings: 40 With Average Listing Price of $195,992, Median Listing Price of $169,900

Pending Listings: 39 With Average Listing Price of $202,851, Median Listing Price of $189,000

Withdrawn Listings: 13 With Average Listing Price of $259,753, Median Listing Price of $224,900

Expired Listings: 7 With Average Listing Price of $155,673, Median Listing Price of $129,000

EAST BATON ROUGE PARISH

SOLDS:

42 from $21,900 to $575,000, Average Sales Prices $222,343 or $102.28/sf, Median Sales Price $187,000, Average Days On Market 123.

LISTINGS:

Currently Actives Total: 2695 $247,876 Average Listing Price and Median Price $176,900.

Currently Pending: 613 $209,906 Average Listing Price and Median Price $167,900.

New Listings: 133 With Average Listing Price of $220,158, Median Listing Price of $175,000

Pending Listings: 102 With Average Listing Price of $203,939, Median Listing Price of $169,450

Withdrawn Listings: 18 Average Listing Price $184,066, Median Listing Price of $142,500

Expired Listings: 23 With Average Listing Price of $468,832, Median Listing Price of $214,900

WESTERN LIVINGSTON PARISH

SOLDS:

19 from $22,500 to $448,000, Average Sales Prices $124,242 or $74.59/sf, Median Sales Price $89,000, Average Days On Market 74.

LISTINGS:

Currently Actives Total: 778 $193,809 Average Listing Price and Median Price $159,900.

Currently Pendings: 171 $151,976 Average Listing Price and Median Price $148,000.

New Listings: 37 With Average Listing Price of $186,735, Median Listing Price of $153,900

Pending Listings: 21 With Average Listing Price of $159,738, Median Listing Price of $146,900

Withdrawn Listings: 15 Average Listing Price $162,826, Median Listing Price of $147,500

Expired Listings: 17 With Average Listing Price of $170,894, Median Listing Price of $167,900

WEST BATON ROUGE PARISH

SOLDS:

1 for $179,700 or $127/sf, Median Sales Price $179,700, Average Days On Market 267.

LISTINGS:

Currently Actives Total: 109 $196,436 Average Listing Price and Median Price $186,300.

Currently Pending: 21 $186,897 Average Listing Price and Median Price $185,900.

New Listings: 3 Average Listing Price of $204,900, Median Listing Price of $134,900

Pending Listings: 2 Average Listing Price of $175,900, Median Listing Price of $175,900

Withdrawn Listings: 1 Average Listing Price $49,900, Median Listing Price of $49,900

Expired Listings: 1 With Average Listing Price of $195,000, Median Listing Price of $195,000

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of April, 16, 2011 to April 22, 2011. This information was extracted on 04/23/2011.

Author’s Bio:

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).

Baton Rouge’s Accurate Valuations Group Reports On Weekly Housing Numbers April 15, 2011

Baton Rouge Real Estate Appraisal — Sat, 16 Apr 2011 12:29:30 +0000

http://www.batonrougerealestatebuzz.com/ – Greater Baton Rouge Housing Update For Week of April 15, 2011 (From April 9-15, 2011). This report covers the primary four (4) Parishes that make up Greater Baton Rouge Real Estate.

Ascension Parish

Solds: 9 from $86,700 to $385,000, Average Sales Prices $186,403 or $100.32/sf, Median Sales Price $137,500, Average Days On Market 59.

Listings:

Currently Pending: 229 $191,106 Average Listing Price and Median Price $172,500.

New Listings: 48 With Average Listing Price of $197,932, Median Listing Price of $174,950

Pending Listings: 39 With Average Listing Price of $195,857, Median Listing Price of $189,000

East Baton Rouge Parish

Solds: 31 from $5,500 to $1,054,000, Average Sales Prices $216,768 or $106.51/sf, Median Sales Price $161,000, Average Days On Market 96.

Currently Pending: 585 $208,328 Average Listing Price and Median Price $166,000.

New Listings: 120 With Average Listing Price of $268,194, Median Listing Price of $186,000

Pending Listings: 100 With Average Listing Price of $208,382, Median Listing Price of $165,000

Western Livingston Parish

Solds: 10 from $29,000 to $455,000, Average Sales Prices $189,525 or $97.54/sf, Median Sales Price $168,500, Average Days On Market 98.

Currently Pending: 177 $149,140 Average Listing Price and Median Price $147,900.

New Listings: 31 With Average Listing Price of $175,716, Median Listing Price of $168,900

Pending Listings: 24 With Average Listing Price of $120,687, Median Listing Price of $127,950

West Baton Rouge Parish

Solds: 4 from $51,500 to $226,000, Average Sales Prices $166,600 or $106.33/sf, Median Sales Price $194,450, Average Days On Market 68.

Currently Pending: 21 $187,983 Average Listing Price and Median Price $193,000.

New Listings: 0

Pending Listings: 1 Listing Price of $124,900

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of April, 9, 2011 to April 15, 2011. This information was extracted on 04/16/2011.

Author’s Bio:

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).

Are Baton Rouge Home Sales Stalling Under $140K Range? Reason Low Appraisals?

Baton Rouge Real Estate Appraisal — Tue, 05 Apr 2011 02:16:13 +0000

http://www.batonrougerealestatetrends.net/ - Are Greater Baton Rouge Home Sales Stalling In The Under $140K Range? This is a post below I made to the Baton Rouge Real Estate Buzz Facebook Page Group on April 4, 2011.

I’m noticing a trend in the $100K to $140K range where home sales have slowed, if not stalled. I’m reading about mortgages drying up for some. I’m looking at a 1004MC or Market Conditions Form right now in 70810 Area 53 where 12 months ago there were 17 sales and 2 months supply and in First Quarter 2011 only 1 sale in current 3 month quarter and 49 month supply. Of course, Baton Rouge home sales aren’t totally stalled for all price ranges, but for the under $140K range, there certainly has been a slowdown and increase in supply. Here’s the recent examples below.

This 1004MC or Market Conditions Report Based On Sub-Market Solds and Listings For an overbuilt home in Hermitage Subdivision, but using 1,200sf to 2300sf lowered price homes as comps in Area 53. From 17 sales 12 months ago to only 1 in current 3 months. Months supply of inventory 12 months ago was 21 months and currently it’s 48 months. Median sales price appeared to remain stable. It actually increased, BUT trend is not called just based on 1 sale.

SAME TREND IN DENHAM SPRINGS FOR 2 HOMES. I saw this exact same trend in Denham Springs last week. A couple purchased a home for $141K in 2007, surely a Post Katrina high price, and it appraised in low $130s in 2011 due to expected market correction. There was going to be a correction! 1004MC or Market Conditions Data showed 8 sales and 9 month supply 12 months ago and only 2 sales and 36 month supply in current 3 month period. In this case, median sales prices had declined, corrected.

This 1004MC Based On Sub-Market Solds and Listings For a 1,500sf 40 yr old home in South Woodcrest Subdivision. From 9 sales 12 months ago to only 1 in current 3 months for past 2 quarters. Months supply of inventory 12 months ago was only 4 months and currently it’s 45 months. Median Sales Price was $128,450 12 months ago and is now $124,125, a dip of -3.4%. Also, the Median Sold Days On The Market increased from 76 days 12 months ago to 191 in Q1 2011 .

This 1004MC or Market Conditions Report Based On Sub-Market Solds and Listings For a 1,150sf 40 yr old home in Sara Estate Subdivision. From 9 sales 12 months ago to only 1 in current 3 months for past 2 quarters. Months supply of inventory 12 months ago was only 4 months and currently it’s 45 months. Median sales price appeared to remain stable.

The Positive In The Market! I do know there is a lot of positive chatter from local Real Estate Agents on FB on the uptick in home buyer interest….and that’s a positive for the market.

PART OF THE REASON FOR “LOW APPRAISALS”. As home appraisers, the Big Banks are really concerned about Collateral Risk and want to know much more about the markets they lend in from the home appraisal. This is why today’s home appraiser works a couple of hours longer on each report to deliver all of this extra data, to better understand the markets they operate in and apply market based adjustments, whether those adjustments support a purchase agreement or not. Stats like I’m reporting here aren’t obvious on the surface when it comes to pricing a home for a listing BUT are made more transparent at appraisal time. Such stats as 45 months supply, declining median sales prices and average days on the market of 191 days do influence the final outcome on an appraisal and helps the lender make the decision as to if they are going to take the risk to lend in a market. Underwriters can choose to “cut” the appraised value.

In my opinion, sometimes a “Low Appraisal” isn’t really a low appraisal but more of a reflection on the reality in that market at that time period. And, that period of time could be months and months after that Agent’s sign went into the ground in front of that home. Markets Change! After all, if the market indicators above in the 1004MC were known to only the Appraiser and not known by the Agent marketing the home, then can you now see how and why appraisers are armed with more knowledge of market interaction? And, in the case where median sales prices were declining, can you see how that if this is not known by listing agents the trouble this causes at appraisal time? This is the newer depth of market analysis we appraisers are seeing in the markets we operate in AND the market analysis the average real estate agent is not seeing in the same market. Can you understand now why Fannie Mae, Freddie Mac, FHA, RD, VA and Banks want appraisers looking at these numbers more closely? I as a home appraiser certainly can.

Sometimes low appraisals happen because the overpriced listing was based on what the seller wanted versus pricing that home based on market support. Sometimes low appraisals happen because the home wasn’t properly measured and may be smaller than stated. There is supposed to be a real estate professional measure each listing based on the National ANSI Standards, whether that person be the actual Agent, their team or an appraiser. Sometimes low appraisals happen because excessive seller paid concessions were not deducted from the comps used by Agent to establish the listing price. Fannie Mae instructs appraisers to deduct excessive seller paid concessions and expects Agents to do the same at listing time. And, when the comps or solds used in the appraisal state seller paid concessions of $6,000 to $8,000 to $10,000 to $12,000, then those excessive concessions will be deducted from those comps. If typical is $3,000, then in the example above, -$3000, $-5000, -$7,000 and -$9,000 will be deducted to bring these comps back down to market normalcy! Fannie Mae, FHA and lenders know that when there is no “skin-in-the-game” or downpayment, they are more likely to get that home back. And, there are some P.A.’s written to utilize excessive seller paid concessions to get people into housing. It’s as if the regulations are asking the appraisers to help correct this situation in the market.

A Decrease In Mortgage Lending In These Price Ranges? Is there a decrease in mortgage lending in these price ranges or just harder to qualify for a mortgage loan….or both?

Zachary La Real Estate: Success of Windsor Place Creates Demand For Second Filing

Baton Rouge Real Estate Appraisal — Mon, 28 Mar 2011 11:48:58 +0000

http://www.zacharylouisianarealestate.info/ – Zachary La Real Estate Minute: Windsor Place Subdivision 2010-2011 Report. With a marketing time period or average days on the market of only 31 in 2010 and 39 in 2011, clearly the market wants more of this housing! Since 6/1/2010 in Zachary and excluding Windsor Place home sales, the average days on market has been 140 days for other builders!

Metra Area Home Builder, DSLD Homes, has found a sweet spot in the Zachary market! In approximately one year, DSLD has filled up the first filing with new homes…new homes the market likes and wants at affordable pricing! This is the same company, or partners, that purchased approximately $10,000,000 in lots in Ascension Parish in the past two years! DSLD is meeting a need in the Greater Baton Rouge housing market by building larger homes locals can afford!

Here’s My Video Posted On March 28, 2010, 1 Year To The Day!

Here’s My Video Posted On 3/27/2011 of Windsor Place

Total # 2010 Sales: 18
Average Sales Price: $189,548
Median Sales Price: $187,000
Average Sold Price: $97.22/sf
Average Days On Market: 31

Total # 2011 Sales Year-To-Date: 15
Average Sales Price: $194,120
Median Sales Price: $190,300
Average Sold Price: $94.13/sf
Average Days On Market: 39

That is $178,500 to $202,000 or $90/sf to $107/sf for homes in the 1,692sf to 2,241sf size range. And, it appears there is such demand for these specific homes that that 2nd filing has been cleared for more new homes in Windsor Place. Right now, no where else in the Zachary La housing market is this success taking place. Marshall Bond development is the closest runner up.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS® \MLS for the period of January 1, 2010 to March 25, 2011. This information was extracted on 03/25/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart!

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).

Baton Rouge Home Appraisal Trends: Prairieville Housing Market Update

Baton Rouge Real Estate Appraisal — Mon, 28 Mar 2011 10:51:27 +0000

http://www.batonrougerealestateappraisal.com/ – Ascension Parish Prairieiville La Home Sales Trends: Manchac Crossing 2005-2010 Home Sales Report

Total # 2010 Sales: 6
Average Sales Price: $236,700
Median Sales Price: $233,500
Average Sold Price: $117.25/sf
Average List To Sale Price Ratio: 96%
Average Days On Market: 62

One 2011 Sale $205,000 or $124/sf. It appears Manchac Crossing Median Sales Prices are continuing to Decline from 2008 highs of $242,750. Median Prices since 2006 have been $218,000, $219,950, $242,750, $237,500, $233,250 and now $205,000 in 2011. So, there was the rise in prices after Hurricane Katrina, then the deflating of the market!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to March 25, 2011. This information was extracted on 03/25/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

Baton Rouge Housing Trends: Woodstone Estates 2005-2010 Home Sales Report

Baton Rouge Real Estate Appraisal — Sun, 27 Mar 2011 11:22:07 +0000

http://www.homeappraisalsbatonrouge.com/ – Baton Rouge Housing Trends: Woodstone Estates 2005-2010 Home Sales Report

Total # 2010 Sales: 11
Average Sales Price: $385,127
Median Sales Price: $384,900
Average Sold Price: $116.37/sf
Average List To Sale Price Ratio: 96%
Average Days On Market: 132

One 2011 Sale $389,000 or $129/sf. It appears Woodstone Median Sales Price Is Increasing Again. Median Prices since 2007 have been $462,600, $417,450, $315,000, $384,900 and now $389,000 in 2011. So, there was the rise in prices after Hurricane Katrina, then the deflating of the market and now this specific market appears to be on the rise!

West Baton Rouge Home Appraisers VIDEO: Missouri Acres Addis Report For 2009-2010

Baton Rouge Real Estate Appraisal — Wed, 16 Feb 2011 14:46:07 +0000

http://www.westbatonrougeappraiser.com/ – West Baton Rouge Home Appraisers VIDEO: Missouri Acres Subdivision in Addis Louisiana Report For 2009-2010

In Missouri Acres in 2009-2010, the median sales price for the 5 GBRMLS sales was $238,000 with an average sold price of $119.64/sf. The low to high sales prices were $219,000 to $258,000. However, this market is very slow and the days on the market it takes to sell a home has been increasing over the past two (2) years above the $225,000 price ranges.

West Baton Rouge Real Estate Appraisers is an information source provided by local West Baton Rouge Parish Home Appraiser, Bill Cobb, and Accurate Valuations Group West. Bill has 20 years experience as a residential appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! Some of the videos on this site are housing market updates provided by Bill himself and others are videos of local homes for sale by area Agents.

http://www.batonrougerealestatebuzz.com/ is also a helpful resource for local West Baton Rouge Real Estate Buzz!

While Baton Rouge Real Estate Trends Dot Net reports on the broad or macro Greater Baton Rouge Housing Markets, Baton Rouge Market Metrics Dot Com reports on the individual subdivisions within the four (4) local Parishes that make up the Greater Baton Rouge Housing Market.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 02/13/2011.

Greater Baton Rouge Housing Trends For January 2011 Residential Sales Update

Baton Rouge Real Estate Appraisal — Fri, 11 Feb 2011 14:09:01 +0000

http://www.homeappraisalsbatonrouge.com/ – Greater Baton Rouge Housing Trends For January 2011 Residential Sales Update!

Ok, we know from the recent LREC release that in all of 2010, the number of home sale was down -7.3%. Total home sales volume was down -5.2%. And, that the “Average Sales Price”, which I am not a fan of reporting on, rose 2.3% from $197,587 in 2009 to $202,138 in 2010. To find out why I’m not a fan of using Average Sales Price, see this explanation under “AVERAGE SALES PRICE IS NOT INDICATOR WHAT WE SHOULD BE RELYING ON! .

WHAT INDICATIONS CAN WE DRAW FROM JANUARY 2011 NUMBERS? So, with 2010 being a down year for the number of home sales, how did January 2011 perform to give us an indication of what 2011 might result in?

On Facebook in 2011, there’s been a lot of positive comments from local Agents about the uptick in Agent showings and buyer interest. Is that translating into actual increase in the number of home sales?

Number Of Home Sales Down 9%. January home sales were down 9% from 2010 with 328 total sales recorded for the first month of the year versus 360 for January 2010.

No Improvement In Number Of Sales By Parish. There was no improvement in the number of home sales for ALL four local Parishes. Ascension had 73 sales in 2010 versus 72 in 2011, down 1%. East Baton Rouge had 206 sales in 2010 versus only 183 in 2011, down 11%. Livingston had 74 sales in 2010 versus 66 in 2011, down 11%. And, West Baton Rouge had 7 sales in 2010 versus 7 in 2011, unchanged.

Average Sales Price Unchanged. Average home sales prices were up 0.61% from 2010 $188,529 to $189,688 for 2011.

Median Sales Price Up 2.5%. Median home sales prices were up 2.5% from 2010 $164,850 to $168,950 for 2011.

Average Sales Price Per Sq. Ft. Down 2.3%. Average home sales prices per square foot was down 2.3% from $99.70/sf in 2010 versus $97.40 in 2011.

Days On Market Increased. Marketing time periods also increased in 2011 to an average of 103 days versus 92 days in 2010

Number of Existing Home Sales Down, Prices Up Just Slightly. Existing home sales made up 79% or 259 of the total sales recorded with an average sales price of $189,356, median sale price of $159,900. In 2010, Existing home sales made up 76% or 274 of the total sales recorded with an average sales price of $185,144 and median sale price of $159,450. So, the 2011 average sales price is up 2.3% while the median sales price was virtually unchanged.

Number of New Home Sales Down, Prices Up. New home sales made up 21% of the total sales recorded. There were 69 new homes sold in 2011 with an average sales price of $202,197 and median sales price of $179,900 versus 86 in 2010 with and average sales price of $199,313 and median sales price of $176,598.

Number of Foreclosure Sales Up 15%, Prices Down! Bank sales were up 15% from the prior year and average bank sales prices were up 21%. Average REO Sales Prices in 2010 were $113,265 versus only $106,247 in 2011. There were 60 “REO” sales in 2011 versus 52 in 2010.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to January 1, 2011. This information was extracted on 02/11/2011. Source For Quarterly Indicators chart is LREC.

Search Parameters were Ascension, Livingston, East Baton Rouge and West Baton Rouge Parishes, All property types except Manufactured Housing and All ages.

Tags: Ascension Parish Real Estate, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Agents, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Livingston Parish Real Estate, West Baton Rouge Parish

Greater Baton Rouge Housing Trends: Indepth Look At 2010 Home Sales Numbers

Baton Rouge Real Estate Appraisal — Tue, 08 Feb 2011 16:51:29 +0000

http://www.batonrougemarketmetrics.com/ – Greater Baton Rouge Housing Trends: Indepth Look At 2010 Home Sales Numbers

The LREC or Louisiana REALTORS are reporting on comprehensive housing numbers for 2010, including 4th quarter 2010. So, the source for this report and charts and graphs is LREC.

NUMBER OF SALES DOWN 7.3%. Overall, the number of Greater Baton Rouge Home Sales was down 7.3% for 2010. Total volume for 2010 was 5,708 versus 6,160 for 2009.

AVERAGE SALES PRICE. The average home sales price increased in 2010 to $202,138 vs $197,587 for 2009. This would appear to be due to strong local employment numbers of 355,797 in 2010 versus 354,044 in 2009. However, the Baton Rouge Business Report just reported this morning that “B.R. home price index drops for fifth month running“. So, according to the CoreLogic Home Price Index for Louisiana, Baton Rouge home prices are continuing to correct to the downside, not the upside, and I would agree. And, a look at the median sales prices would be more helpful than average sales prices since average sales prices can include homes from $10,000 up to $3,000,000 – outliers.

SOME IMPROVEMENT. Not all areas are declining though, but marketing time periods are well over 6 months. I’m appraising the 2011 St. Jude Dream Home in Prairieville and the general market of competing solds and listings is showing a rising median sales price, but very long marketing time periods of well over 6 months. Some homes in one local high end development on Highway 73 in Prairieville have been on the market since 2008 without selling.

AVERAGE DAYS ON MARKET. The average days on market remained almost unchanged at 90 days in 2010 versus 91 in 2009.

Greenwell Springs Central LA Home Appraisers: Bellingrath Lakes 2010 Price Trends

Baton Rouge Real Estate Appraisal — Sun, 16 Jan 2011 02:22:10 +0000

http://www.batonrougehomeappraisal.com/ – Greenwell Springs Central LA Appraisers: Bellingrath Lakes Sudivision 2010 Price Trends Wrap Up!

Overall, there were nine (9) 2010 sales which brought the median sales price higher than 2009′s $304,400 and higher than 2008′s $294,500. In 2010 as compared to 2009, the Average Sales Price has declined 7.8%, Median Sales Price increased 3.5% and Average Sold Price Per Sq. Ft. declined $4.48/sf. There is one (1) foreclosure noted on Lake Stream Drive. And, that unfinished home that sat vacant for about 1 year or more was sold in 2010 for $148,000, an MLS sale, and is being finished. NOTE: If you are considering purchasing a home in Bellingrath Lakes and don’t want to pay too much, I would advise one to order a “Pre-Purchase Appraisal” from Accurate Valuations Group as there are at least two (2) current listings in Bellingrath Lakes well above market support.

Solds In Bellingrath Lakes Subdivision from 1/1/2010 to 12/31/2010 revealed:

Average Sales Price: $293,700 ($318,550 in 2009)
Avg Sold $ Per Sq. Ft.: $119.27/sf ($123.75/sf in 2009)
Median Sold Price: $314,900 ($304,400 in 2009)
Number of “MLS” Sales: 9 (6 in 2009)
Average Number of Days On Market: 102 (188 in 2009)
Low To High: $155,000 to $162,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 4, 0 Are Foreclosures
Current Listings Prices: $285,000 to $379,000 or $120/sf to $149/sf. NOTE: The $142/sf listing on Bellingrath Lakes Ave, not on the lake, is grossly overpriced for this market based on the numbers or support above.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 1/10/2011. Yes, this appraiser has obtained permission from GBRAR MLS to use the above pricing chart!

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, Central City, Central La, Greenwell Springs, Bellingrath Lakes

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

Baton Rouge Real Estate Appraisal — Thu, 06 Jan 2011 14:07:51 +0000

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets! Greenwood Estates Median Sales Price Dives by 28.7% In 2010 Due To Three Foreclosures! The 2009 median sales price was $148,000, 2010 was $105,500!

Solds In Greenwood Estates Subdivision from 1/1/2010 to 12/31/2010 revealed:

Average Sales Price: $111,483 ($147,833 in 2009 or -24.59%)
Avg Sold $ Per Sq. Ft.: $64.07/sf ($89.31/sf in 2009 -28.26%)
Median Sold Price: $105,500 ($148,000 in 2009 -28.7%)
Number of “MLS” Sales: 6 (3 in 2009)
Average Number of Days On Market: 136 (218 in 2009)
Low To High: $64,000 to $159,900
Number of Sold REO/Foreclosures Noted In MLS: 3
Current # Listings: 4, 0 Foreclosures, 1 Third Party Listing
Current Listings Prices: $127,900 to $149,000 or $78/sf to $90/sf.

So, in Greenwood Estates in 2010, it safe to state that Foreclosures Are A Part Of The Baton Rouge Housing Market!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 1/5/2011. Yes, this appraiser does have the permission of the GBRAR MLS to use the chart above.

Tags: Baton Rouge Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Trends,

Baton Rouge Housing Trends: Sherwood Forest Median Sales Price Up 9.7% In 2010!

Baton Rouge Real Estate Appraisal — Tue, 04 Jan 2011 13:52:44 +0000

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing Trends: How Did Sherwood Forest Finish 2010? Sherwood Forest Median Sales Price Increases by 9.7% In 2010! And, this increase was somewhat subdued by the reported 11 GBRMLS foreclosure sales in Sherwood Forest in 2010.

Sherwood Forest Subdivision is possibly the second largest housing development within the Baton Rouge housing market. An indepth examination of the Sherwood Forest Housing Trends can tell us a great deal about the overall Baton Rouge Housing Market!

Solds In Sherwood Forest Subdivision from 1/1/2010 to 12/31/2010 revealed:

Average Sales Price: $183,400 ($171,976 in 2009 or +6.6%)
Avg Sold $ Per Sq. Ft.: $74.91/sf ($73.35/sf in 2009 +2.1%)
Median Sold Price: $181,000 ($165,000 in 2009 +9.7%)
Number of “MLS” Sales: 52 (87 in 2009)
Average Number of Days On Market: 133 (126 in 2009)
Low To High: $75,000 to $342,000
Number of Sold REO/Foreclosures Noted In MLS: 11
Current # Listings: 57, 5 Foreclosures, 2 Short Sales
Current Listings Prices: $99,000 to $319,987 or $43/sf to $102/sf.

Recap: In 2010 as compared to 2009, the Average Sales Price increased by 6.6%, Median Sales Price increased by 9.7% and Average Sold Price Per Sq. Ft. increased by 2.1% or +$1.56/sf. The number of home sales were down from 87 in 2009 to 52 in 2010, down 40%, which is the same trend for the Baton Rouge home sales in general post Federal Tax Credit Expiration. But also note that the 2009 home sales of 87 could have been artificially propped up because the Federal Tax Credit was in place in 2009.

Hurricane Gustav Effect. I still believe that Hurricane Gustav applied a pschological punch to the Broadmoor and Sherwood Forest Markets after September 2008. The tree damage was enormous and in some cases it took up to two weeks to get utilities restored. It was a hot, humid and miserable two weeks for local residents, emotionally draining. In 2008, the median sales price was $175,000 based on 88 sales (high because of sales in earlier 2008 prior to the Hurricane), but then in 2009, the median sales price dropped 5.7% down to $165,000 based on 87 2009 sales. 2010 was the recovery year for home prices!

Oversupply Problem. There is still generally an oversupply of “58″ current MLS listings and that doesn’t include the many FSBO Listings. And, some listings are overpriced in this market….listings priced at $102/sf in Sherwood Forest in very high considering that the average buyer only paid $74.91/sf in 2010. If you’re considering a purchase of a Sherwood Forest home where the listing price is above $74.91/sf, I would strongly recommend a Pre-Purchase Home Appraisal from Accurate Valuations Group to ensure you don’t overpay in this older market. However, this oversupply problem has persisted since after Hurricane Gustav and the market hasn’t seem to mind dealing with this situation – hasn’t discounted this market because of the ample supply.

Foreclosures Are A Part Of The Baton Rouge Housing Market! While 2010 was the recovery year for home prices in Sherwood Forest, it was also a year for locals to deal with a significant foreclosure and short sale situation! Part of these are from those who purchased temporary Hurricane Katrina housing. I’m working on an appraisal right now where the New Orleans residents with a large family purchased 2 homes in Sherwood Forest on the same street and one of those homes in heading toward foreclosure.

According to GBRMLS, there were 11 GBRMLS reported foreclosure sales in 2010. Currently, according to GBRMLS, there are 5 foreclosure listings and 2 short sale listings. So, foreclosures are still a significant part of the Baton Rouge Housing Market! These 7 distressed listings in comparison to the 52 total sales in Sherwood Forest in 2010 make up 13% of that total.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to December 31, 2010. This information was extracted on 1/3/2011.

FHA Appraisers In Ascension Parish: The Lakes At St Amant Sudivision 2010 Price Trends

Baton Rouge Real Estate Appraisal — Tue, 04 Jan 2011 12:57:00 +0000

http://www.ascensionrealestateappraisers.com/ – FHA Appraisers In Ascension Parish: The Lakes At St Amant Sudivision 2010 Price Trends. Overall lower indicators based on a continued market correction from post Hurricane Katrina 2007 Highs. In 2007, the average sales price was $221,000 and in 2010 it was $206,181! In 2010 as compared to 2009, the Average Sales Price is down 3.4%, Median Sales Price is down 5.6% and Average Sold Price Per Sq. Ft. is down 5.9%.

Solds In The Lakes At Saint Amant Subdivision from 1/1/2010 to 12/31/2010 revealed:

Average Sales Price: $206,181 ($213,317 in 2009 or -3.35%)
Avg Sold $ Per Sq. Ft.: $96.36/sf ($102.41/sf in 2009 -5.9%)
Median Sold Price: $203,900 ($215,950 in 2009 -5.6%)
Number of “MLS” Sales: 9 (6 in 2009)
Average Number of Days On Market: 150 (101 in 2009)
Low To High: $191,000 to $229,900
Number of Sold REO/Foreclosures Noted In MLS: 1 Short Sale
Current # Listings: 2, 1 Is A Foreclosure
Current Listings Prices: $149,000 to $235,000 or $75/sf to $98/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 31, 2010. This information was extracted on 1/3/2011. Yes, this appraiser has obtained permission from GBRAR MLS to use the above pricing chart!

Baton Rouge Homes: Millbrook Subdivision 2010 Home Sales Price Trends

Baton Rouge Real Estate Appraisal — Sun, 02 Jan 2011 04:30:21 +0000

http://www.batonrougerealestateappraisal.com/ – Baton Rouge Homes: Millbrook Subdivision 2010 Home Sales Price Trends

Solds In Millbrook Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $229,300 ($254,000 in 2009)
Average Sold Price Per Sq. Ft.: $125.23/sf ($120.97/sf in 2009)
Median Sold Price: $235,000 ($254,000 in 2009)
Number of Sales: 3 (2 in 2009)
Average Number of Days On Market: 109 (100 in 2009)
Low To High: $215,000 to $238,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 1, 0 Are Foreclosures
Current Listings Price: $226,000 or $128/sf (Notice this listing is generally priced $7/sf above 2010 support in Millbrook)

For the numbers above, one must keep in mind the sizes of the homes sold. In 2009, there were 2 homes sold averaging 2,103sf living area size. The 3 2010 solds averaged 1,831sf, 272sf smaller than the 2009 solds. Thus, it would make sense for the 2009 median sales price to be higher.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2010. This information was extracted on 1/1/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Baton Rouge Estate Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends,

Baton Rouge Housing Trends: Shenandoah Hills Subdivision 2010 Home Prices Increase

Baton Rouge Real Estate Appraisal — Sun, 02 Jan 2011 04:06:52 +0000

http://www.batonrougerealestateappraisers.net/ – Baton Rouge Housing Trends: Shenandoah Hills Subdivision 2010 Home Prices Increase!

Solds In Shenandoah Hills Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $146,357 ($133,260 in 2009)
Average Sold Price Per Sq. Ft.: $108.12/sf ($99.34/sf in 2009)
Median Sold Price: $149,500 ($132,500 in 2009)
Number of Sales: 7 (5 in 2009)
Average Number of Days On Market: 44 (48 in 2009)
Low To High: $129,900 to $152,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 3, 0 Are Foreclosures
Current Listings Price: $140,900 to $150,900 or $105 to $113/sf

The Median Sales Price has increased from $132,500 in 2009 and $144,000 in 2008 to $149,500 in 2010.

Tags: Baton Rouge Estate Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends,

Baton Rouge Real Estate: Camelot Subdivision 2010 Home Price Trends Declining

Baton Rouge Real Estate Appraisal — Sun, 02 Jan 2011 03:10:41 +0000

http://www.batonrougerealestateappraisal.com/ – Baton Rouge Real Estate: Camelot Subdivision 2010 Home Price Trends Declining

Solds In Camelot Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $180,949 ($184,741 in 2009)
Average Sold Price Per Sq. Ft.: $74.83/sf ($76.49/sf in 2009)
Median Sold Price: $181,500 ($189,000 in 2009)
Number of Sales: 6 (11 in 2009)
Average Number of Days On Market: 117 (133 in 2009)
Low To High: $140,000 to $228,000
Number of Sold REO/Foreclosures Noted In MLS: 2
Current # Listings: 1, 1 Is A Foreclosure
Current Listings Price: $148,000 or $64/sf

The Median Sales Price has declined from $189,000 in 2009 to $181,500 in 2010. The Average Sold Price Per Sq. Ft. has declined from $76/sf in 2009 to $75/sf in 2010 (rounded)!

Tags: Baton Rouge Estate Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Camelot

Baton Rouge Appraisers: Monticello Subdivisions Market Update For 2010 in 70814

Baton Rouge Real Estate Appraisal — Sat, 18 Dec 2010 12:49:37 +0000

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: Monticello Subdivisions Market Update For 2010 in 70814

I recently completed 2 home appraisal assignments in Monticello Subdivision this week, both on Monticello Boulevard, and noticed these observations. There appears to be some decline due to REO or foreclosure activity. The Average Sold Price Per Sq. Ft. is down $6/sf and Median Sales Price is down $5,000 from 2009 versus 2010. AND, 5 of the 12 Current Listings are Foreclosures with more at least 2 more foreclosures that could be on the market later in 2011.

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

Average Sales Price: $138,580 ($154,573 in 2009)
Average Sold Price Per Sq. Ft.: $85/sf ($91/sf in 2009)
Median Sold Price: $145,000 ($150,500 in 2009)
Number of Sales: 15 (20 in 2009)
Average Number of Days On Market: 64 (96 in 2009)
Low To High: $82,000 to $169,000
Number of Sold REO/Foreclosures Noted In MLS: 3 or 20% of All Sales
Current # Listings: 12, 5 Are Foreclosures or 42% of All Listings
Current Listings Prices: $89,900 To $175,000

The 15 sales in in this very large subdivision in 2010 versus the 20 in 2009 reflects the current slowdown 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: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Appraisers, Baton Rouge Estate Settlement Appraisers, Baton Rouge Home Appraisers, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Probate Appraisers, Baton Rouge Real Estate, Baton Rouge Real Estate Buzz, Baton Rouge Real Estate Minute, Baton Rouge Real Estate Trends

Windermere Subdivision Baton Rouge: How Are Values Doing in 2010?

Baton Rouge Real Estate Appraisal — Sun, 12 Dec 2010 04:50:05 +0000

http://www.gbrhousinganswers.com/ – Baton Rouge Housing Answers: Windermere Subdivision, How Are Values Doing in 2010? I performed a home appraisal in Windermere Subdivision this week and discovered the following housing numbers below.

Solds In Windermere Subdivision from 1/2010 to 12/09/2010 revealed:
Average Sales Price: $265,500 ($280,000 in 2009)
Average Sold Price Per Sq. Ft.: $130/sf ($127/sf in 2009)
Median Sold Price: $267,000 ($285,500 in 2009)
Number of Sales: 3 (4 in 2009)
Average Number of Days On Market: 46 (44 in 2009)
Low To High: $234,500 to $295,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 0

Overall, both the Average and Median Sold Prices are down for 2010, as illustrated above. The Median Sales Price in 2009 was $285,500 but only $267,000 in 2010. However, the Average Sold Price Per Sq. Ft. is UP $3/sf in 2010. If a local Agent were to list home today in Windermere, they would likely rely on the $130/sf figure, which would represent an increase from 2009.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 9, 2010. This information was extracted on 12/09/2010.

Tags: Appraisers Baton Rouge, Baton Rouge Estate Appraisers, Baton Rouge Estate Minute, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Probate Appraisers, Baton Rouge Real Estate, Baton Rouge Real Estate Agents, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends

Appraisers In Zachary Louisiana 70791: Lake Pointe Subdivision 2010 Update

Baton Rouge Real Estate Appraisal — Sat, 04 Dec 2010 09:27:43 +0000

http://www.zacharylouisianarealestate.info/ – Appraisers In Zachary Louisiana 70791: Lake Pointe Subdivision 2010 Update. There’s ups and downs to report for this higher end market!

Entrance Image Source: http://lakepointezachary.com/

Solds In Lake Pointe from 1/2010 to 12/03/2010 revealed:
Average Sales Price: $271,400 ($257,700 in 2009 =’s +$5.3%)
Average Sold Price Sq. Ft.: $121/sf ($117.44/sf in 2009 =’s +3%)
Median Sold Price: $252,000 ($265,000 in 2009 =’s -4.9% Decline)
Number of Sales: 5 (5 in 2009)
Average Number of Days On Market: 158 (129 in 2009)
Low To High: $236,000 to $360,000 ($204,000 to $330,000 in 2009)
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 1, 0 Are Foreclosures
Current Listings Prices: $279,900

WHY WE RELY ON MEDIAN SALES PRICE VERSUS AVERAGE SALES PRICE?

Median Sales Price is the barometer by which the National Association of Realtors utilizes to report on national housing markets. Average Sales Price tends to take all of the home sales prices from the lowest, say $50,000, to the highest, say $1,000,000, and state the average of them all, sometimes skewing the numbers because of the extreme highs and lows. Median Sales Price tends to focus more on the middle of where the bulk of home sales prices are taking place. Generally, the Average Sales Price is going to be higher because it includes the extreme high sales prices in a given market. Fannie Mae understands the problem with using Average Sales Price and now demands home appraisers perform the 1004MC or Market Conditions form based on narrower “sub-market” parameters for comp search. This means that on a 2,000sf home, appraisers would be searching for comps with say 200sf below and above 2,000sf, say 1,800sf up to 2,200sf with similar ages and other similar characteristics.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 3, 2010. This information was extracted on 12/03/2010.

Tags: Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, East Baton Rouge, Greater Baton Rouge, Zachary La, Zachary Louisiana, Lake Pointe, 70791

Ascension Parish Home Appraisers: Quail Creek Subdivision Numbers Improve in 2010!

Baton Rouge Real Estate Appraisal — Thu, 02 Dec 2010 13:57:54 +0000

http://www.ascensionrealestateappraisers.com/ – Ascension Parish Home Appraisers: Quail Creek Subdivision Numbers Improve in 2010! While the number of home sales is down 54%, the average sales price, median sales price and average sold price per sq. ft. are all up in 2010 based on 6 sales.

I’m currently working on a refinance appraisal on Lakeland Avenue in Quail Creek Subdivision and found the numbers below rather interesting.

Solds In Quail Creek from 1/2010 to 12/1/2010 revealed:
Average Sales Price: $284,383 ($241,281 in 2009)
Average Sold Price Per Sq. Ft.: $117.14/sf ($113.42/sf in 2009)
Median Sold Price: $285,200 ($250,000 in 2009 based on 13 sales)
Number of Sales: 6 (13 in 2009)
Average Number of Days On Market:131
Low To High: $217,900 to $350,000 (Sizes Vary from 1,790sf to 3,292sf)
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 4, 0 Are Foreclosures
Current Listings Prices: $225,000 To $309,900

NOTE: The GBRMLS Chart has not been updated and only includes “4″ of the “6″ sales taken place.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 1, 2010. This information was extracted on 12/01/2010.

Tags: Baton Rouge Estate Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate Buzz, Greater Baton Rouge Real Estate, Quail Creek, Ascension Parish Real Estate, 70769

Baton Rouge High End Homes Market September 2010 Better Than Expected!

Baton Rouge Real Estate Appraisal — Mon, 11 Oct 2010 16:28:42 +0000

http://www.batonrougerealestatetrends.net/ – Baton Rouge High End Homes Market September 2010 Better Than Expected!

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.