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.

Wedgewood Subdivision Market Direction: Up or Down?

Solds In Wedgewood from 1/1/2009 to 12/31/2009 revealed:
Average Sales Price: $174,372
Average Sold Price Per Sq. Ft.: $89/sf
Median Sold Price: $173,250
Number of Sales: 18
Number of Sold REO/Foreclosures Noted In MLS: 1

Solds In Wedgewood from 1/1/2010 to 04/23/2010 reveals:
Average Sales Price: $183,250
Average Sold Price Per Sq. Ft.: $90/sf
Median Sold Price: $181,500
Number of Sales: 4
Number of Sold REO/Foreclosures Noted In MLS: 0

Therefore, based on the median sale price barometer within Wedgewood, the market direction appears to be increasing from $173,500 in 2009 to $181,500 into 2010 or +4.76%, but only based on 4 sales so far into 2010. The sold price per sq. ft. differences between 2009 and 2010 is approximately an increase of $1.07/sf. 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.

Here’s A Snippet:

“An interesting housing market trend this Fall is the convergence of the Price of New Listings (new sellers entering the market) and Price of Listings Absorbed (sellers exiting the market). You can also see how sellers through the Spring and into the summer were more bullish about their ask prices as compared to the exit prices, with this convergence happening more recently in the Fall season:

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]]> http://www.batonrougerealestateappraisal.com/2009/11/altos-research-baton-rouge-real-estate-november-housing-market-update-nar-case-shiller-what-were-seeing/feed/ 2 http://www.batonrougerealestateappraisal.com/2009/07/la-realtors-report-good-news-for-baton-rouge-real-estate-in-july-2009/ http://www.batonrougerealestateappraisal.com/2009/07/la-realtors-report-good-news-for-baton-rouge-real-estate-in-july-2009/#comments Wed, 22 Jul 2009 05:30:09 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-real-estate-appraisal/la-realtors-report-good-news-for-baton-rouge-real-estate-in-july-2009/ http://www.batonrougefhaappraisers.com/ – LA Realtors Report Good News For Baton Rouge Real Estate In July 2009

LA Realtors reports Pending Home Sales Record Fourth Straight Monthly Gain, as directly quoted:

“Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the latest survey. The Pending Home Sales Index increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.” For more information, see the complete NAR news release.”