Baton Rouge Real Estate Appraisal » Solds

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 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/

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).

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).

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?

Baton Rouge Home Appraisal Blog: Azalea Lakes Subdivision 2009-2010 Update

Baton Rouge Real Estate Appraisal — Sat, 19 Feb 2011 05:47:46 +0000

http://www.homeappraisalsbatonrouge.com/ – Baton Rouge Home Appraisal Blog: Azalea Lakes Subdivision 2009-2010 Update. Both the Average and Median Sales Prices were DOWN by -2% and 3.4%in 2010, but the Average Sold Price Per Sq. Ft. was up by +$2.34/sf or 2%.

Solds In Azalea Lakes from 1/2010 to 12/31/2010 revealed:
Average Sales Price: $193,080 ($197,147 in 2009)
Average Sold Price Per Sq. Ft.: $117.61/sf ($115/sf in 2009)
Median Sold Price: $187,900 ($194,500 in 2009)
Number of Sales: 15 (14 shown on chart below)
Average Number of Days On Market: 82
Low To High: $165,000 to $255,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 5, 0 Are Foreclosures
Current Listings Prices: $179,900 To $379,900

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 2/17/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

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.

Baton Rouge Home Appraisal Video: 2010 Village St. George Subdivision Update

Baton Rouge Real Estate Appraisal — Fri, 04 Feb 2011 14:01:37 +0000

http://www.batonrougehomeappraisal.com/ – Baton Rouge Home Appraisal Video: 2010 Village St. George Subdivision Update

Solds In Village St George Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $125,857 ($126,909 in 2009)
Average Sold Price Per Sq. Ft.: $89.61/sf ($86.39/sf in 2009)
Median Sold Price: $129,000 ($123,000 in 2009)
Number of Sales: 21 (11 in 2009)
Average Number of Days On Market: 94 (67 in 2009)
Low To High: $79,000 to $160,000
Number of Distressed Sales Noted In MLS: “3″
Current # Listings: 11, 3 Are Distressed Listings
Current Listings Price: $89,900 to $149,900 or $61/sf to $120/sf

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to December 31, 2010. This information was extracted on 1/31/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Minute, Baton Rouge Garden District, 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 Realtor, Baton Rouge Realtors,

Baton Rouge Real Estate Appraisal Video: 2010 Monticello Subdivision Report

Baton Rouge Real Estate Appraisal — Fri, 04 Feb 2011 00:04:47 +0000

http://www.batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisal Video: 2010 Monticello Subdivision Report

Solds In Monticello Subdivision from 1/2010 to 12/31/2010 Home Ages 16-20 +revealed:

Average Sales Price: $133,350 ($154,573 in 2009)
Average Sold Price Per Sq. Ft.: $75.09/sf ($90.92/sf in 2009)
Median Sold Price: $145,000 ($150,500 in 2009)
Number of Sales: 12 (12 in 2009)
Average Number of Days On Market: 79 (130 in 2009)
Low To High: $82,000 to $168,500
Number of Distressed Sales Noted In MLS: “4″
Current # Listings: 12, 6 Are Distressed Listings
Current Listings Price: $64,900 to $185,000 or $50/sf to $96/sf

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to December 31, 2010. This information was extracted on 1/301/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Baton Rouge Real Estate Appraisal: Country Club Estates Home Sales Summary

Baton Rouge Real Estate Appraisal — Thu, 20 Jan 2011 08:25:46 +0000

http://www.homeappraisalsbatonrouge.com/ – Baton Rouge Home Appraisal Blog: 2010 Country Club Estates Home Sales Report

Country Club Estates is conveniently located near the center of Baton Rouge, near Bocage Area and generally within the Baton Rouge Garden District!

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

Average Sales Price: $155,650 ($154,000 in 2009)
Average Sold Price Per Sq. Ft.: $120.28/sf ($115.78/sf in 2009)
Median Sold Price: $158,500 ($155,000 in 2009)
Number of Sales: 5 (3 in 2009)
Average Number of Days On Market: 80 (48 in 2009)
Low To High: $131,900 to $177,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 3, 0 Are Foreclosures
Current Listings Price: $134,900 to $299,000 or $118/sf to $132/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 1/14/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Baton Rouge Home Appraisal Blog: What Recession? Capital Heights Home Prices Continue Increasing

Baton Rouge Real Estate Appraisal — Thu, 20 Jan 2011 02:22:24 +0000

http://www.homeappraisalsbatonrouge.com/ – Baton Rouge Home Appraisal Blog: Capital Heights Home Sales Prices Increasing

Older, well built Cottage style homes where the wood floors creek! Tree lined street where your neighbors actually know one another! This is Capital Heights. Stephanie Riegel with Baton Rouge Business Report wrote about this market in 2007 here, “Old Neighborhood, New Heights“. And, the home prices in this market, during a national economic recession, continue to increase!

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

Average Sales Price: $194,343 ($190,716 in 2009)
Average Sold Price Per Sq. Ft.: $148.88/sf ($131.99/sf in 2009)
Median Sold Price: $200,000 ($195,000 in 2009)
Number of Sales: 23 (29 in 2009)
Average Number of Days On Market: 110 (88 in 2009)
Low To High: $123,000 to $329,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 10, 0 Are Foreclosures
Current Listings Price: $159,900 to $319,900 or $116/sf to $201/sf

Tags: Baton Rouge Estate Minute, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Capital Heights, Baton Rouge Garden District, 70806

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

Home Appraisers In Prairieville La 70769: Manchac Place Subdivision Home Price Trends in 2010

Baton Rouge Real Estate Appraisal — Thu, 13 Jan 2011 14:36:45 +0000

http://www.ascensionrealestateappraisers.com/ – Home Appraisers In Prairieville La 70769: Manchac Place Subdivision Home Price Trends in 2010

Solds In Manchac Place from 1/1/2010 to 12/31/2010 revealed:

Average Sales Price: $292,618 ($290,000 in 2009)

Average Sold Price Per Sq. Ft.: $99.34/sf ($91.14/sf in 2009)

Median Sold Price: $293,900 ($290,000 in 2009)

Number of Sales: 11 (13 in 2009)

Average Days On Market: 125 (147 Days in 2009)

Low To High: $247,000 to $356,900

Number of Sold REO/Foreclosures Noted In MLS: 2 For $263K and $275K

Current # Listings: 7, 1 Foreclosure, 1 Short Sale

Current Listings Prices: $204,900 To $325,000, $85/sf to $122/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 1/11/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Ascension Parish Appraisers, Ascension Parish Real Estate, Baton Rouge Real Estate, Ascension Parish Real Estate Appraisers, Ascension Parish Home Appraisers, Prairieville La Home Appraisers, Prairieville La Real Estate Appraisers, Manchac Place

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!

Ascension Parish FHA Appraisers: Ronda Place Subdivision 2010 Home Sales Price Trends

Baton Rouge Real Estate Appraisal — Sun, 02 Jan 2011 16:08:56 +0000

http://www.ascensionrealestateappraisers.com/ – Ascension Parish FHA Appraisers: Ronda Place Subdivision 2010 Home Sales Price Trends. There were two (2) MLS sales and two (2) FSBO Sales in 2010. Overall sales prices are still increasing into 2011.

Home On Ronda Avenue

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

Average Sales Price: $157,950 ($144,967 in 2009)
Average Sold Price Per Sq. Ft.: $96.79/sf ($89.87/sf in 2009)
Median Sold Price: $157,950 ($149,900 in 2009)
Number of “MLS” Sales: 2 (3 in 2009)
Average Number of Days On Market: 37 (233 in 2009)
Low To High: $156,000 to $159,900
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 2, 1 Is A Foreclosure $116,900
Current Listings Prices: $116,900 to $199,900 or $75/sf to $81/sf.

The $116,900 listing on Aimee Drive has 1,566sf living area. The $199,900 lisitng is “contingent” or under contract with the buyer’s home waiting to sell and has 2,472sf living area.

LEGAL NEWS REPORTS 4 SALES. For Ronda Place Subdivision, Legal News reports four (4) total sales, two (2) FSBO Sales. Legal News reports that 17254 Eric Dr sold for $165,000 in February 2010. MLS history reports this home has 1,616sf 6/3/2 built in 1982 with a large 25×22 Workshop. So, this home sold for $102.10/sf.

Legal News also reports a sale of one of the smaller garden homes fronting Hwy 929 for $121,500 in November 2010, Lot 67-B. MLS History states this home to be 17230 La Hwy 929 having 1,200sf with 2 bedrooms, 1 bathroom and last sold for $99,900 in 12/2005. So, this home sold for $101.25/sf approximately. I use the word “approximately” because MLS uses the even “1200″ sf, meaning that the home might not even have been measured for the listing, which is a disturbing trend I’m seeing more of in Greater Baton Rouge Real Estate.

This is the Foreclosure Listing on Aimee Drive!

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 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

Baton Rouge Housing: Merrydale Subdivisions Market Update For 2010 in 70812

Baton Rouge Real Estate Appraisal — Sat, 18 Dec 2010 12:09:09 +0000

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: Merrydale Subdivisions Market Update For 2010 in 70812

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

Appraisers In Baton Rouge: Stevendale Heights Market Update For 2010

Baton Rouge Real Estate Appraisal — Sat, 18 Dec 2010 11:42:08 +0000

http://www.batonrougemarketmetrics.com/ – Stevendale Heights Market Update For 2010 in 70819

I recently completed a home appraisal assignment on Minden Street in Stevendale Heights on a larger than average 1,300sf home for this subdivision and noticed these observations. According to Legal News history, Stevendale Heights appears to experience a higher than average foreclosure or REO history. Just on Minden Street, there are currently 2 REOs or foreclosues in process, 2745 and 2766 Minden Street. And, 2739 Minden Street sold as an REO in May 2010. In fact, ALL 3 sales in 2010 were either REO or distressed in nature.

Solds In Stevendale Heights from 1/2010 to 12/17/2010 revealed:

Average Sales Price: $46,149 ($73,470 in 2009)
Average Sold Price Per Sq. Ft.: $38/sf ($53/sf in 2009)
Median Sold Price: $48,500 ($70,000 in 2009)
Number of Sales: 3 (10 in 2009)
Average Number of Days On Market: 129
Low To High: $30,000 to $59,948
Number of Sold REO/Foreclosures Noted In MLS: 3
Current # Listings: 7, 2 Are Foreclosures
Current Listings Prices: $52,000 To $87,000

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 17, 2010. This information was extracted on 12/17/2010. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Baton Rouge Appraisers, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Buzz, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Stevendale Heights

Baton Rouge Market Metrics: Homewood Subdivision 2010 Report

Baton Rouge Real Estate Appraisal — Thu, 16 Dec 2010 06:40:28 +0000

http://www.batonrougemarketmetrics.com/ – Baton Rouge Market Metrics: Homewood Subdivision 2010 Report!

Homewood Subdivision is very conveniently located within the 70810 zip code and has home sizes ranging from 1,317sf up to 4,075sf, but most are in the 1,350sf to 1,500sf range. Since January 2007, home sales have ranged from $112,000 up to $178,500 with home sizes from 1,344sf up to 2,366sf. The average home is approximately 45 years old as the first filing was approved by East Baton Rouge Parish Zoning in 1959 with construction of some homes between 1961 to 1970. NOTE: There were no 2009 MLS sales in Homewood to use for comparison purposes in this blog post.

Difficult Appraisal Assignment. I’m currently appraising a home between 2,100sf and 2,200sf because of an addition, which is a very difficult assignment because most homes are 1350sf to 1500sf and the five (5) that sold in Homewood in 2010 were 1,344sf, 1,356sf, 1,364sf, 1,493sf and 1,626sf. These smaller homes mainly sold between $95/sf to $102/sf (1 REO sold or $75/sf). BUT, it would not be correct to compare homes that are 750 sq. ft. smaller than the home I’m appraising to 1,400sf homes. Nor would it be correct for an Agent to take that $95/sf to $102/sf and multiply it by subject’s 2,150sf living area to arrive at a listing price of say, $210,700. This means I have to mainly go outside of Homewood to find comparables, again, making this a very difficult assignment because there aren’t many subdivisions that compare in predominant prices and smaller sizes.

Part of the reason this larger home complicates matters in reporting is that Fannie Mae requires the 1004 MC or Market Conditions form as of March 2009 to be filled out, which reflects the “Sub-Market” comparison data. Sub-Market data would be data on both solds and listings comparable to a 2150sf home in this market, within reason and comparable to Homewood itself. As one can see above in the last 3 months, comparable home sales have plummeted, competing active listings have increased from 5 to now 12 and there’s now a “36″ month supply of competing homes on the market. 1 Year ago, there was only a 4.3 month supply. Can you see how this market is struggling now? However, BASED ONLY ON “1″ SALE IN THE CURRENT 3 MONTH PERIOD, that $160,000 sale reflected an increasing median sales price trend. I wouldn’t call it a new trend based on only 1 sale, but FNMA does and requires me to check the “increasing” property values box. Can you begin to see the difficulty in being a home appraiser within this market and assignment?

Solds In Homewood S/D from 1/2010 to 12/14/2010 revealed:
Average Sales Price: $134,500
Average Sold Price Per Sq. Ft.: $94/sf
Median Sold Price: $134,000
Number of Sales: 5
Average Number of Days On Market: 69
Low To High: $112,000 to $155,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 4, 1 Is A Foreclosure
Current Listings Prices: $124,900 To $270,000

Per GBRMLS, there have been two (2) REO or foreclosures in Homewood.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to December 15, 2010. This information was extracted on 12/15/2010.

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

2010 Comprehensive Greater Baton Rouge Foreclosure Numbers And Charts Released

Baton Rouge Real Estate Appraisal — Sun, 17 Oct 2010 16:04:44 +0000

http://www.batonrougerealestatetrends.net/ – 2010 Comprehensive Greater Baton Rouge Foreclosure Numbers and Charts Released

East Baton Rouge Foreclosure Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 12% of sales YTD; 2009 Foreclosures totaled 11%. 7% of all EBR MLS Listings are Foreclosures! Foreclosures are negatively impacting this market.

Where Are The 2010 East Baton Rouge Foreclosures Concentrated?

AREA 11 FORECLOSURES, Primarily Baker. In Area 11 in 2010, there have been 33 solds in Baker and 13 in Zachary. In 2009 and 2010, the Baker market has experienced a significant amount of fore closure activity as it was one of the markets where real estate investors flipped houses at high prices to post Hurricane Katrina buyers. Fore closure activity is cyclical in the Baker market, just as it is in the other troubled lower priced markets in Areas 31, 41 and 53. So, the fact that Baker is a higher than average REO market is no surprise to this appraiser.

In Baker, the subdivisions experiencing the higher percentage of fore closure sales were Baker Estates, Baker Heights, Baker Hills, Baker Lots & Acres and Brown Heights. In Zachary, the subdivisions experiencing the higher percentage of fore closure sales were Oak Shadows, Castle Place, Deer Park and The Cottages AT Blue Heron Lakes – those expensive town homes, expensive for the Zachary market.

AREA 31 FORECLOSURES (70802 & 70805). In Area 31 since 2008, there has been a significant amount of fore closure activity in the 30%+ of total sales range as it was one of the markets where real estate investors flipped houses at high prices to post Hurricane Katrina buyers.

AREA 41 FORECLOSURES (Park Forest Area). In Area 41 since 2008, there has been a significant amount of fore closure activity broadly throughout this market. In Area 41, the subdivisions experiencing the higher percentage of fore closure sales were Forest Oaks, Park Forest, Park Forest East, Villa Del Rey (9 reo sales in 2010) and Windsor Place.

AREA 43 FORECLOSURES (Some Surprises). A higher fore closure rate in Area 43 is an example of how this is a different market downturn than in the 1980s and 1990s. In this downturn after the mortgage meltdown, the fore closure activity AND FUTURE LOCAL FORECLOSURE ACTIVITY are located in ALL income brackets throughout all of Greater Baton Rouge. Hurricane Katrina may have been a blessing for sellers in 2005 and 2006, but some of the resales at lower than purchased prices and some of the resulting fore closures are a part of the 12% REO solds rate for EBRP.

In Area 43, the subdivisions experiencing the higher percentage of fore closure sales were High Point, Lake At White Oak (a surprise, higher priced homes), O’Neal Place (no surprise), Old Jefferson (no surprise), Shenandoah (a surprise) and higher priced Condos in Windsor Village (no surprise in the over supplied Baton Rouge Condo market and some of these condos were marketed to and sold to California investors who are now giving these back to the the banks possibly because of challenges with the California market now).

AREA 53 FORECLOSURES (1 Surprise – University Club). In Area 53 since 2008, there has been a significant amount of fore closure activity broadly throughout this market. In Area 53, the subdivisions experiencing the higher percentage of fore closure sales were Hermitage, Mayfair Park, Perkins Village, University Club Plantation (3 and very higher end homes), and Village St George.

Ascension Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 7% of sales YTD; 2009 Foreclosures totaled 6%, an increase of +1% since 2009. 5% of all Ascension MLS Listings are Foreclosures! Foreclosures are only moderately impacting this market.

Where Are The 2010 Ascension Parish Foreclosures Concentrated?

AREAS 90-92 2010 FORECLOSURES. In 2010, there have been 68 solds. The vast majority of these foreclosure solds were “Rural” properties (10). In restricted subdivisions, foreclosures of note were in Ascension Trace (2), Autumn Woods (2), Lakes At Dutchtown (2), Manchac Harbor (2), Oak Terrace (3) and Porte Cochere (3).

Above $200,000, Both Solds and Current Listings. The number of 2010 foreclosures that sold above $200,000 has been 19 or 28%. Out of the 46 total REO MLS listings, there are 16 current listings above $200,000 or 35%.

Above $300,000, Both Solds and Current Listings. The number of 2010 foreclosures that sold above $300,000 has been 8 or 12%. Out of the 46 total REO MLS listings, there are 3 current listings above $300,000 or 7%.

Livingston Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 13% of sales YTD; 2009 Foreclosures totaled 9%, an increase of +2% since 2009. 7% of all Livingston MLS Listings are Foreclosures! Foreclosures are negatively impacting this market.

Where Are The 2010 Livingston Parish Foreclosures Concentrated?

AREA 80 2010 FORECLOSURES. In Area 80 in 2010, there have been 17 solds. The vast majority of these foreclosure solds were “Rural” properties and 3 in Three Rivers Island.

AREA 81 2010 FORECLOSURES. In Area 81 in 2010, there have been 51 solds. These foreclosures were concentrated in Acadiana Place, Easterly Lakes, Gravesbriar, Hidden Oaks Condos, Linda Lee, Richmond Place, Watson Little Farms, Wisteria Place and Wolf Creek Place. Wisteria Place is no surprise to this appraiser for a development which has experienced marketing challenges since the beginning.

AREA 82 2010 FORECLOSURES. In Area 82 in 2010, there have been 21 solds. The vast majority of these foreclosure solds were “Rural” properties and 2 in Spring Lake. There were 1 each in Lakes at Fennwood, Lakeview Acres, Live Oak Landing, North Walker Estates, Park Place, Peaks Crossing, Shalimar and Tall Oaks.

AREA 83 2010 FORECLOSURES. In Area 83 in 2010, there have been 24 solds. These foreclosures were concentrated in Forest Ridge, Plantation Park, South Point, Westminister Estates and Woodland Crossing. There were 1 each in Carter Hills, The Cove, Falconcrest, Quail Run Acres, South Haven and Stone Hill.

West Baton Rouge Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 7% of sales YTD; 2009 Foreclosures totaled 5%, an increase of +2% since 2009. 4% of all MLS Listings are Foreclosures! Foreclosures are only moderately impacting this market.

There’s A Major “Caveat” with the numbers below! It’s also stated here that an article (The Landmines Within by Michael Tarabotto http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS – Meaning that it might be impossible to know or state the exact # of competing REOs if they’re not being listed and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed.

REO is “Real Estate Owned”!

Data used with permission of the GBRMLS. Search dates are 1/1/2009 to 10/16/2010. Extraction date was 10/16/2010.

Where Are The 2010 East Baton Rouge Fore closures Taking Place?

Baton Rouge Real Estate Appraisal — Sun, 17 Oct 2010 04:48:51 +0000

http://www.batonrougerealestatetrends.net/ – Baton Rouge Fore closure Trends: Where Are The 2010 East Baton Rouge Fore closures Taking Place?

East Baton Rouge 2009 2010 Fore closure Sales Numbers! 2010 Fore closures total 12% of sales YTD; 2009 Fore closures totaled 11%. 7% of all EBR MLS Listings are Fore closures! Fore closures are negatively impacting this market. There’s A Major “Caveat” with the numbers below!

The answer is in the chart below: Areas 11, 31, 41, 43 & 53.

AREA 43 FORECLOSURES (Some Surprises). A higher fore closure rate in Area 43 is an example of how this is a different market downturn than in the 1980s and 1990s. In this downturn after the mortgage meltdown, the fore closure activity AND FUTURE LOCAL FORECLOSURE ACTIVITY are located in ALL income brackets throughout all of Greater Baton Rouge. Hurricane Katrina may have been a blessing for sellers in 2005 and 2006, but some of the resales at lower than purchased prices and some of the resulting fore closures are a part of the 12% REO solds rate for EBRP.

The chart above represents the number of recorded East Baton Rouge Parish REO or Fore closure Sales within the Greater Baton Rouge MLS, with the exception of Manufactured Housing sales.

Let’s put these fore closure numbers into perspective! In 2009, there were a total of 3,985 sales. 430 fore closure sales in 2009 represents only 11% of total sales. In 2010, there were a total of 2,856 sales. 330 fore closure sales in 2010 as of 9/30/2010 represents only 12% of total sales. The projected number of reo / fore closures at end of 2010 is approximately 440.

There’s A Major “Caveat” with the numbers below! Based on a 12% REO sold rate, which does appear to be an indication REOs are negatively impacting this market. It’s also stated here that an article (The Landmines Within by Michael Tarabotto http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS – Meaning that it might be impossible to know or state the exact # of competing REOs if they’re not being listed. MLS is reporting 203 current REO listings for all EBR MLS Areas out of a total 2,795 total listings. So, 7% of all EBR MLS Listings are Fore closures!

REO is “Real Estate Owned”!

Data used with permission of the GBRMLS. Search dates are 1/1/2009 to 10/16/2010. Extraction date was 10/16/2010. 330 REO sales for 2010 was as of 9/30/2010. As of 10/16/2010, there were 339 REO sales.

Tags: Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Fore closure Rate, Baton Rouge REO Rate, Baton Rouge Fore closure Study

Greater Baton Rouge Housing Statistics: Central’s The Northwoods Subdivision 2010

Baton Rouge Real Estate Appraisal — Fri, 08 Oct 2010 11:40:27 +0000

http://www.batonrougerealestatetrends.net/ – Greater Baton Rouge Housing Statistics: Central’s The Northwoods Subdivision 2010

Solds In The Northwoods from 1/2010 to 10/07/2010 revealed:
Average Sales Price: $221,617 ($155,288 in 2009)
Average Sold Price Per Sq. Ft.: $107/sf ($107/sf in 2009)
Median Sold Price: $226,950 ($148,450 in 2009)
Number of Sales: 3 (8 in 2009)
Average Number of Days On Market: 86
Low To High: $208,000 to $229,900
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 5, 1 Foreclosure
Current Listings Prices: $121,900 To $215,000

NOTE: The Northwoods is a difficult market to report in terms of the broad range of home sizes, styles and price ranges. For example, the current listings are from $121,900 up to $215,000, a gap of $93,000, which is quite unusual. As is the median sales price in 2009 being $148,450 and then in 2010 being $226,950. This isn’t necessarily because home values have increased but rather because 3 of the larger and newer homes sold in 2010 and none on the smaller cheaper priced home did sell.

LESS SALES, SLOWER MARKET. It’s noteworthy that there were 8 sales in 2009 and only 3 so far into 2010.

Data used with permission of the GBRAR MLS from dates 1/1/2009 to 10/07/2010, extracted on 10/07/2010

Appraisers In Baton Rouge Report The Housing Numbers: Wimbledon Estates 2010

Baton Rouge Real Estate Appraisal — Fri, 08 Oct 2010 10:57:37 +0000

http://www.batonrougehomeappraisal.com/ – Appraisers In Baton Rouge Report The Housing Numbers: Wimbledon Estates 2010

Solds In Wimbledon Estates from 1/2010 to 10/08/2010 revealed:
Average Sales Price: $208,750 ($215,500 in 2009)
Average Sold Price Per Sq. Ft.: $95/sf ($99/sf in 2009)
Median Sold Price: $198,250 ($220,000 in 2009)
Number of Sales: 4
Average Number of Days On Market: 65
Low To High: $173,500 to $265,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 2, 0 Are Foreclosures
Current Listings Prices: $259,900 To $298,999

Data was used with the permission of the GBRAR MLS from search dates 1/1/2005 to 10/07/2010, extracted on 10/7/2010.

Baton Rouge Real Estate Appraisals Housing Trends Report: Centurion Place 2010 Update

Baton Rouge Real Estate Appraisal — Mon, 04 Oct 2010 00:24:55 +0000

http://www.batonrougerealestatetrends.net/ – Baton Rouge Real Estate Appraisals Housing Trends Report: Centurion Place 2010 Update

Solds In Centurion Place from 1/2010 to 10/3/2010 revealed:
Average Sales Price: $290,000 ( $325,315 in 2009 )
Average Sold Price Per Sq. Ft.: $95/sf ( $101/sf in 2009 )
Median Sold Price: $285,000 ( $287,500 in 2009 )
Number of Sales: 3 ( 8 in 2009 )
Average Number of Days On Market: 275 (78 in 2009)
Low To High MLS Sales Prices: $289,000 to $329,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 9, 1 Is A Foreclosure
Current Listings Prices: $282,900 To $499,000

Since 1/2005:
Low To High MLS Sales Prices: $178,000 to $640,000
Average Sales Price: $322,489; Median Sales Price: $287,000

Data for this market report was used with permission of the GBRAR MLS. Data search is from 1/1/2005 to 10/03/2010, extracted on 10/03/2010.

Baton Rouge Housing Trends: Ascot Subdivision 2010 Market Report

Baton Rouge Real Estate Appraisal — Sat, 02 Oct 2010 13:21:10 +0000

http://www.batonrougerealestatetrends.net/ – Baton Rouge Housing Trends: Ascot Subdivision 2010 Market Report

Solds In Ascot Subdivision from 1/2010 to 10/02/2010 revealed:
Average Sales Price: $204,483
Average Sold Price Per Sq. Ft.: $111/sf ( $115/sf in 2009 )
Median Sold Price: $199,950 ( $208,000 in in 2009 )
Number of Sales: 6 ( 7 Sales In 2009 )
Average Number of Days On Market: 56
Low To High: $175,000 to $248,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current MLS # Listings: 0, 0 Are Foreclosures

There is 1 FSBOBR.COM Listing for $234,500 for 2,330sf or $100.64, Click Below for more information on this home.

Data for this housing market report was used with permission of GBRAR MLS, search dates from 1/1/2005 to 10/02/2010, extraction data 10/02/2010.