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

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

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

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

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

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

AUTHOR’S BIO:

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

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

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

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

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

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

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

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

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

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

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

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

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

Visit Baton Rouge Real Estate Buzz Here

Visit Baton Rouge Real Estate Buzz On Facebook

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/

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!

http://www.homeappraisalsbatonrouge.com/

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

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,

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!

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,

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

Average Sales Price: $109,878 ($133,242 in 2009)
Average Sold Price Per Sq. Ft.: $72.47/sf ($83.45/sf in 2009)
Median Sold Price: $135,000 ($135,000 in 2009)
Number of Sales: 11 (12 in 2009)
Average Number of Days On Market: 95 (130 in 2009)
Low To High: $39,900 to $145,000 (Yes, A Home Sold For $39,900)
Number of Sold REO/Foreclosures Noted In MLS: “5″
Current # Listings: 8, 3 Are Distressed Listings
Current Listings Price: $89,900 to $147,400 or $59/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 1/31/2011. 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,

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!

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, Country Club Estates, 70809

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

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!

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

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

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

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,

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.

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, Sherwood Forest

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!

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,

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,

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.

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,

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)!

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, Camelot

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

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

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

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.

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

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! 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

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.

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

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.

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.