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.
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
http://www.ascensionrealestateappraisers.com/ – Home Appraisers In Ascension Parish: Ascension Trace Sudivision 2010 Home Sales Price Trends. Overall lower indicators based on three (3) MLS foreclosure sales.
Solds In Ascension Trace Subdivision from 1/1/2010 to 12/31/2010 revealed:
Average Sales Price: $162,859 ($165,950 in 2009 -1.86%)
Avg Sold $ Per Sq. Ft.: $81.17/sf ($90.68/sf in 2009 -10.5%)
Median Sold Price: $165,000 ($171,500 in 2009 -3.8%)
Number of “MLS” Sales: 11 (12 in 2009)
Average Number of Days On Market: 220 (85 in 2009)
Low To High: $129,900 to $198,000
Number of Sold REO/Foreclosures Noted In MLS: 3
Current # Listings: 9, 1 Is A Foreclosure
Current Listings Prices: $129,900 to $185,000 or $72/sf to $112/sf.
NOTE: See that it took the average home in 2010 “220″ days on the market to sell!
The above chart is based on the median sales prices of all 108 GBRMLS reported solds from 1/1/2006 to 12/31/2010. Since 1/2006, the median sold price has increased by 14.86%. Since 1/2010, the median sold price has increased by 2.36%, which is positive for this market!
Since 1/1/2006, there have been 6 REOs or foreclosures that were listed and sold through MLS or that were disposed through Agents. This doesn’t mean that there have only been 6 total foreclosures!
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2010 (with historical look back to 1/1/2006). This information was extracted on 1/1/2011.
Tags: Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Appraisers, Baton Rouge Real Estate Trends, Ascension Parish, Gonzales LA, Ascension Trace
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,
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Homes: Millbrook Subdivision 2010 Home Sales Price Trends
Solds In Millbrook Subdivision from 1/2010 to 12/31/2010 revealed:
Average Sales Price: $229,300 ($254,000 in 2009)
Average Sold Price Per Sq. Ft.: $125.23/sf ($120.97/sf in 2009)
Median Sold Price: $235,000 ($254,000 in 2009)
Number of Sales: 3 (2 in 2009)
Average Number of Days On Market: 109 (100 in 2009)
Low To High: $215,000 to $238,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 1, 0 Are Foreclosures
Current Listings Price: $226,000 or $128/sf (Notice this listing is generally priced $7/sf above 2010 support in Millbrook)
For the numbers above, one must keep in mind the sizes of the homes sold. In 2009, there were 2 homes sold averaging 2,103sf living area size. The 3 2010 solds averaged 1,831sf, 272sf smaller than the 2009 solds. Thus, it would make sense for the 2009 median sales price to be higher.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2010. This information was extracted on 1/1/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!
Tags: Baton Rouge Estate Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends,
http://www.batonrougerealestateappraisers.net/ – Baton Rouge Housing Trends: Shenandoah Hills Subdivision 2010 Home Prices Increase!
Solds In Shenandoah Hills Subdivision from 1/2010 to 12/31/2010 revealed:
Average Sales Price: $146,357 ($133,260 in 2009)
Average Sold Price Per Sq. Ft.: $108.12/sf ($99.34/sf in 2009)
Median Sold Price: $149,500 ($132,500 in 2009)
Number of Sales: 7 (5 in 2009)
Average Number of Days On Market: 44 (48 in 2009)
Low To High: $129,900 to $152,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 3, 0 Are Foreclosures
Current Listings Price: $140,900 to $150,900 or $105 to $113/sf
The Median Sales Price has increased from $132,500 in 2009 and $144,000 in 2008 to $149,500 in 2010.
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,
http://www.batonrougehomeappraisal.com/ – Real Estate Baton Rouge: Central City Subdivision 2010 Home Price Trends
Solds In Central City Subdivision from 1/2010 to 12/31/2010 revealed: ONLY 1 MLS SALE, Legal News Reveals 2 Sales or 1 FSBO Sale. There were no 2009 MLS Sales to report comparisons for 2010.
Average Sales Price: $151,500 for the 1 sale
Average Sold Price Per Sq. Ft.: $54/sf
Median Sold Price: $151,500
Number of Sales: 1
Average Number of Days On Market: 42
Low To High: $151,500 to $151,500
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 1, Listed As A 3rd Party Transaction Below Market
Current Listings Price: $145,000 or $63/sf for 2,291 sq. ft.
This one sale for $151,500 has 2,827sf living area and only sold for $54/sf. The MLS Listing doesn’t offer any explanation as to why this home would have sold so far below market value. It was listed for $165,750 and with the Central School District, it generally would have sold for a much higher price. So, it appears that even though the MLS Listing offered no background on the situation, this home sold in a distressed manner!
NOTE: 12074 Post Drive sold in February 2010 for $157,200. There is no MLS or online data for home to report sold price per square foot.
This is the photo of the current listing in Central City for $145,000 for 2,291sf or $63.29/sf. 
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 Home 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, Central LA, Central City
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
http://www.batonrougerealestateappraisal.com/ - 2010 Baton Rouge Real Estate: Good News For The Lake At White Oak Subdivision
This is a Fannie Mae 1004mc or Market Conditions chart for The Lake At White Oak Subdivision as of 11/24/2010. The 1004MC Form is meant to compare homes that are most similar with a subject property or the home being appraised – the “sub-market” extracted from the broader market. The chart shows a generally improving higher end market BUT a declining Listing-To-Sales-Price-Ratio of 95%, which is understandable.
CLICK TO ENLARGE!
CLICK TO ENLARGE!
This Chart Also Shows That Since January 2008, there has only been 1 competing REO or Foreclosure Sale. And, there are no or ZERO competing REO or Foreclosure Listings.
2010 VERSUS 2009!
Solds In The Lake At White Oak from 1/2010 to 11/24/2010 revealed:
Average Sales Price: $350,223
Average Sold Price Per Sq. Ft.: $122/sf
Median Sold Price: $332,500
Number of Sales: 91
Solds In The Lake At White Oak from 1/2009 to 12/31/2009 revealed:
Average Sales Price: $311,069
Average Sold Price Per Sq. Ft.: $116/sf
Median Sold Price: $320,000
Number of Sales: 107
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisers: Why do some houses sit on the market while others sell?
Here’s an interesting video by Jay Papasan, an executive of Keller Williams Realty. We see “Jay” on the month “This Month In Real Estate US: November 2010″ videos on YouTube. In this video, Mr. Papasan explains why some houses just sit there on the market while others sell, which is an appropriate topic for locals now that the expiration of the Federal tax credit means a lot homes locally are just sitting.
I thought his explanations were helpful explanations. The visual displays of these concepts of his x/y axis were helpful as well.
I’m curious to hear the experience of both home owners and real estate agents as to what if Mr. Papasan is explaining is reality locally? Any ideas on what it would take for homes to sell faster? Are locals just waiting for a bottom before buying or is there something more going on in their psyche – more of a concern about what’s taking in Washington, DC than a concern for the Baton Rouge economy maybe?
You can follow Jay Papasan on Twitter at @jaypapasan, and on Facebook @ http://www.facebook.com/jaypapasan . Mr. Papasan is also coauthor of The Millionaire Real Estate Agent, The Millionaire Real Estate Investor & SHIFT.
http://www.batonrougerealestatebuzz.com/ – Baton Rouge Housing Market Metrics New Three Year Study of Jefferson Crossing
Baton Rouge Housing Market Metrics New Three Year Study of Jefferson Crossing: Northern Ascension Parish Housing Market Metrics: Jefferson Crossing 3 Year Study
