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!

http://www.ascensionrealestateappraisers.com/ – 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 negatively impacting this market. There’s A Major “Caveat” with the numbers below!

The chart below represents the number of recorded Ascension Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS as of 10/16/2010, with the exception of Manufactured Housing sales. GBRMLS Areas for Ascension Parish are 90, 91 and 92.

Let’s put these foreclosure numbers into perspective! In 2009, there were a total of 1,242 sales. 78 foreclosure sales in 2009 represents only 6% of total sales. In 2010, there have been a total of 983 sales. 68 foreclosure sales in 2010 as of 10/16/2010 represents only 7% of total sales. The projected number of reo / fore closures at end of 2010 is approximately 89.

There’s A Major “Caveat” with the numbers below! Based on a 7% REO sold rate, which does appear to be an indication REOs are only moderately 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 and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed. MLS is reporting 46 current REO listings for all Ascension MLS Areas out of a total 951 total listings. So, 5% of all Ascension MLS Listings are Foreclosures!

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.

http://www.batonrougerealestatetrends.net/ – Greater Baton Rouge Area GBRMLS Monthly Observations for September 2010. Baton Rouge Area Real Estate 2010 Home Sales Down 25% From September 2009!

Home sales in September continued to decline, declining 3% to $89,770,774 in September from August’s $92,501,330. This is a decline of 18% from last September, at $116,614,434. As we head into the seasonally weaker part of the year, it is distressing to point out that this is the worst sales level for September in the last 8 years by a large margin with the exception of September 2008 and that decline was only due to Hurricane Gustav interfering with loan closings. Source: Baton Rouge Trends Dot Com.

NOTE: This report, with the paragraph above, may be different that others recent reports because I have included “Other” MLS areas.

NOTE: This report, from this section below, may be different that others recent reports because I have included “West Baton Rouge” MLS Area 70, not just the 3 Parish areas of East Baton Rouge, Ascension and Livingston.

Total Sales Unchanged, But Off 25% From September 2009. Total unit sales were unchanged at 441 in September and 441 in August. However, this is a 25% reduction from September 2009 at 587. Of the 441 September sales, 104 were new homes and 337 were existing homes. New home sales improved 7% to 104 homes this month from 97 in August, an increase of 7 units. Existing home sales declined slightly from 337 homes in September from 346 last month, a difference of 9 homes or -2.6%. NOTE: Based on all price ranges within ASC, EBR, LIV and WBR for Property Types: DSF, ASF, PRC and PRA.

Majority of GBR Home Sales Under $200,000. Of the 441 September sales, only 22 of them were over $400,000 or approximately 5% of the market. There were 288 sales under $200,000 or 65% of market. And, there were 105 sales between $200,000 to $300,000 or approximately 24% of market.

Inventory Decreased Slightly. Inventory decreased slightly from August 2010 at 4461 to 4369 in September, a decrease of 92 or -2%. However, the inventory has increased from 3974 in September 2009 to 4369 in September 2010, an increase of 395 homes or +10%. Inventory started January 2010 at 3,583 and has continued to rise for most of 2010 with August of 4,461 being the highest inventory level of 2010.

Absorption Rate Improved Slightly. Absorption for All homes in September showed 9.9 Months Inventory, which was a slight improvement from August 2010 showing 10.1 months of supply. This is much worse than the 6.8 months of supply last year at this time. Greater Baton Rouge area Average Days on Market for All homes was 89 compared to last month at 85. Average sales price for All Sold homes decreased to $194,941 from $199,289 last month. However, in January 2010, the average sales price was $188,188, so the average sales price has increased in 2010. Median sales price for All Sold homes decreased to $169,900 from $171,750 last month. However, in January 2010, the median sales price was $165,000, so the median sales price has increased overall for 2010. The twelve month moving median price line for both New and Existing homes is heading upward, reflecting stable home price support.

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.

]]> http://www.ascensionrealestateappraisers.com/north-ascension-parish-real-estate/ascension-parish-real-estate/baton-rouge-area-2010-home-sales-down-25-from-september-2009-detailed-report/feed/ 0 http://www.ascensionrealestateappraisers.com/north-ascension-parish-real-estate/ascension-parish-real-estate/ascension-parish-residential-building-permits-charting-2000-2010-year-to-date/ http://www.ascensionrealestateappraisers.com/north-ascension-parish-real-estate/ascension-parish-real-estate/ascension-parish-residential-building-permits-charting-2000-2010-year-to-date/#comments Thu, 07 Oct 2010 08:37:57 +0000 Ascension Parish Home Appraisers http://www.ascensionrealestateappraisers.com/north-ascension-parish-real-estate/ascension-parish-real-estate/ascension-parish-residential-building-permits-charting-2000-2010-year-to-date/

http://www.ascensionrealestateappraisers.com/ – Ascension Parish Residential Building Permits Charting 2000 – 2010 Year To Date

NOTE: This chart can be viewed in a larger scale @ http://www.batonrougerealestatetrends.net/building-permits/

According to Chad Calder‘s The Advocate article below, for the first half of 2010, Ascension has issued approximately 399 permits, which was a 27% rise over 2009. NOTE: IF the pace of first half residential building permits continues throughout 2010, then 2010 will surpass the 786 permits for 2009. However, with the slowdown in new home construction, this is doubtful. It’s believed by this appraiser, which concurs with Chad’s article, that much of the new home construction is taking place within the more affordable markets now, under $200,000 and closer to $100/sf to $110/sf instead of the $136/sf to $150/sf of the elevated 2006-2008 era.

http://www.ascensionrealestateappraisers.com/ - Ascension Parish Gonzales Home Appraisers: New Ascension Parish Video Shows The Sites!

There have been two recent videos with Ascension Parish as the theme published on YouTube this month. View them below.

Ascension Parish Video Project With Photos

Ascension Parish Cultural Landscape

http://www.ascensionrealestateappraisers.com/ – Will Half Of Ascension Parish Homebuyers Who Claimed 2009 Tax Credit Have To Repay The Government?

There’s a new report out by CNNMoney.com and eCreditDaily.com that says 950,000 Taxpayers Must Repay Homebuyer Tax Credit according to the U.S. Treasury. Read the entire articles at the links above. Buzz is providing a few snippets below.

CNNMoney.com states, “Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government. According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money. The confusion comes because homebuyers were eligible for two different credits, depending on when their homes were purchased. Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home’s purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years. Had they waited to buy until 2009, they could have gotten a much sweeter deal. Congress extended the credit and made it a refund rather than a loan.”

eCreditDaily.com states, “Nearly 1.8 million taxpayers claimed a total of almost $12.5 billion under the popular first-time homebuyer tax credit program, but more than 950,000 taxpayers will be required to repay the credits because their homes were purchased in 2008, according to a U.S. Treasury report released today. And many more may have to repay the credits “if the homes cease to be the primary residences of the taxpayers within 36 months,” according to the report released by the U.S. Treasury Inspector General for Tax Administration (TIGTA). TIGTA said the Internal Revenue Service is improving its methodology to more precisely determine how many have to repay the tax credits. Nonetheless, the announcement will come as a shock to taxpayers who purchased homes to take advantage of a program meant to revitalize the depressed housing market.
The Housing and Economic Recovery Act of 2008 created a new “First-Time Homebuyer Credit” equal to 10 percent of the purchase price of the home, limited to a maximum amount of $7,500. But that original credit served as an interest-free loan that must be repaid over a 15-year period. The following year, the homebuyer tax credit program was expanded and converted into a full credit that does not have to be repaid.”

To view the Treaury report, go to: http://www.ustreas.gov/tigta/auditreports/2010reports/201041086fr.pdf.

Image Source: http://ecreditdaily.com/

Tags: Homebuyer Tax Credit, Mortgages

http://www.ascensionrealestateappraisers.com/ – Bankrate.com: Summary Of Real Estate Appraisal Rule Changes In Dodd-Frank Act 2010. These are the new rules that apply to Northern Ascension Parish (Prairieville, Gonzales, Geismar, Saint Amant) Home Appraisals!

I have provided a few snippet paragraphs from this two page article below. Read the full article here: Real Estate Appraisal Rules Changing

“According to Lucien Salvant, a spokesman for the National Association of Realtors, or NAR, in Washington, D.C., the law is intended to:

*Strengthen appraiser independence.
*Sunset a problematic industry agreement known as the Home Valuation Code of Conduct, or HVCC.
*Regulate appraisal management companies.”

“Buyers, sellers can inform appraisers

That said, the end of the HVCC should help to clear up widespread confusion over who can present information — including data about recent sales — to an appraiser.

“The intent of the HVCC was to put a firewall between the lender and appraiser, but it put up such a big wall that everybody was afraid to talk to appraisers,” Salvant says. “The (new law) does say that Realtors and sellers and buyers can talk to (appraisers).”"

“Appraisal management companies

The new law also regulates appraisal management companies, or AMCs. AMCs aren’t new, but they have gained more control over real estate appraisers and appraisals in the 15 months since the HVCC was implemented.

The financial reform law requires federal oversight of AMCs controlled by federally regulated financial institutions. It also requires state registration of all other AMCs, according to the Appraisal Institute.”

“Questions to ask (editor’s note: should be rephrased “Questions AMC’s should be asking those appraisers they intend on hiring for the appraisal order”)

If there is an upside to the confusion over appraisals, it’s that homebuyers, sellers and homeowners are now more aware of these issues, says Richard Koestner, a partner at Koestner, McGivern & Associates, an appraisal firm in Davenport, Iowa. He says they are more likely to ask questions about the appraiser’s experience and expertise and calls the development “encouraging.” He also offers a few examples of questions buyers and sellers might want to ask:

How long have you been an appraiser?
How many appraisals have you completed?
How often do you appraise homes in this area?
How familiar are you with the local market?
Where do you get the data that you use in your appraisal reports?”

Read the full article here: Real Estate Appraisal Rules Changing

http://www.ascensionrealestateappraisers.com/ – With Federal Tax Credit Expiration, Ascension Parish Home Sales Numbers Decline 31% Into July 2010! Prairieville, Gonzales, Geismar, Dutchtown, Saint Amant!

The Baton Rouge Business Report Daily PM Report is report a Capital Region home sales plunge of 21% in July 2010. “The number of homes sold in metro Baton Rouge fell by 21% in July compared with the year before, as the market corrected itself after being bolstered by the federal homebuyer tax credit. There were 523 homes in the Capital Region sold in July, compared with 665 sales in July 2009, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service. An $8,000 tax credit for homebuyers expired earlier this year, and transactions had to be under contract at the end of April to qualify for the money. That led to Capital Region home sales posting 21% and 28% increases in April and May over last year. The average sale price in July was $197,076, down from the $203,735 average in July 2009. Sales were down nearly 31% in Ascension Parish in July, from 111 in 2009 to 77. Livingston Parish saw a 25% drop, from 114 homes changing hands to 85. In East Baton Rouge, there was a 24% drop in home sales, from 414 to 313. The other category, which includes MLS sales in West Baton Rouge, Iberville and the Feliciana parishes, actually saw an 85% increase, from 26 to 48. Through the first seven months of the year, home sales continued to run slightly ahead of the 2009 pace. There were 4,107 homes sold through the end of July, up 3% from the 3,985 sales total at the end of July 2009.”

http://www.batonrougerealestatebuzz.com/ - Have Baton Rouge Home Buyers Closing Costs Increased by 37% Since 2009?

The “Guys” at TBWS (Think Big Work Small) and Housing Wire reports on the increase in closing cost.

Have Baton Rouge homeowners paying more in 2010 than they did in 2009? What do you think? Please Leave a comment below!

http://www.batonrougerealestatebuzz.com/ - Baton Rouge Real Estate Buzz: Video Update For July 2010.

Local Real Estate Agent and Broker, Tony Zito, delivers the July 2010 Real Estate Update. http://www.tonyzito.com/

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