http://www.batonrougerealestatetrends.net/ – Baton Rouge High End Homes Market September 2010 Better Than Expected!

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.batonrougerealestatebuzz.com/ – Baton Rouge Real Estate Home Sales: Highs and Lows For September 7, 2010

Rebekah Allen, with the Baton Rouge Business Report, has an update on Baton Rouge home sales as published on September 7, 2010 and quoted below:

“After several months of hoping that the worst had passed in the fragile housing market, the real estate industry experienced record-breaking lows in July.

Experts blamed the historic decrease on the expiration of the homebuyer tax credit and mounting evidence that the economy isn’t ready to rebound.

According to the National Association of Realtors, existing home sales in July dropped 25.5% from the previous year. New home sales plummeted 32.4% from the previous year.

The Capital Region was not immune to the downward trend. July home sales dropped 24.4% in East Baton Rouge Parish from the previous year, 30.6% in Ascension Parish, 25.4% in Livingston Parish and 45.8% in the other parishes, including Iberville, West Baton Rouge, and East and West Feliciana.

But there was some good news, particularly in the neighboring parishes.

Home sales for the first seven months of this year have increased 11.6% in Ascension over the same time period one year ago, 17.3% in Livingston and 33.9% in the other parishes. East Baton Rouge Parish, however, has reported a 6.3% decrease.

Ashley Greer, team leader for Keller Williams Realty in Denham Springs, says her location has seen 38% more business this year than last, and she’s confident that the momentum will continue through the rest of 2010.

“We’re just one exit outside of Baton Rouge,” she says. “You get all of the amenities of a big city without having to pay as much for it.”

Greer adds that home-owners are attracted to the strong school system in Livingston.

“Livingston schools are continuing to build. We have some of the best schools, so parents don’t have to send their kids to private schools,” she says. “Everything we’ve increased our tax dollars to pay for is paying off.”

Appraiser Bill Cobb says Livingston Parish is attracting buyers with affordable price points. He says the bulk of new home sales occurred in the $120,000 to $169,900 range.

The average sale price in July was $197,076 in the Capital Region, down from $203,735 one year ago.

“Builders keep asking, ‘When is the market coming back?’ which is the wrong question,” Cobb says. “The right question should be, ‘How can I deliver a product that locals can better afford?’”—Rebekah Allen”

The Link Is Here: http://www.businessreport.com/news/2010/sep/07/startup-gnit1/

Tags: Baton Rouge Homes, Baton Rouge Homes For Sale, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Greater Baton Rouge Real Estate

http://www.ascensionrealestateappraisers.com/ – Certified FHA Home Appraisers in the Cities of Prairieville, Gonzales, Geismar, Sorrento & Saint Amant Louisiana

Office: 225-293-1500 or 1-888-678-3544

Fax: 1-866-663-6065

Staff Email: fastvalue2@cox.net

Bill Cobb, Accurate Valuations Group Appraiser, has operated as a home appraiser for 18 years now primarily in the Greater Baton Rouge, Louisiana market. Bill performs Conventional, FHA and RD/Rural Development home appraisals. For more information on Accurate Valuations Home Appraisal Group, visit FHA Appraisers in East Baton Rouge, West Baton Rouge, Ascension & Livingston Parishes.

Our Service Areas: All of East & West Baton Rouge, Western Half of Livingston Parish (Denham Springs, Walker, Watson & Livingston) and Northern Ascension Parish (Prairieville, Gonzales, Geismar, Saint Amant, Sorrento)