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 Increased 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.

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..

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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/

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I recently completed a refinance appraisal assignment off Sharp Rd and witnessed a trend I wanted to bring your attention to. This is still the recovering Post Hurricane Gustav market of MLS Area 42, zip code 70815, generally Broadmoor and Sherwood Forest areas. I say Post Hurricane Gustav because Gustav’s damage in 9/2008 disrupted this housing market more than most realize. I believe the 2 weeks it took to restore utilities had a psychological impact on this market as home sales prices dipped, see chart below. Chart represents home sales from $100K to $300K in 70815 from 1/1/2007 to present.

As a home appraiser appraising in any local market that is now NOT always increasing every year as in prior years, it’s now crucial to know where the market has been, where it is now and where it might be in the future.

Cautions On Interpreting Market Data Post Federal Tax Credit Expiration. This post below illustrates that just because the Federal Tax Credit artificially elevated home sales and possibly home prices, doesn’t indicate an always favorable appraised value for your home. The word favorable is a favorable value in the home owner’s mind, not necessarily market reality. The areas listings inventories or homes for sale, has been building or increasing for months now while at the same time home sales have been slowing. This could be attributable to the national economy finally catching up with the local economy, more difficulty now in qualifying for a mortgage and/or the shift within the Greater Baton Rouge housing market toward more affordable housing, ie., closer to $100/sf versus $135/sf to $160/sf.

Appraisal Assignment: 38 year old 2,850sf living area home, 3 Bedroom, 2.5 Baths, off Sharp Rd in between Broadmoor and Sherwood Forest areas.

MLS Search Parameters

3 to 5 Bedroom Slab Homes in Area 42 Between $150,000 to $275,000, Zip Code 70815, 10/4/2008 to 10/7/2010, Ages 16-20 to Max Age.

Sold Results: Median Sales Prices!

Sold results indicate an increasing median sales price since 10/4/2008 of +11% and +7.5% over the past year.

Sold Results: Average Sold Price Per Sq. Ft.!

Sold results indicate an increasing average sold price per sq. ft. since 10/4/2008. In Broadmoor, the increase has been $4/sf or +5.3%. In Sherwood Forest, the increase has been $2/sf or +2.7%.

HOWEVER, The current market conditions, the Fannie Mae 1004MC or Market Conditions Form describes a different market condition THAT MUST BE ANALYZED AND RECONCILED BY THE APPRAISER.

COMPETING HOME SALES ARE DECLINING – From 18 to 3!

ABSORPTION RATE IS DECLINING – From 3 Sales Per Month Down To Just 1!

TOTAL COMPARABLE ACTIVE LISTINGS IS INCREASING – Inventory Is Growing!

MONTHS OF HOUSING SUPPLY IS INCREASING – FROM 5 TO 22!

NOTE: When the top right 4 boxes are checked for Declining, Declining, Increasing and Increasing, that’s not a good market indication!

Chart Showing Slowing Home Sales!

Conclusion.

When appraising local Greater Baton Rouge Homes, it’s important for both the appraiser and the homeowner to know that ALL market conditions are examined and reconciled to arrive at a value conclusion. In the above market examination, YES, the median sales prices and average sales prices per sq. ft. were increasing, but were also still recovering. If one examines the very first chart in this post, you’ll find that this market still hasn’t fully recovered to the $180K median sales prices of 2007/2008 prior to Gustav.

And, it’s very important to lenders underwriting the loan if there’s only 1 competing home per month selling resulting in a 22 month supply of competing housing, declining absorption rate (declining number of homes within the large inventory being removed from that inventory), increasing number of months on the market and increasing number of listings being added each month.

I do hope locals can now better understand part of the appraisal process. Home appraisals in 2010, with the newer 1004MC form and more and more requirements being added each month it seems, take much longer to complete now with much more investigation and reporting requirements.

REO OR FORECLOSURE RATE!

And, for those that would like to know to know the REO or Foreclosure rate for this assignment, the chart is below showing only 2 “MLS” foreclosures for homes 2500sf to 3100sf since 10/4/2008. There could have been several more take place outside of these 2 listed in MLS as many national lenders today choose not to list their REO inventories in the MLS anymore….up to 70%. In my report, I stated, ” It’s also stated here that a recent article (The Landmines Within by Michael Tarabotto http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS – Meaning that it might be impossible to know or state the exact # of competing REOs if
they’re not being listed. MLS is reporting 2 comparable REO listings.”

Data used with permission of the GBRAR MLS, search dates 1/1/2007 to 10/07/2010, extracted on 10/07/2010.

Solds In Westdale from 1/2010 to 9/28/2010 revealed:
Average Sales Price: $204,983
Average Sold Price Per Sq. Ft.: $128/sf
Median Sold Price: $194,450
Number of Sales: 6 (18 Total in 2009)
Average Number of Days On Market: 80
Low To High: $138,500 to $282,500
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 10, 2 Are Foreclosures
Current Listings Prices: $149,900 To $510,000

NOTE: When I refer to Westdale below, this includes Westdale, Westdale Heights, Westdale Woods and Westdale Terrace. From 1/1/2005 to 9/28/2010, there were 89 total sales from $121,600 to $685,000. The peak of the median sales price took place in September 2007 at $235,000. NOTE: The median sales price has increased by +4.89% since 9/2009.

This data was used with the permission of GBRAR, extracted on 9/28/2010 from 1/1/2005 through 9/28/2010.

Tags: Baton Rouge Estate Minute, 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 Appraisers, Baton Rouge Realtor, Baton Rouge Realtors

Solds In Westdale from 1/2010 to 9/28/2010 revealed:
Average Sales Price: $204,983
Average Sold Price Per Sq. Ft.: $128/sf
Median Sold Price: $194,450
Number of Sales: 6 (18 Total in 2009)
Average Number of Days On Market: 80
Low To High: $138,500 to $282,500
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 10, 2 Are Foreclosures
Current Listings Prices: $149,900 To $510,000

NOTE: When I refer to Westdale below, this includes Westdale, Westdale Heights, Westdale Woods and Westdale Terrace. From 1/1/2005 to 9/28/2010, there were 89 total sales from $121,600 to $685,000. The peak of the median sales price took place in September 2007 at $235,000. NOTE: The median sales price has increased by +4.89% since 9/2009.

This data was used with the permission of GBRAR, extracted on 9/28/2010 from 1/1/2005 through 9/28/2010.

Tags: Baton Rouge Estate Minute, 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 Appraisers, Baton Rouge Realtor, Baton Rouge Realtors

Denham Springs Home Appraisers News: August 2010 Westminister Estates Housing Numbers Westminister Estates Numbers! In 2010, there have been 8 total sales with an Average Sold Price of $149,438, Median Sales Price of $141,900, Average Sold Price per sq. ft. $91.90/sf and Average Days On Market 107 days. Data Used With Permission of GBRAR MLS. Data was extracted on 8/16/2010 from periods 1/1/2010 through 8/16/2010.

Tags: denham springs, denham springs homes, denham springs houses, westminister estates, homes in denham springs, denham springs homes for sale, homes for sale denham springs, denham springs realtors, denham springs real estate agents

Welcome To The $100. 00 Greater Baton Rouge Comparable Sales Reports! Greater Baton Rouge Comparable Sales Reports Is A Desktop Appraisal Service Performed By William D. Cobb with Accurate Valuations Group, Serving East & West Baton Rouge Parish, Northern Ascension Parish and Western Livingston Parish. William Uses An Approved Fannie Mae & Freddie Mac Appraisal Form (SSDVR) To Complete This Report.

What Is An SSDVR Report? A desktop appraisal report conducted by Louisiana State Certified Appraiser, William D. Cobb, CREA, License #R0851. Bill will drive-by the home being appraised, rely upon the physical data the client provides, research the MLS database, select the 3 most similar and competitive sales/comps and render a value opinion.

Welcome To The $100. 00 Greater Baton Rouge Comparable Sales Reports! Greater Baton Rouge Comparable Sales Reports Is A Desktop Appraisal Service Performed By William D. Cobb with Accurate Valuations Group, Serving East & West Baton Rouge Parish, Northern Ascension Parish and Western Livingston Parish. William Uses An Approved Fannie Mae & Freddie Mac Appraisal Form (SSDVR) To Complete This Report.

What Is An SSDVR Report? A desktop appraisal report conducted by Louisiana State Certified Appraiser, William D. Cobb, CREA, License #R0851. Bill will drive-by the home being appraised, rely upon the physical data the client provides, research the MLS database, select the 3 most similar and competitive sales/comps and render a value opinion.