Livingston Parish Home Sales Q1 2012, Pending Listings Up 30%, Median Sales Price Still Down

Livingston Parish Home Sales Report April 12 2011 Through April 12 2012. While Median Sales Price Continues To Correct Downward, the number of pending listing is up 30% showing pent up buyer demand, which is Good News! Inventory is also down.

This is a Q1 2012 or First Quarter 2012 multipage study of Livingston Parish Homes Sales (All GBRMLS Areas, All Sales Price Ranges, All Ages, All Types Of Properties) and includes the detailed sales per month sheets including Median Price, # Units and Average DOM or Days On Market.

Livingston Parish Home Sales Q1 2012 Pending Listings Up 30 Percent Median Sales Price Still Down

GOOD NEWS:

Under Contract Properties by Month
Mar-11 vs. Mar-12: The number of under contract properties is up 30%

Months Supply of Inventory
Mar-11 vs. Mar-12: The average months supply of inventory is down -28.8%

The Average Days on Market by Month
Mar-11 vs. Mar-12: The average days on market is down 12%

New Properties by Month
Mar-11 vs. Mar-12: The number of new properties is down 6%

For Sale Properties by Month
Mar-11 vs. Mar-12: The number of for sale properties is down 6%

Expired Properties by Month
Mar-11 vs. Mar-12: The number of expired properties is down 37%

BAD NEWS:

Median Sold Price by Month
Mar-11 vs. Mar-12: The median sold price is down 2%

Median For Sale vs. Median Sold
Mar-11 vs. Mar-12: The median price of for sale properties is up 3% and the median price of sold properties is down 2%

Sold Properties by Month
Mar-11 vs. Mar-12: The number of sold properties is down 11%

Supply & Demand by Month
Mar-11 vs. Mar-12: The number of for sale properties is down 6% and the number of sold properties is down 11%

WHY I REPORT MEDIAN SALES PRICE VERSUS AVERAGE SALES PRICE?

NOTE: Why Median Sales Price is a better indicator than 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 April 12, 2011 to April 12, 2012. This information was extracted on 04/12/2012.

So far into 2012, there have been 7 GBRMLS sales in South Point, average sales price $135,286, median sales price $130,000, average sales price per sq. ft. $88.36/sf.

Observations. Home sales are slower in 2012 with only 7 so far and there were 31 in 2011. The average sold price per sq. ft. is up $5.32/sf. Days on market remains the same at 125 days for 2011 and 2012.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2011 to April 9, 2012. This information was extracted on 04/09/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

http://www.denhamspringsappraisers.com/

DENHAM SPRINGS SPECIFIC. Specifically for Denham Springs MLS Areas 81 & 83, through end of February 2011 vs 2012….there were 98 sales in 2011 vs 115 sales in 2012, an increase of 17 sales or +17.4%.

DECLINING SALES PRICES!

Of these 115 sales, average and median were $145,054 and ONLY $135,000. In 2011 same period, average and median were $150,276 and $139,450.

For Livingston Parish, These are important numbers!

LIVINGSTON PARISH SPECIFIC. Livingston Parish Home Sales Feburary 2011 72 versus Feb. 2012 86, an increase for Feb 2012 of 14 sales or 19%.

For Livingston Feb 2011 vs Feb 2012, dollar sold volume was up $2,035,854 or +19%.

Average Sold Price was unchanged.

Median Sold Price DOWN -$1,900 or -1%. We’re Still In CORRECTION MODE in Livingston Parish.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2012 to February 29, 2012. This information was extracted on Sunday 03/03/2012.

SOUTH POINT SUBDIVISION (Homes From 1,002sf up to 2,554sf)
DOES NOT INCLUDE DISTRESSED SALES (REO, SHORT SALE OR 3RD PARTY)

Median price per square ft Subdivision 07-01-2010 to 06-30-2011
$87/sf
Median Sales Price: $139,950
Total Sales: 25
Distressed: 7
Percent Distressed: 28%

Median price per square ft per Category 07-01-2010 to 06-30-2011
$87
1002sf to 1252sf $98
1253sf to 1503sf $91
1504sf to 1754sf $88
1755sf to 2005sf $81
2056sf to 2554sf $73

Median price per square foot per Category 07-01-2011 to 12-31-2011
$87/sf
1002sf to 1252sf $101
1253sf to 1503sf $84
1504sf to 1754sf $86
1755sf to 2005sf $95
2056sf to 2554sf $69

Median price per square foot per Category 07-01-2010 to 06-30-2011
ALL SALES INCLUDING DISTRESSED
Average Sales Price: $85
Median Sales Price: $132,000
1002sf to 1252sf $94
1253sf to 1503sf $86
1504sf to 1754sf $83
1755sf to 2005sf $81
2056sf to 2554sf $74

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2011. This information was extracted on 01/16/2012.

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Accurate Valuations Home Appraisal Group (AVG) Serves The Greater Baton Rouge Metroplex With Boundaries North by Zachary, South by Sorrento, West by Port Allen and East by Livingston.
Contact Information:
Accurate Valuations Home Appraisal Group
P.O. Box 40515, Baton Rouge, LA 70835
Baton Rouge Office: 225.293.1500
Toll Free: 1.888.678.3544
Toll Free Fax: 1.866.663.6065
Denham Springs Office – Local #: 225.709.6013
Staff Email: fastvalue2@cox.net
Website: http://www.accuratevg.com/

http://www.gbrprelistingappraisals.com/

http://www.gbrprepurchasehomeappraisals.com/

The Scoop.It site is a new way to view a curated method of viewing local housing news and national news that impacts local housing. From videos to new listings to hoousing studies.

http://www.scoop.it/t/denham-springs-real-estate-news/

Hi Bill Cobb, you’re a local Home Appraiser with Accurate Valuations Group 225-293-1500. I understand you just completed a home appraisal in my Denham Springs Subdivision, Woodland Crossing, last week?

Yes Cassie, that’s correct. You know, that’s a very large subdivision with how many homes? Like 750 Homes?

Yes, approximately 750 homes. Bill, value wise how is my subdivision doing during this local housing market correction? I heard 2011 was the Year of Correction for Greater Baton Rouge housing. I mean, aren’t home values still declining locally?

Yes Cassie, 2011 was the year of correction where GBR home values finally corrected from Post Hurricane Katrina highs. Based on a recent YouTube video from Livingston Parish Tax Assessor, Jeff Taylor, http://www.youtube.com/watch?v=zfa48ipb23w , a majority of Western Livingston Parish has experienced home price declines. Woodland Crossing continues to decline from 2008 highs of a median sales price of $156,000. From 2009 to 2012 Year To Date, the median sales prices has has declined to $147,400, $149,150, $139,900 and now $139,000 in 2012. The Average Sales Price has declined from $89/sf in 2008 to $84/sf in 2011 and $87/sf in 2012. In 2011, there were 47 sales, so sales aren’t necessarily slowing down. However, in 2012, the 5 sales this year have taken 237 days on the market to sell.

Wow Bill! 237 days is a long time. My, Woodland Crossing is still correcting. Bill, it seems like new homes are still being built, but they are smaller in size. Why is that?

Cassie, I believe it’s because the larger, more expensive homes in Woodland Crossing are less in demand and take longer to sell. Those are the types of homes that sit longer on the market and builders need to sell inventory fast to build more homes. For instance, the 5 home sales so far in 2012 took an average of 237 days to sell and averaged 1,603sf. However, the median sales price is $139,000, meaning more of the smaller 1200sf to 1500sf are being built and sold. As more and more new home inventory is added and sold at lower prices, this drags down the home prices of those that have already purchased homes in Woodland Crossing. So many new homes still being built is part of the reason home prices keep dropping.

Bill Cobb Appraiser, thank you so much for your insight into local housing trends. I now better understand what’s taking place in my subdivision! If I need a home appraisal in the future, how do I contact you?

Cassie, my contact information is 225-293-1500, email is info@accuratevg.com and website is www.accuratevg.com

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to February 18, 2012. This information was extracted on February 18 2012. This video is based on analysis of local housing numbers and trends.

http://www.youtube.com/watch?v=2DEnNQPSVls

South Point Subdivision Denham Springs 2011 Housing Numbers by Bill Cobb and Accurate Valuations Group.

Hi Bill Cobb, you’re a local Home Appraiser with Accurate Valuations Group 225-293-1500. I understand you just completed a home appraisal in my Denham Springs Subdivision, South Point, last week.

Yes Jill, that’s correct. You know, that’s a very large subdivision with how many homes. Like 700 Homes.

Yes. Bill, value wise how is my subdivision doing during this local housing market correction. I heard South Point values were down more than Woodland Crossing and other similar subdivisions.

Yes Jill, 2011 was the year of correction where GBR home values finally corrected from Post Hurricane Katrina highs. Based on a recent YouTube video from Livingston Parish Tax Assessor, Jeff Taylor, a majority of Western Livingston Parish has experienced home price declines. South Point continues to decline from 2008 highs when the median sales price was $151,500. From 2008 to 2011 Year To Date, median sales prices declined to $151,500 and now $129,000 in 2011. Average Sales Price has declined from $93/sf in 2009 to just $83/sf in 2011 based on 31 sales. So sales aren’t slowing down.

Wow Bill. South Point is still correcting. Bill Cobb Appraiser, thank you so much for your insight into local housing trends. I now better understand what’s taking place in my subdivision! If I need a home appraisal in the future, how do I contact you.

Jill, my contact information is 225-293-1500, email is info@accuratevg.com and website is www.accuratevg.com

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to December 31, 2011. This information was extracted on January 16 2012. This video is based on analysis of local housing numbers and trends.

http://www.youtube.com/watch?v=hEdBqmxsro4

Here are the South Point housing numbers from end of December 2010 to end of December 2011. Some of the data isn’t showing up because there were no sales in December 2010 or December 2011. For this reason, I’m providing the GBRMLS Stats Chart as well, which should state 32 total sales for 2011. Both the Average and Median Sales Prices plunged in 2011 with double digit declines based on “32″ total home sales. Average sales price was down from $150,394 in 2010 to $130,606 in 2011 or -13%. Median sales price was down from $150,750 in 2010 to $129,900 in 2011 or -14%. I suspect part of this decline was due to 11 of the 32 total sales being foreclosures and 2 being 3rd Party Sales (relocation) and 2 short sales. This means that of the 32 total home sales, 15 were in some form of distress.

Denham Springs South Point Subdivision 2011 Comprehensive Housing Report

Dec-10 vs. Dec-11: The number of New properties is down 25%

Dec-10 vs. Dec-11: The number of For Sale properties is up 12%

Dec-10 vs. Dec-11: The number of Expired properties is down 20%

Dec-10 vs. Dec-11: The number of for sale properties is up 12% and the percent change in the number of sold properties is up 50%

Denham Springs South Point Subdivision 2011 Comprehensive Housing Report. NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/16/2011 to 01/16/2012. This information was extracted on 01/16/2012.

Check out Denham Springs Real Estate News – The Scoop On Denham Springs Residential Housing News on Scoop.It , Curated by Baton Rouge Housing Reports Dot Com

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