Recap of 2008 through 2011 South Point Housing Numbers:
So, from 2008 to 2011, the median sales prices have ranged from $151,500, $145,000, $150,750 down to $128,000 in 2011. Sold price per sq. ft. continues to decline from $87/sf in 2010 down to $83/sf in 2011 rounded.
YEAR-TO-DATE SOLDS 2011:
Solds In South Point from 1/1/2011 to 04/03/2011 revealed:
Average Sales Price: $126,133 Average Sold Price Per Sq. Ft.: $82.75 Median Sold Price: $128,000 Number of Sales: 9
Average Days On Market: 102
Low To High: $100,000 to $155,900 Number of Sold REO/Foreclosures Noted In MLS: 3
NUMBER OF SALES IN 2010 VERSUS 2009 YTD: -35% Decline
In 2009 there were 37 sales and in 2010 there were 24 sales. So, there were 13 less sales in 2010 than 2009 or -35% in home sales volume.
CURRENT LISTINGS AS OF 04/03/2011:
Current # GBRMLS Listings: 24, 5 REO/Foreclosure Listing, 21% of Listings Are Foreclosures! Current Listings Prices: $85,400 To $185,000, Average Listing Price $92.94/sf. $85,400 Listing Price is one of the lowest I’ve ever seen in South Point. Listing Prices per square foot range from $70/sf up to $110/sf.
TIME TO APPEAL YOUR LIVINGSTON PARISH PROPERTY TAXES? With this continued trend in lower sales prices in South Point Subdivision, is it is time to appeal your property taxes? You can look up your tax assessment here and find out what your home is assessed for, see below.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to April 3, 2011. This information was extracted on 04/03/2011.
http://www.denhamspringsappraisers.com/ – Livingston Parish Fore closure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 13% of sales YTD; 2009 Foreclosures totaled 9%, an increase of +2% since 2009. 7% of all Livingston MLS Listings are Foreclosures! Foreclosures are negatively impacting this market. There’s A Major “Caveat” with the numbers below!
The chart below represents the number of recorded Livingston Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS, with the exception of Manufactured Housing sales. GBRMLS Areas for Livingston Parish are 80, 81, 82 and 83.
Let’s put these foreclosure numbers into perspective! In 2009, there were a total of 1,193 sales. 103 foreclosure sales in 2009 represents 9% of total sales. In 2010, there have been a total of 877 sales. 113 foreclosure sales in 2010 as of 9/30/2010 represents 13% of total sales. The projected number of reo / fore closures at end of 2010 is approximately 143.
There’s A Major “Caveat” with the numbers below! Based on a 13% REO sold rate, which does appear to be an indication REOs are 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 71 current REO listings for all Livingston MLS Areas out of a total 962 total listings. So, 7% of all Livingston MLS Listings are Fore closures!
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.
Solds In Juban Parc from 1/2010 to 9/27/2010 revealed:
Average Sales Price: $159,943
Average Sold Price Per Sq. Ft.: $102.49/sf Median Sold Price: $141,900
Number of Sales: 21
Low To High: $137,500 to $235,000
Average Days On Market: 103
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 13, 1 Foreclosure
Current Listings Prices: $138,900 To $239,900
NOTE: The 2009 Average and Median Sales Prices were $175,007 and $175,450.
The data within this report is used with the permission of the Greater Baton Rouge Association of Realtors, extracted on 9/27/2010 from periods 1/1/2009 to 9/27/2010.
There were NO MLS SALES in August 2010. Sold Price Per Sq. Ft. Down $3.66/sf in 2010 or -3.8%.
YEAR-TO-DATE SOLDS:
Solds In South Point from 1/1/2010 to 8/31/2010 revealed: Average Sales Price: $150,040 Average Sold Price Per Sq. Ft.: $92.63 (Avg through 8/09 $96.29) Median Sold Price: $144,450 Number of Sales: 10
Average Days On Market: 57
Low To High: $121,900 to $189,900
Number of Sold REO/Foreclosures Noted In MLS: 2
NUMBER OF SALES IN 2010 VERSUS 2009: -12.5% Decline
In The Number Of Sales From 1/1/09 – 8/31/09 to 1/1/10 – 8/31/10. In 2009 there were 7 sales at this point and in 2010 there have been 10 sales. So, there have been 3 more sales or +43% in home sales volume. However, 2 of these sales were attributable to foreclosure activity.
CURRENT LISTINGS AS OF 9/8/2010:
Current # GBRMLS Listings: 9, 0 or Zero REO/Foreclosure Listings
Current Listings Prices: $138,500 To $178,900, Average $87.73/sf.
NOTE: Data Used With Permission of the GBRAR GBRMLS. Data was extracted on 9/9/2010 from periods 1/1/2009 to 8/31/2009 and 1/1/2010 through 9/8/2010.
http://www.southpointappraiser.com/ – Denham Springs South Point August 2010 Update: Number of Sales And Price Per Sq. Ft. Down! There was only 1 sale in August 2010. Sold Price Per Sq. Ft. Down $7.66/sf in 2010 or -8%.
AUGUST 8/1/2010 to 8/31/2010: Only 1 GBRMLS Sale. 23944 Teakwood Dr, with 1,134sf sold for $106,500 or $94/sf.
YEAR-TO-DATE SOLDS:
Solds In South Point from 1/1/2010 to 8/31/2010 revealed: Average Sales Price: $147,476 Average Sold Price Per Sq. Ft.: $88.24 (Avg through 8/09 $95.90) Median Sold Price: $149,500 Number of Sales: 21
Average Days On Market: 85
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5
NUMBER OF SALES IN 2010 VERSUS 2009: -12.5% Decline
In The Number Of Sales From 1/1/09 – 8/31/09 to 1/1/10 – 8/31/10. In 2009 there were 24 sales at this point and in 2010 there have been 21 sales. So, there have been 3 less sales or -12.5% in home sales volume.
CURRENT LISTINGS AS OF 9/8/2010:
Current # GBRMLS Listings: 22, 1 REO/Foreclosure Listing
Current Listings Prices: $115,000 To $198,900, Average $90/sf.
NOTE: Data Used With Permission of the GBRAR GBRMLS. Data was extracted on 9/8/2010 from periods 1/1/2010 through 9/8/2010.
http://www.woodlandcrossingappraiser.info/ – Denham Springs Woodland Crossing August 2010 Update: Number of Sales Down, Price Per Sq. Ft. Up! There was only 1 sale in August 2010.
AUGUST 8/1/2010 to 8/31/2010: Only 1 GBRMLS Sale. 12309 Pinebrook Dr, with 1,620sf sold for $144,000 or $88.89/sf.
YEAR-TO-DATE SOLDS:
Solds In Woodland Crossing from 1/1/2010 to 8/31/2010 revealed: Average Sales Price: $149,057 Average Sold Price Per Sq. Ft.: $93.80 (Avg through 8/09 $90.74) Median Sold Price: $147,535 Number of Sales: 40
Average Days On Market: 94
Low To High: $118,900 to $210,000
Number of Sold REO/Foreclosures Noted In MLS: 2
NUMBER OF SALES IN 2010 VERSUS 2009: -15% Decline
In The Number Of Sales From 1/1/09 – 8/31/09 to 1/1/10 – 8/31/10. In 2009 there were 47 sales at this point and in 2010 there have been 40 sales. So, there are 7 less sales or -15% in home sales volume.
CURRENT LISTINGS AS OF 9/8/2010:
Current # GBRMLS Listings: 42, 4 REO/Foreclosure Listing
Current Listings Prices: $115,900 To $199,900, Average $89/sf.
NOTE: Data Used With Permission of the GBRAR GBRMLS. Data was extracted on 9/8/2010 from periods 1/1/2010 through 9/8/2010.
Solds In South Point from 1/2010 to 8/31/2010 revealed:
Average Sales Price: $147,476
Average Sold Price Sq. Ft.: $88/sf (-$5.33/sf Decline From 2009) Median Sold Price: $149,500 (+4,500 Increase From 2009)
Number of Sales: 21
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5
Current # Listings: 26 (NOTE: MORE LISTINGS THAN SALES)
Current Listings Prices: $103,500 To $198,900
The BIG Change is that while the Median Sales Price has increased +8.1%, the Average Sold Price Per Sq. Ft. has declined by -$5.33/sf. And, there’s more listings now than total sales in all of 2010.
It’s almost the halfway mark into 2010, June. So far into 2010, what were the lowest and highest home sales prices? In South Point in 2010, there have been 19 sales from $120,200 up to $198,500.
LOWEST HOME SALES PRICE IN SOUTH POINT IN 2010
The lowest sales price was at 23938 Teakwood Dr, a home I inspected for an REO or Foreclosure Appraisal. This home sold 2/19/2010 for $120,200 or $81.77/sf. It has 1,470sf living area with 3 bedrooms and 2.5 bathrooms.
HIGHEST HOME SALES PRICE IN SOUTH POINT IN 2010
The highest sales price was at 23750 Rosemont Dr. This home sold 5/28/2010 for $198,500 or $81.42/sf, the price reported in MLS (see corrected price below). It has 2,438sf living area with 4 bedrooms, 3 bathrooms and an expensive “Gunite” swimming pool. NOTE: The seller paid $6,000 in concessions or had to pay the buyer $6,000 to buy their home from them. Because the seller received $6,000 less at the closing table than $198,500, the actual sales price that an appraiser will use is $198,500 minus $6,000 for $192,500 or $78.96/sf. The GBRAR MLS reports gross sales price without correctly and automatically deducting seller paid concessions. However, appraisers do deduct seller paid concessions and now FHA is very wisely implementing new rules to strictly limit seller paid concessions on their deals.
In this video, Greater Baton Rouge Appraiser, Bill Cobb, talks about the Denham Springs South Point Subdivision Housing Market from 1/1/2009 to 3/14/2010.
Generally for 2009, there were 37 sales with a Median Sales Price of $145,000, Average Sales Price of $146,497, Average Sold Price Per Sq. Ft. of $93.29/sf and Average Days On Market 129 days.
Generally for 2010, there have been 8 sales with a Median Sales Price of $145,000, Average Sales Price of $145,250, Average Sold Price Per Sq. Ft. of $86.34/sf and Average Days On Market 107 days.
NOTE: In the video, I mention “REO”. REO is Real Estate Owned or Foreclosure!
http://www.southpointappraiser.com/- Denham Springs FHA Appraiser Report: Per MLS Data, South Point Subdivision Foreclosure Rate Appears To Be Rising!
The MLS Data Chart Below Shows That From 1/1/2007 to 12/31/2009, there were 7 REO or Foreclosure Sales out of 187 total sales, or a 3.74% foreclosure rate.
Per MLS Records, A 3.74% REO Rate doesn’t appear to be an indication that REOs are negatively impacting this market.
HOWEVER, It’s also stated here that a 2009 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. MLS is reporting TWO (2) comparable REO listings. However, since it’s possible that 70% of REOs and/or Sheriff Sales never make it into the MLS System, it’s almost impossible to know exactly how many competing REOs there really are out there. Clearly, the only way to know the exact number of sold foreclosures in South Point since 1/1/2007 is to sift through the Legal News records, which would take hours to accomplish.
In The Map Below, Realtytrac.com is showing 11 Current Foreclosures (Pre-Foreclosures, Sheriff Sales, Bank Owned) on Teakwood Dr, Springhill Dr (2 Properties), Sandlewood Ct, Rosemont Ave, South Point Dr (2 Properties), Wellington Ave, S Park Ln, Snowdon Ave and Sunny Brook Ln. This is a higher rate than South Point has experienced in the past. 11 Current Foreclosures helps validate the point made above. While MLS is only reporting 2 current MLS REO listings, there are actually 11 or 5.5 times more than MLS is reporting.
