Baker Louisiana 70714 Parkwood Terrace Report and Baker La Market Has 24%+/- Distressed Sale Rate

http://batonrougefhaappraisers.com/ – Baker Louisiana 70714 Parkwood Terrace Report and Baker Market Has 24%+/- Distressed Sale Rate

For Parkwood Terrace Subdivision: 

Solds from 01/01/2007 to 12/31/2007 revealed: 
Average Sales Price: $165,125
Average Sold Price Per Sq. Ft.: $73.34
Median Sold Price: $165,000
Low Sales Price: $142,000
High Sales Price: $188,500
Average # of Days On Market: 52
# of Sales: 4

Solds from 01/01/2008 to Present reveals: 
Average Sales Price: $161,800
Average Sold Price Per Sq. Ft.: $64.26
Median Sold Price: $175,000
Low Sales Price: $133,000
High Sales Price: $177,400
Average # of Days On Market: 30
# of Sales: 3

REO Sales Were Not Excluded.  

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Parkwood Terrace Subdivision, the market direction is overall “Stable”.   Average Sales Price has decreased by -$3,325 or -2%.   Median Sales Price has increased by +$10,000 or +6%.   Average Sold Price Per Sq. Ft. has declined by -$9.08/sf or -12.38%.    The test here, according to NAR, is what did the “Median Sales Price” do?   It did rise.   However, gauging market direction is difficult due to only 4 sales in 2007 and only 3 sales in 2008 YTD with the 2nd period having some REO sales, 2 out of the 3 sales were REOs.   This is why “Stable” is used – because the 2 out of 3 REO sales in 2008 make it more difficult to call market direction.

REO Activity in the Baker LA Market Accounts for 24%+?- of Sales.  

An MLS Search from 1/1/2007 to Present (2/18/09) reveals 341 sales from $50,000 up to $333,000.   Of those 341 sales, 79 were REO sales and 7 were 3rd Party sales, meaning 24% of total sales were distressed in nature.   Of the total 341 sales, 255 were not distressed sales.   These are just the REO/3rd Party listings noted in the GBRAR MLS system.   We know from the recent Active Rain article that some (as much as 70% in some markets) REOs in a market are not listed in the local MLS, so there is no way to actually calculate how many REOs are in the Baker La market:  http://activerain.com/blogsview/927638/The-Landmines-Within

Baker La data is used with the permission of the Greater Baton Rouge Association of Realtors.

Baker Louisiana 70714 Parkwood Terrace Report And Baker La Market Has 24%+/- Distressed Sale Rate

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Baker Louisiana 70714 Parkwood Terrace Report And Baker La Market Has 24%+/- Distressed Sale Rate

About Bill Cobb, Appraiser

The Baton Rouge Residential Appraisal Blog is an information source provided by local Home Appraiser, Bill Cobb, and Accurate Valuations Group. Bill has 24 years experience as a Baton Rouge Residential Home Appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! 225-293-1500