Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets!  Greenwood Estates Median Sales Price Dives by 28.7% In 2010 Due To Three Foreclosures!  The 2009 median sales price was $148,000, 2010 was $105,500!  

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

 

 

Solds In Greenwood Estates Subdivision from 1/1/2010 to 12/31/2010 revealed:

Average Sales Price: $111,483 ($147,833 in 2009 or -24.59%)
Avg Sold $ Per Sq. Ft.: $64.07/sf  ($89.31/sf in 2009 -28.26%)
Median Sold Price: $105,500  ($148,000 in 2009 -28.7%)
Number of “MLS” Sales: 6 (3 in 2009)
Average Number of Days On Market: 136 (218 in 2009)
Low To High: $64,000 to $159,900
Number of Sold REO/Foreclosures Noted In MLS: 3
Current # Listings: 4, 0 Foreclosures, 1 Third Party Listing
Current Listings Prices: $127,900 to $149,000 or $78/sf to $90/sf.

 

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

 

So, in Greenwood Estates in 2010, it’s safe to state that Foreclosures Are A Part Of The Baton Rouge Housing Market!  

This analysis was for an REO foreclosure appraisal in Greenwood Estates.  The Fannie Mae 1004MC or Market Conditions Form requiring me to analyze home sales similar to the subject property revealed other areas of foreclosure sales since 1/1/2010 in Zip Codes 70811 and 70714.  The median sales price decline for the parameters of search was a decline of -18.6%. 

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

 

The number of REOs or foreclosure that were just reported in MLS, which may not be all of the reos that occured, since 6/2008 were 30 or 152 total sales or 19.73%.  A 20% REO rate is higher than average for the Greater Baton Rouge Housing Market. 

 

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

 

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

 

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®MLS for the period of January 1, 2009 to December 31, 2010.  This information was extracted on 1/5/2011.  Yes, this appraiser does have the permission of the GBRAR MLS to use the chart above. 

 

 

 

 

Related Posts Plugin for WordPress, Blogger... - Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

Baton Rouge Housing: 2010 Foreclosures Do Hurt Local Markets

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