Greater Baton Rouge Home Sales Increased by 114 and 14 Percent February 2011 vs 2012
NUMBER HOME SALES INCREASES. ***THIS REPRESENTS 2012 TOTAL YEAR TO DATE***
Based on GBRMLS data, through end of Febuary 2012, there were 114 or 14% more home sales in Greater Baton Rouge MSA than through February 2011. There were 794 sales through February 2011 versus 908 through February 2012.
THIS DATA BELOW “ONLY” REPRESENTS THE MONTH OF FEBRUARY!
BY PARISH INCREASES. Increases by GBRMLS Areas were +27% in Ascension, NO CHANGE in East Baton Rouge, +19% in Livingston, +72% in OTHER and +13% ALL Areas. OTHER including East Feliciana, Iberville, Pointe Coupee, West Baton Rouge and West Feliciana.
BY VOLUME SOLD INCREASES. Increases by GBRMLS Areas were +39% in Ascension, 7% in East Baton Rouge, +19% in Livingston, +123% in OTHER and +21% ALL Areas.
BY AVERAGE SOLD PRICE INCREASES. Increases by GBRMLS Areas were +9% in Ascension, 7% in East Baton Rouge, NO CHANGE in Livingston, +30% in OTHER and +7% ALL Areas.
NOTE: The Average Sold Price numbers were skewed upward based on 23 home sales over $500,000, which is why I rely on the Median Sales Price numbers as more sane market comparision. The median sold prices below show a much more tempered and believable representation of home sold prices in GBR, with EBR and LIV showing declines or correction. See bottom explanation as to why I rely upon Median Sold Prices and NOT Average sold prices.
BY MEDIAN SOLD PRICE INCREASES AND DECREASES. GBRMLS Areas were +7% in Ascension, -3% in East Baton Rouge, -1% Livingston, +17% in OTHER and +2% ALL Areas.
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 from GBRAR www.batonrougetrends.com with final reporting for February 2012. Study Completed by Bill Cobb with Accurate Valuations Group. Covers all sales in the eight 8 Parish MSA.
WHY WE RELY ON MEDIAN SALES PRICE VERSUS AVERAGE SALES PRICE?
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 $2,000,000, 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 and report the “Median Sales Price”. 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.