Woodland Crossing Subdivision Housing Market Report

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

Baton Rouge Real Estate News Video Resource: http://www.batonrougehousingreports.com/

Baton Rouge Real Estate News

Why Baton Rouge Housing Reports?

Because a home is the largest, most important investment most locals make in their lifetimes. Because of the importance of getting this decision right, housing market facts, trends and analysis are provided to help locals execute competent, informed home purchase or home selling decisions.

There’s a new Premier web video resource in Baton Rouge with a residential focus: Baton Rouge Housing Reports Dot Com. This site offers the good news in our market as well as the on-going correction, tips on what improvements really add value, local REALTOR® video update of the month, local real estate expert interviews, local remodeler’s tips, trends videos, monthly and quarterly reports, Top 150 Subivisions trends, current housing charts and stats, gbrmls stats, local NAR stats, special investigative series and a long list of local online resources. Visit Us for the scoop on local housing.

Baton Rouge Housing Reports Dot Com – Local Real Estate Professionals Providing Trends, Analysis & Tips Helping Locals Make Informed Housing Decisions!

Keywords: Baton Rouge Real Estate, Baton Rouge Homes, Baton Rouge Housing, East Baton Rouge, Greater Baton Rouge, Baton Rouge Realtors, Baton Rouge Real Estate Agents, Baton Rouge Homes For Sale, Baton Rouge Home Appraiser, Baton Rouge Home Appraisal

http://www.denhamspringsappraisers.com/ – Denham Springs Home Appraisers 2011 Report On Lake at Gray’s Creek Subdivision

According to the DSLD Homes website, Lake At Gray’s Creek is a “Small community conveniently located directly off of Highway 16 in south Denham Springs. Less than one mile from the elementary school, this community has a retainage pond. Quiet location, just minutes from shopping and all other conveniences. New homes priced from the $130′s. In 2009, there were 63 homes built with an average sales price of $142,655 or $101.69/sf. In 2010, there were 32 homes built with an average sales price of $142,235 or $103.01/sf. In 2011, there is one (1) new home for sale for $133,900 or $105/sf for 1,274sf. Specific information on Lake At Gray’s Creek is available at the DSLD Homes website.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to April 15, 2011. This information was extracted on 04/15/2011. Yes, this appraiser does have permission to use this MLS chart within this post.

Author’s Bio:
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

http://www.woodlandcrossingappraiser.info/ – Denham Springs Appraisers Woodland Crossing Subdivision First Quarter 2011: Home Prices Decline Based On Five (5) Foreclosures! South Point Subdivision is also experiencing a similar decline. However, if these 5 foreclosures are removed from analysis, the Average Sales Price in 2011 has been $150,432, Median $165,275, Average Sold Price $83.37/sf, which is still a decline.

Recap of 2008 through 2011 Woodland Crossing Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $135,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $78/sf in 2011 rounded. 2011 represent 13 sales and only represent one quarter of housing sales numbers, not an entire year.

YEAR-TO-DATE SOLDS 2011 (Note Chart shows 13 sales, MLS Search Reveals 14 Sales):

Solds In Woodland Crossing from 1/1/2011 to 04/04/2011 revealed:
Average Sales Price: $141,763
Average Sold Price Per Sq. Ft.: $78.74
Median Sold Price: $134,735
Number of Sales: 14
Average Days On Market: 82
Low To High: $109,900 to $176,990
Number of Sold REO/Foreclosures Noted In MLS: 5

Five (5) foreclosures took place selling for $115,000 or $76/sf for 1505sf, $118,000 or $74/sf for 1600sf, $118,900 or $63/sf for 1908sf, $124,000 or $62/sf for 1998sf and $154,900 or $77/sf for 1999sf.

NUMBER OF SALES IN 2010 VERSUS 2009 YTD: -35% Decline! In 2009 there were 73 sales and in 2010 there were 43 sales. So, there were 30 less sales in 2010 than 2009 or -41% in home sales volume. With 14 2011 Sales in Q1, if this trend continues, there should be 50 to 56 sales for 2011, which would be an improvement from 2010.

CURRENT LISTINGS AS OF 04/04/2011:

Current # GBRMLS Listings: 45, 1 REO/Foreclosure Listing and 1 Short Sale Listing. Current Listings Prices: $110,000 To $199,900, Average Listing Price $90.72/sf. Listing Prices per square foot range from $56/sf up to $109/sf.

TIME TO APPEAL YOUR LIVINGSTON PARISH PROPERTY TAXES? With this continued trend in lower sales prices in Woodland Crossing 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 4, 2011. This information was extracted on 04/03/2011.

Tags: denham springs homes, denham springs homes for sale, denham springs houses, denham springs housing, Denham Springs Housing Study, Denham Springs Real Estate, denham springs real estate agents, denham springs realtor, denham springs realtors, Livingston Parish Building Permits, Livingston Parish Real Estate, Livingston Parish Residential Building Permits, Western Livingston Parish

http://www.batonrougemarketmetrics.com/ – Greater Baton Rouge Housing Trends: Indepth Look At 2010 Home Sales Numbers

The LREC or Louisiana REALTORS are reporting on comprehensive housing numbers for 2010, including 4th quarter 2010. So, the source for this report and charts and graphs is LREC.

NUMBER OF SALES DOWN 7.3%. Overall, the number of Greater Baton Rouge Home Sales was down 7.3% for 2010. Total volume for 2010 was 5,708 versus 6,160 for 2009.

AVERAGE SALES PRICE. The average home sales price increased in 2010 to $202,138 vs $197,587 for 2009. This would appear to be due to strong local employment numbers of 355,797 in 2010 versus 354,044 in 2009. However, the Baton Rouge Business Report just reported this morning that “B.R. home price index drops for fifth month running“. So, according to the CoreLogic Home Price Index for Louisiana, Baton Rouge home prices are continuing to correct to the downside, not the upside, and I would agree. And, a look at the median sales prices would be more helpful than average sales prices since average sales prices can include homes from $10,000 up to $3,000,000 – outliers.

SOME IMPROVEMENT. Not all areas are declining though, but marketing time periods are well over 6 months. I’m appraising the 2011 St. Jude Dream Home in Prairieville and the general market of competing solds and listings is showing a rising median sales price, but very long marketing time periods of well over 6 months. Some homes in one local high end development on Highway 73 in Prairieville have been on the market since 2008 without selling.

AVERAGE DAYS ON MARKET. The average days on market remained almost unchanged at 90 days in 2010 versus 91 in 2009.

http://www.denhamspringsappraisers.com/ – Denham Springs Real Estate Appraisers: Why do some houses sit on the market while others sell?

Here’s an interesting video by Jay Papasan, an executive of Keller Williams Realty. We see “Jay” on the month “This Month In Real Estate US: November 2010″ videos on YouTube. In this video, Mr. Papasan explains why some houses just sit there on the market while others sell, which is an appropriate topic for locals now that the expiration of the Federal tax credit means a lot homes locally are just sitting.

I thought his explanations were helpful explanations. The visual displays of these concepts of his x/y axis were helpful as well.

I’m curious to hear the experience of both home owners and real estate agents as to what if Mr. Papasan is explaining is reality locally? Any ideas on what it would take for homes to sell faster? Are locals just waiting for a bottom before buying or is there something more going on in their psyche – more of a concern about what’s taking in Washington, DC than a concern for the Baton Rouge economy maybe?

You can follow Jay Papasan on Twitter at @jaypapasan, and on Facebook @ http://www.facebook.com/jaypapasan . Mr. Papasan is also coauthor of The Millionaire Real Estate Agent, The Millionaire Real Estate Investor & SHIFT.

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http://www.batonrougerealestatebuzz.com/ - Baton Rouge Real Estate Buzz: Video Listings Site brHomeListings.com is now online!

brHomeListings.com is here! We have created accounts for some of you, so try and log in FIRST with your 1st and last name (NO SPACES), and the password is “password.” If you have any questions at all about how to load your listings, create a Realtor Spotlight Page, or any questions at all… please feel free to call or email me. For those of you who do not have an account, just click the “Register” button to do so. This site is SURE to get your listings sold faster than any other advertising available once it has been exposed to the Greater Baton Rouge Metropolitan Area! And YES…. every feature on our website is FREE!!!!

Kevin DeLaune
“Owner”
Realty Studio HD
Greater Baton Rouge Metropolitan Area
(225) 439-1344
www.RealtyStudioHD.com

http://www.batonrougerealestatebuzz.com/
http://www.videosofbatonrougerealestate.com/

What is brHomelistings?
It’s the first real estate listing website designed primarily around video as a means of reaching potential buyers. The system is designed to quickly connect buyers with the property that the buyer is looking for. Here are some ways in which we’re making finding a home in the Greater Baton Rouge Metropolitan area faster, more effective and more fun:

Video! Video! Video!
Buyers have said it… Sellers and Realtors have said it… Market Analysts are saying it. Now, as if it we’re from a Beetle Juice episode, video is here! Video is in the process of revolutionizing the way real estate is marketed and sold online. Our real estate search engine is designed to really encourage users to use video along with their listing. Of course, we do pictures and text as well, but hey, that’s so 1999 and boring! People want to see video and current web trends are strongly reflecting that. We’ve made it simple to cut & paste a simple youtube video URL and have the video professionally displayed on your listing’s page.

Single Click Search (Touch Search)
By clicking or touching once on a search option in the search page, the listing results automatically narrow down to show only those listings with that particular criteria. Each time you click or touch a new option, the results continue to narrow down accordingly. This new search feature will make searching for a home easy and fun on all new touch-based mobile devices!

Jot and Jump
Jot and Jump is our revolutionary new way to quickly pull up a house that a buyer finds while driving around. Our brHomelistings.com yard signs (provided by Fast Signs) have a space where the Jot and Jump number is printed in LARGE BOLD characters. When a buyer sees a brHomelistings.com yard sign she only needs to visit brHomelistings.com and type in the Jot and Jump number on the home page and click “Jump To It!” In one click, the listing will be displayed for her. Simple. Fast. Extremely effective. You can even provide jot and jump numbers on your own flyers, cards, etc to quickly direct buyers to specific listings on brHomelistings.com

Realtor Spotlight
We don’t just want to reinvent the wheel, we want to redefine it. What is the Realtor Spotlight page? Well, in short, it is what the majority of Realtors today want when they go hunting for a way to publish their own website–and more. A place to post your name, agency, contact information and your listings. Only, we’re taking it a step further–and in a way you’re gonna love. We’re building the full Touch Search feature right into your Realtor Spotlight page so that visitors can search only your listings! Send out a link to your Realtor Spotlight page via email, facebook, text, twitter or however you choose, and when visitors come to it, they will see no competing agents or advertisements. It’s okay, we could almost cry with excitement too!

Did Somebody Say FREE?
Like a cheap commercial from the 1980′s we just want to say “and that’s not all!” It’s true, every feature listed above is provided at no charge to the buyer, seller or realtor.

We have so many ideas that if we tried to pack them all in before launch, we would never launch. What we’re providing at launch is just the tip of the iceberg. There is a contact us form displayed on the site that can be used to send feedback, bug reports and suggestions. We’re looking forward to revitalizing and re-energizing real estate in the Greater Baton Rouge Metropolitan Area with you!

http://www.batonrougerealestatebuzz.com/ – More Details Released About Baton Rouge Metro Areas First Video Real Estate Listings Website – brhomelistings.com!

On September 8th, Buzz delivered to you news about the Metro Areas “First” Video Real Estate Listings Website here: Baton Rouge Real Estate Buzz: Metro Areas First Video Real Estate Listings Website – brHomeListings.com! At that time, the only details Kevin DeLaune, with RealtyStudioHD, would offer was that the site would be launching in the near future and “brHomeListings.com is Baton Rouge’s first local real estate website to incorporate video as an essential component in real estate marketing online!”

The following details below were released from brhomelistings.com just prior to site launch. This will be a “beta version”. Kevin stated that, ” In the near future, as we continue to grow and receive feedback, there will be many more features added.”

“At launch, some of the site’s key features will be:

• Free listing insertion ( no charge to submit listings into the search engine )
• Free video embedding of user created video tours or professional video tours
• Free unlimited photo uploads
• Unified FSBO and Agent listing search
• Advanced single touch search to accommodate new touch-based mobile devices
• The ability for buyers to “watch” listings for price drops
• Management of the user’s submitted and “watched” listings will be via a familiar mlooking youtube-esque management system
• Listing pages will employ automatic google maps based geo-location by listing address
• Realtors can integrate their twitter accounts for automatic tweets of new listings to their twitter feed
• Realtors can create an exclusive non-competitive ( no competing realtors or ads ) “Realtor Spotlight” page with full listing search capabilities of the realtor’s active listings”

Buzz Perspective. From the Buzz perspective, the addition of video listings to the Greater Baton Rouge Real Estate landscape will be greatly welcomed by locals that start their search for their new home online. Instead of getting in the car and driving to a dozen homes on a Saturday with an Agent, now locals will be able to narrow their home purchase focus rather quickly!

And, from what Buzz has heard about this new site, it’s going to be highly intuitive in terms of navigation (ease of use) and is being built by Khris Woodring, a perfectionist that doesn’t want to launch, and has delayed the initial launch, to make sure the site operates perfectly. According to Kevin, there has been months of behind the scenes research into the site design, functionality and testing. This isn’t just going to be another local flash-in-the-pan FSBO site. This is going to be THE state-of-the-art Baton Rouge Home Listings site to be listed on!

A Site Built For Favorable Google Indexing and Search! It won’t take long for this site to gain traction with locals and with Google because Google loves to index “Video” for search, which is one reason why Google owns YouTube! Home listings which include indexable video will receive better attention in the search engines.

http://www.denhamspringsappraisers.com/ - Western Livingston Parish Home Appraisers: August 2010 Market Data

The August 2010 housing numbers are in from the Greater Baton Rouge Association of Realtors from 8/1/2010 to 8/31/2010 and from 8/1/2009 to 8/31/2010, extracted on 9/16/2010.

Livingston Parish August 2010 Market Data
(For MLS Areas 80, 81, 82 & 83)

Total Monthly Sales: 56 (Lowest Number Of Sales In Period)

Average Listing Price: $164,295 ($162,914 in 8/2009)
Average Sold Price: $161,018 ($160,232 in 8/2009)
Median Sold Price: $140,900 ($152,500 in 8/2009)
Average Days On The Market: 92 (85 in 8/2009)
Listing To Sales Price Ratio: 98% (98.3% in 8/2009)
Current Inventory: 811 (703 in 8/2009)
Months of Inventory: 14.5 (Longest In Period, 5.9 in 8/2009)

Annual View From 8/2009 to 8/2010:

Total Monthly Sales: 1210

Average Listing Price: $167,849
Average Sold Price: $164,948
Median Sold Price: $152,147
Average Days On The Market: 90
Listing To Sales Price Ratio: 98.3%
Average Current Inventory: 719
Average Months of Inventory: 7.1

Accurate Valuations Group’s “MARKET WRAP”:

NUMBER OF HOME SALES DECLINES. Based on these numbers, home sales are slowing considerably from 120 in August 2009, 109 in June 2010, 83 in July 2010 to just 56 in August 2010, a decline of -53% since August 2009.

LOCAL HOUSING INVENTORY SWELLS. With the number of home sales declining, this resulted in an increase to over 14 months of inventory. The good news is that in August, it still took an average days on the market of 92 days to sell a home.

MEDIAN SALES PRICE DECLINE. The median sales price declined sharply from $152,500 in August 2009, $149,000 in June 2010, $155,000 in July 2010 to just $140,900 in August 2010, a decline of -7.6% since August 2009. This shows that this market continues to favor the more affordable housing options over that of the higher end homes market. Area home builders have reacted and are building smaller homes to accomodate this market demand.

WHY WE USE MEDIAN SALES PRICE OVER 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 uses 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.

http://www.batonrougerealestatebuzz.com/ – Baton Rouge Real Estate Home Sales: Highs and Lows For September 7, 2010

Rebekah Allen, with the Baton Rouge Business Report, has an update on Baton Rouge home sales as published on September 7, 2010 and quoted below:

“After several months of hoping that the worst had passed in the fragile housing market, the real estate industry experienced record-breaking lows in July.

Experts blamed the historic decrease on the expiration of the homebuyer tax credit and mounting evidence that the economy isn’t ready to rebound.

According to the National Association of Realtors, existing home sales in July dropped 25.5% from the previous year. New home sales plummeted 32.4% from the previous year.

The Capital Region was not immune to the downward trend. July home sales dropped 24.4% in East Baton Rouge Parish from the previous year, 30.6% in Ascension Parish, 25.4% in Livingston Parish and 45.8% in the other parishes, including Iberville, West Baton Rouge, and East and West Feliciana.

But there was some good news, particularly in the neighboring parishes.

Home sales for the first seven months of this year have increased 11.6% in Ascension over the same time period one year ago, 17.3% in Livingston and 33.9% in the other parishes. East Baton Rouge Parish, however, has reported a 6.3% decrease.

Ashley Greer, team leader for Keller Williams Realty in Denham Springs, says her location has seen 38% more business this year than last, and she’s confident that the momentum will continue through the rest of 2010.

“We’re just one exit outside of Baton Rouge,” she says. “You get all of the amenities of a big city without having to pay as much for it.”

Greer adds that home-owners are attracted to the strong school system in Livingston.

“Livingston schools are continuing to build. We have some of the best schools, so parents don’t have to send their kids to private schools,” she says. “Everything we’ve increased our tax dollars to pay for is paying off.”

Appraiser Bill Cobb says Livingston Parish is attracting buyers with affordable price points. He says the bulk of new home sales occurred in the $120,000 to $169,900 range.

The average sale price in July was $197,076 in the Capital Region, down from $203,735 one year ago.

“Builders keep asking, ‘When is the market coming back?’ which is the wrong question,” Cobb says. “The right question should be, ‘How can I deliver a product that locals can better afford?’”—Rebekah Allen”

The Link Is Here: http://www.businessreport.com/news/2010/sep/07/startup-gnit1/

Tags: Baton Rouge Homes, Baton Rouge Homes For Sale, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Greater Baton Rouge Real Estate