A Minor Meltdown in Higher End Denham Springs Watson La Housing Market?

http://www.denhamspringsappraisers.com/ - A Minor Meltdown in Higher End Denham Springs Watson La Housing Market?

I just completed a refinance appraisal in Watson's Easterly Lakes Subdivision and my, my was the market research an eye opener. As of 9/18/2010, the Post Hurricane Katrina Median Sales Price Highs from September 2007 have declined over 28%. Just since 9/2009, the median sales price has declined over 6%, see the chart above. Not only that, but my search of GBRMLS revealed 3 REO or Foreclosure sales and 1 REO Listing and 1 Short Sale Listing. This is a partial market condition statement I made below within my report:

"Based on 6 2010 Sales in Easterly Lakes, 2009 vs 2010, the average and median sales prices are both down as is the average sold price per square foot. The average sold price is down from $230,300 to $201,200. The median sold price is down from $220,000 to $211,500, a -3.8% decline. The average sold price per sq. ft is down from $111.81/sf to $101.08/sf. Year to date, there have been 6 sales versus 13 in 2009. The average days on the market has increased from 62 days in 2009 to 83 in 2010, but still under a 90 day market, which is good news."