About Denham Springs' Summerfield

http://www.denhamspringsappraisers.com/ - Home Appraisers Denham Springs 2011 Housing Report

Summerfield Subdivision Denham Springs 2011 Housing Numbers. It used to be that homes in Summerfield sold in the $110/sf to $112/sf range. That was then and this is a new housing market in 2011.

Here are the Summerfield Subdivision housing numbers from end of December 2010 to end of December 2011. Average sales price was down from $192,380 in 2010 to $174,150 in 2011 or -9.5%. Median sales price was was down from $189,500 in 2010 to $175,000 in 2011 or -7.7%. However, the average sold price per sq. ft. was only down $2.42/sf or -2.45% from $98.58/sf to $96.16/sf.

Distressed Properties To Blame For Decline. I suspect part of this decline was due to 2 of the 5 total sales being 1 foreclosure and 1 short sale or 40% of total sales. And, Summerfield is simply correcting in price along with the remainder of Greater Baton Rouge Housing.

Denham Springs Summerfield Subdivision 2011 Comprehensive Housing Report. NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/24/2011 to 01/24/2012. This information was extracted on 01/24/2012.

The statistics below are based on the same GBRMLS data and reveal totally different results, which may not be accurate based on the actual MLS chart above. Since there were no sales in December 2010 and December 2011, some of the data is incomplete.

Summerfield Subdivision Denham Springs LA 2011 Housing Report

http://www.denhamspringsappraisers.com/ - Denham Springs Home Appraisers: Summerfield Sudivision 2010 Price Trends Report!

NOTE: If you are considering purchasing a home in Summerfield Subdivision and don't want to pay too much, I would advise one to order a "Pre-Purchase Appraisal" from Accurate Valuations Group as there is a gradual and steady decline of home prices in Summerfield since 2007 meaning one shouldn't overpay for a home in Summerfield. REO or Foreclosure and Short Sales activity is increasing in Summerfield in 2010 and into 2011 as this appraiser just this week appraised a foreclosure on Summerfield Drive.

And, there is one (1) listing in Summerfield that is now pending and the listing history of this home brings the declining home prices to my attention. This is a nice 1,813sf home in good condition now listed at $170,000. This home was originally listed for $209,900 in 7/2010 and reduced to $199,900, $195,000, $189,000, $185,000 and now $170,000. It took 148 days on the market to sell this home. If this home sells for $170,000 for an 1,813sf, that would be a new benchmark low for 1813sf in this market. YES, this is a "Short Sale", however, the market didn't want this home at these high listing prices whether a short sale or not!

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

Average Sales Price: $192,380 ($216,500 in 2009)
Avg Sold $ Per Sq. Ft.: $98.58/sf ($101.11/sf in 2009)
Median Sold Price: $189,500 ($208,000 in 2009)
Number of "MLS" Sales: 5 (4 in 2009)
Average Number of Days On Market: 103 (154 in 2009)
Low To High: $168,000 to $221,500 or $82/sf to $109/sf
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 1, 0 Are Foreclosures
Current Listings Price: $170,000 or $93.77/sf.

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 1/10/2011. Yes, this appraiser has obtained permission from GBRAR MLS to use the above pricing chart!

http://denhamspringsappraisers.com/ - Denham Springs FHA Appraisers Report On Summerfield Subdivision 70726

An MLS CMA of this Subdivision from 01/01/2007 to 12/31/2007 revealed:
Average Sales Price: $201,375
Average Sold Price Per Sq. Ft.: $107.39
Median Sold Price: $202,750
Low Sales Price: $181,000
High Sales Price: $219,000
Average # of Days On Market: 88
# of Sales: 4

An MLS CMA of this Subdivision from 01/01/2008 to 02/19/2009 reveals:
Average Sales Price: $225,725
Average Sold Price Per Sq. Ft.: $107.33
Median Sold Price: $248,000
Low Sales Price: $184,900
High Sales Price: $270,000
Average # of Days On Market: 91
# of Sales: 4
Listing Price To Sales Price Ratio Has Been: 99%

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Summerfield Subdivision, the market direction appears to be increasing. However, the rare $270,000 sale of a 2,400sf custom home on the lake with $40K Saltwater Pool, $25K Custom Car Storage & Workshop, which I appraised, for Summerfield did help to skew the numbers below. The Average home in Summerfield, per MLS, is 1,880sf. The Average Sales Price has increased +$24,350 or +12.09%, again, due to the rare $270K sale. Median Sales Price has increased +$45,250 or +22.32%, again, due to the rare $270K sale.. Average Sold Price Per Sq. Ft. is basically unchanged. Remember that this increase represents a period since 1/1/2008. Due to the significant slowdown in
this market, the Property Values box is checked as "Stable". The last 4 sales in Summerfield since 1/1/2008 were on the market for 84, 22, 101 and 158 days, for an average of 91 days or approx. 3 months.

Summerfield data is presented with the permission of the Greater Baton Rouge Board of Realtors.

Author's Bio:

Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill's company, Accurate Valuations Home Appraisal 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

fastvalue2@cox.net

http://jubanparcappraiser.com/

Denham Springs Real Estate Appraisers, William D. Cobb, CREA, Reports On Summerfield Subdivision

An MLS CMA of this Subdivision from 04/12/2007 to 04/14/2008 reveals:
The Average Sales Price: $198,080
The Average Sold Price Per Sq. Ft.: $106.83/sf
The Median Sold Price: $198,000
Low Sales Price: $181,000
High Sales Price: $219,000
Average # of Days On Market: 90 Days On Market
# of Sales: 5
Listing Price To Sales Price Ratio Has Been: 99.69%

This information is presented with the permission of the Greater Baton Rouge Board of Realtors.

Denham Springs Real Estate Appraisers