The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database on 9/2/2010 and represent home sales between 1/1/2005 and 8/30/2010. The data are presumed accurate but are not warranted.
I have good news and bad news to report about the Pelican Point real estate market. First the bad news... there are more homes on the market than the demand for them. The chart below shows that, overall, there is nearly a 12 month supply of existing homes based upon current absorption rates. For homes priced over $350K there is nearly a 2 year supply.
The next chart gives some cause for optimism. The rate of absorption for existing homes in 2010 shows some improvement over 2009. The absorption rate for new homes, however, is well below the peak of about 5 homes per month being sold in 2005 to about 1 every other month in 2010.
Another bit of good news is that existing homes appear to be holding values fairly well despite the imbalance in supply vs. demand. In 2010, home pricing (in terms of selling price per square foot of living area) has rebounded and, at $122.03/sq.ft., is well above what it was in the previous two years but has not yet recovered to the 2006 level.
As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.
©2010 by Don Stern - All Rights Reserved
(225)413-3634 phone (866)723-5477 fax
don@thehomevendor.com - email
www.TheHomeVendor.com www.DonAndAlishaStern.com
The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database on August 18, 2010. The data are presumed accurate but are not warranted.
I have been working with some clients who are considering moving from the Kenilworth subdivision to a more rural area. I extracted historical sales data as well as data for currently active listings to give them some idea of what their current home might ultimately sell for and how the competition in their subdivision is currently priced. The following chart looks at the history of the selling price per square foot of living area over time and how current listings are priced.
We can see that recent sales have varied more than $40/sq.ft. from a bit less than $80/sq.ft. to a bit more than $120/sq.ft. There are currently four active listings in the subdivision. Three of the listings are priced between $103.75/sq.ft. and $109.76/sq.ft. and one is price at $88.88/sq.ft. Further investigation revealed that this home is part of an estate and there were no inside photos so one might suspect the condition of the interior.
The next chart shows that the average selling price in 2010 was $98.51/sq.ft., a drop of about 2% from the average selling price in 2009 and a drop of nearly 4% from the peak average of $102.46/sq.ft. achieved in 2007.
The next chart show average selling prices in the subdivision and we observe a large increase from 2009 to 2010. Given that the $/sq.ft. declined, one can conclude that, on average, larger homes have sold in 2010 than sold in 2009.
As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.
©2010 by Don Stern - All Rights Reserved
(225)413-3634 phone (866)723-5477 fax
don@thehomevendor.com - email
www.TheHomeVendor.com www.DonAndAlishaStern.com
The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. Only data for detached single family (DSF) homes were used and represent sales through the end of July 2010. The data are presumed accurate but are not warranted.
The following two charts show unit sales (closings) for a given month separated by year. The first chart represents unit sales for new construction and the second represents unit sales of previously owned homes.
Except for the month of May, unit sales of new construction in EBR parish was lower than in any of the previous five years. In the re-sale market segment the same held true except that April 2010 was slightly ahead of April 2009.
The next chart illustrates the downward trend in home sales within the parish since 2006.
Despite this softening in terms of unit sales, home values have been preserved as the next chart illustrates.
We can see that the average price per square foot of living area has not dropped. In fact, it is higher than in any of the previous five years.
The next two charts show the absorption rates for new construction and previously owned homes for the years between 2005 and 2010 broken down by the price range of homes.
We can see that, overall, there is a neutral market for new homes with a 6.5 month supply. During 2010, the highest velocity of home sales in the new home segment has been for homes priced between $200K and $300K. This price range has accounted for more than 50% of all new homes sold in the parish this year and in this range it is clearly a seller's market. On the other hand, there is nearly a 2-year supply of new homes priced between $350K and $400K.
In the re-sale market segment, it is a buyer's market overall. It is a neutral market only for homes priced below $100K. The highest velocity of home sales occurs in this segment for homes priced between $100K and $200K.
As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.
©2010 by Don Stern - All Rights Reserved
(225)413-3634 phone (866)723-5477 fax
don@thehomevendor.com - email
www.TheHomeVendor.com www.DonAndAlishaStern.com
The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. The data are presumed accurate but are not warranted.
There was a sharp drop in the number of closings (unit sales) in Ascension parish during July as the following chart illustrates. During June there were a total of 142 detached single family homes transferred while in July only 63 DSF homes transferred. This is a drop of more than 55%! Clearly a significant number of closings during the first half of 2010 were attributable to the Home Buyer Tax Credit.
The next chart looks at new contracts negotiated for DSF homes during 2010. We can see that there was significant growth in the number of new contracts negotiated leading up to the April 30 deadline. Following that there was a significant drop in new contracts. While, as previously stated, there was a drop in the number of closings during July there was also a modest increase in the number of new contracts negotiated... from 85 in June to 96 in July, about a 13% increase. Improving but still a far cry from the 173 contracts negotiated in April.
The stacked bars represent the number of contracts for each status code recorded as of 8/10 when the data were extracted. Contracts with a status of Withdrawn or Active represent contracts which have fallen through since originally written. Thankfully, that number is rather small. Pending and contingent contracts have not yet closed and, hopefully, represent future sales.
As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.
©2010 by Don Stern - All Rights Reserved
(225)413-3634 phone (866)723-5477 fax
don@thehomevendor.com - email
www.TheHomeVendor.com www.DonAndAlishaStern.com
The geography covered by the Greater Baton Rouge Association of Realtors has been segmented into numbered areas. These areas are depicted on the following map.
An analysis of detached single family sales during 2010 was done in the tri-parish region (Ascension, East Baton Rouge, and Livingston) and broken down by MLS area. The next chart provides the results of that analysis.
The chart illustrates that the highest dollar volumes were achieved in northern Ascension parish and in southern East Baton Rouge parish. Unit sales followed similar patterns except that the Livingston parish areas of 81 and 83 exhibited relatively high unit sales. Another statistic is worth noting... homes in area 61 had the highest median sales price of any of the MLS areas.
A similar analysis was done but included only new construction. That chart is below.
We can see that area 90 in Ascension parish far exceeded any other area in terms of both unit and dollar volume. Area 83 in Livingston parish came in second.
As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.
©2010 by Don Stern - All Rights Reserved
(225)413-3634 phone (866)723-5477 fax
don@thehomevendor.com - email
www.TheHomeVendor.com www.DonAndAlishaStern.com
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