Baton Rouge Condominium Market 2011-2012 Correction Brutal. This segment of the market was ripe for such an extended correction based on the froth in this segment.
See the numbers below. Basically, the Average Sold Price declined another $6,900 or -4.8%. The Average Sold Price Per Sq. Ft. declined again $5.21/sf or -4.5%. The Median Sold Price declined another $6,350 or -4.7%. Number of sales decline close to 8%. Average Days on Market increased by 42 days or +40%. AND, the current Pendings have an Average Days On Market of 242 days. Worst of all is that Total Distressed Sales climbed 54 sales or +91.5%.
This chart below was from one of my condo appraisals in late 2011 in 70809, not the entire condo market.
Condo Sales In East Baton Rouge from 2/1/2010 to 2/28/2011 revealed:
Average Sales Price: $142,717
Average Sold Price Per Sq. Ft.: $116/sf
Median Sold Price: $135,300
Number of Sales: 315
Listing-To-Sales Price Ratio: 97%
Average Days On Market: 106
Low To High: $5,000 up to $570,000
DISTRESSED STATS:
Number of Sold REO/Foreclosures Noted In MLS: 33
Number of Sold 3rd Party Noted In MLS: 25
Number of Sold Short Sales Noted In MLS: 1
Total Distessed Sales: 59 or 19%
Condo Sales In East Baton Rouge from 2/1/2011 to 2/29/2012 revealed:
Average Sales Price: $135,817
Average Sold Price Per Sq. Ft.: $110.79/sf
Median Sold Price: $128,950
Number of Sales: 290
Listing-To-Sales Price Ratio: 96%
Average Days On Market: 148
Current Pendings Days On Market: 242 Days
Low To High: $5,000 up to $550,000
DISTRESSED STATS:
Number of Sold REO/Foreclosures Noted In MLS: 52
Number of Sold 3rd Party Noted In MLS: 29
Number of Sold Short Sales Noted In MLS: 32, INCREASE OF OVER 100%
Total Distessed Sales: 113 or 39%
DIFFERENCES IN TWO (2) PERIODS:
Average Sales Price: -$6,900 or -4.8%
Average Sold Price Per Sq. Ft.: -$5.21/sf or -4.5%
Median Sold Price: -$6,350 or -4.7%
Number of Sales: -25 or -7.9%
Listing-To-Sales Price Ratio: -1%
Average Days On Market: +42 Days or +40%
TOTAL DISTRESSED SALES: +54 or +91.5%
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of Februar 1, 2010 to February 29, 2012. This information was extracted on Sunday 03/03/2012 from GBRAR. Study Completed by Bill Cobb Appraiser and Housing Reporter with Accurate Valuations Group.
