The statistics for Greater Baton Rouge Real Estate for 2009 show that our prices have finally felt some decrease in the average sold price in the 3 main parishes the Pat Wattam Team serves (Ascension, East Baton Rouge, and Livingston). Some interesting facts - that even though the average sales price has decreased a little and the days on market have certainly increased, the average sales price for these 3 parishes combined are still significantly higher than the end of 2005 and are only slightly lower that 2007!!!
The tax credit for first time home buyers helped us have a strong finish to 2009 but the start of 2010 is dramatically different, and it is strictly due to the tax credit extension and the additional tax credit for existing home owners. I have never seen a January so busy! We have been told that the Federal Government will NOT extend the tax credit again and for us to get that word out to our clients!!
So, let's get into the statistics for 2009.
This Graph shows the average list price for the new Listings, the homes currently on the market, the homes pending, and finally the homes sold.
Sold Statistics for 2009 (EBR, ASC, and LIV parishes)
Ave List Price: $197,861 Ave Sold Price $192,081 Median Price $168,000
Average Days on market were 94 - up 2 from last year. This is the number to keep watching. This should stabilize but it significantly longer than the past 5 years.
Comparison Stats:
YEAR AVE LIST $$ AVE SOLD $$ MEDIAN $$ DAYS ON MARKET
2009 $197,861 $192,081 $168,000 94
2008 $208,438 $202,994 $171,500 92
2007 $201,342 $197,313 $167,103 69
2006 $211,550 $208,798 $193,000 41
2005 $187,685 $184,514 $152,000 32
2004 $157,173 $152,890 $133,000 44
Another interesting note is that the closed price vs listing price is still very close. Many people think they can come to our area and get a house 20-30% off list price need to look at these numbers! This shows that we have a very healthy and stable real estate market!!!
If you want to keep up with the real estate prices for your home, and you are in my MLS area, sign up for the Market Snapshot. It's an automated system that will send out a report to you once a month with properties for sale and sold within a half mile of your home.
This graphy shows the type of loans most popular with buyers. FHA (government backed loans with 3.5% downpayment) have become very popular again - much like they were 20-30 years ago. Buyers are scraping togehter downpayment money but asking nearly every seller to contribute (rather, let the buyer fincance in their purchase price) money at closing to pay for the buyer's closing costs and prepaid items.
I hope you find this information useful! If you have any specific questions, please call or email me anytime!