Greater Baton Rouge April 2016 Home Sales Report
A comparison of April 2015 vs April 2016 Greater Baton Rouge home sales reveals gains and some surprises. Overall, there were 25 more sales and sales were up 3 percent. Homes continued to sell for 99 percent of listing price. Median sold price per square foot increased by $3/sf to $114/sf, an increase of 3 percent. Median sold price increased $2,000 to $194,000, up 1 percent. Overall, a healthy market!
East Baton Rouge median sales price was DOWN from $200,000 to $198,292.
Livingston home sales were DOWN by 40 sales, 172 to 132 sales, down 23 percent.
West Baton Rouge home sales were DOWN by 4 sales, 27 to 23 sales, down 15 percent.
West Baton Rouge median listing price to sales price ratio was DOWN from 100 to 99 percent.
West Baton Rouge median sold price was DOWN $2/sf or 2 percent.
West Baton Rouge median sold price showed BIGGEST JUMP by $8,000 or 4 percent.
For the chart below, “SP/LP” stands for sales price to listing price ratio, meaning homes are selling for 99 to 100 percent of listing price.
Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of April 1, 2015 to April 30, 2015 versus April 1, 2016 to April 30, 2016. This information was extracted on 05/18/2016 from GBRAR. Study Completed by Bill Cobb with Accurate Valuations Group. Greater Baton Rouge covers Ascension, East Baton Rouge, West Baton Rouge and Livingston Parishes – ALL home types.
A Keller Williams Realty email I received this week from Agent Monique Lambert provides these snapshots below.
WHY I RELY ON MEDIAN SALES PRICE VERSUS AVERAGE SALES PRICE?
Why Median Sales Price is a better indicator than Average Sales Price! Median Sales Price is the barometer by which the National Association of Realtors utilizes to report on national housing markets. Average Sales Price tends to take all of the home sales prices from the lowest, say $50,000, to the highest, say $1,000,000, and state the average of them all, sometimes skewing the numbers because of the extreme highs and lows. Median Sales Price tends to focus more on the middle of where the bulk of home sales prices are taking place. Generally, the Average Sales Price is going to be higher because it includes the extreme high sales prices in a given market. Fannie Mae understands the problem with using Average Sales Price and now demands home appraisers perform the 1004MC or Market Conditions form based on narrower “sub-market” parameters for comp search. This means that on a 2,000sf home, Appraisers would be searching for comps with say 200sf below and above 2,000sf, say 1,750sf up to 2,250sf with similar ages and other similar characteristics.