http://www.denhamspringsappraisers.com/ – Denham Springs Home Appraisers: How Are Beau Chene Subdivision Values Holding Up in 2010? I performed a home appraisal in Beau Chene Subdivision, off Cane Market Road, this week and discovered the following housing numbers below. Beau Chene is one of the many starter home subdivisions within the Western Livingston Parish housing market. Homes generally range from 1,046sf up to 1,572sf, average 1,189sf.
Solds In Beau Chene Subdivision Denham Springs from 1/2010 to 12/8/2010 revealed:
Average Sales Price: $120,000, An REO Foreclosure ($140,300 in 2009)
Average Sold Price Per Sq. Ft.: $101/sf ($113/sf in 2009)
Median Sold Price: $120,000 ($139,900 in 2009)
Number of Sales: 1 (3 in 2009)
Average Number of Days On Market: 33 (82 Days in 2009)
Low To High: $120,000 ($138,000 to $145,000 in 2009)
Number of Sold REO/Foreclosures Noted In MLS: 1.
Current # Listings: 7, 0 Are Foreclosures.
Current Listings Prices: $138,900 To $146,625
Overall, there have been no market sales in Beau Chene in 2010, which is odd for this “bread-and-butter” type housing development. This trend reflects the broad market where there has been a major slowdown in home sales post federal tax credit expiration.
WOW! Seven (7) Active Listings and NO PENDINGS is a lot of Listings in this smaller subdivision. And, I know why none of these 7 listings are currently Pending or Under Contract! Here’s what I don’t understand. THIS IS A WEAKER MARKET IN 2010 AND NATIONALLY! It’s a buyer’s market for sure. The 2009 support level was at $113/sf in this subdivision. Yet ALL 7 listings priced above 2009 support from $115/sf up to $123/sf in this weaker market? I often wonder why homes are listed above support, in a known weaker buyer’s market.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 8, 2010. This information was extracted on 12/08/2010.