East Baton Rouge Parish Real Estate Market

2009 Mid-year Report

This mid-year report is the result of my analysis of data retrieved from the Greater Baton Rouge Association of Realtors MLS
database. Only data relating to detached single family (DSF) homes were included. None of the townhome sales were included in this
analysis as they represent a different product. As I have done in the past, I made a distinction between new construction and previously owned (re-sale) homes.

Seasonality continues to impact unit sales in the parish as we observe an overall increase in unit sales for June.
The increase, however, is due to an increase in the sales of previously owned homes. New construction sales actually declined from thirty
nine sales in May to thirty six sales in June.

Overall unit sales in both market segments are projected to be at five year lows. The following chart illustrates this observation.

The next chart illustrates a significant decline in the average selling price of a new home in the parish.
The average selling price per square foot of living area for a new home remained stable which means that the drop in home prices is
attributable to the fact that in 2009 smaller homes have been purchased. Prices of previously
owned homes have remained relatively flat between 2008 and 2009.

Overall, there is a 5.6 month supply of new construction in the parish that conventional wisdom terms a neutral market (5.5-6.5 months
supply.) Looking at different price ranges, as in the following chart, we see that a seller’s market (<5.5 month supply) exists in many price ranges.
For homes priced over $400K, on the other hand, a severe buyer's market (>6.5 month supply) exists with over 13 months of inventory
on hand.

In the re-sale market segment there is, similarly, a 5.6 month supply as well. As with new construction, however, the data suggests
something very different depending upon the price range. For homes priced below $200K a seller’s market exists but for homes priced
over $400K there is over 18 months worth of inventory.

Comments and suggestions are encouraged. Readers wishing to have a more in-depth discussion welcome to contact me directly.

©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (225)313-3698 fax

don@thehomevendor.com
- email

www.TheHomeVendor.com www.DonAndAlishaStern.com
www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

Pelican Point Real Estate Market Report

2009 Mid-year Report

This mid-year report is the result of my analysis of data retrieved from the Greater Baton Rouge Association of Realtors MLS
database. Only data relating to detached single family (DSF) homes were included. None of the townhome sales were included in this
analysis as they represent a different product. As I have done in the past, I made a distinction between new construction and previously owned (re-sale) homes.

While the projected overall unit sales in Pelican Point are down from 2008, we can see improvement in new construction units sold.
Sales of previously owned homes are down from last year but, at current absorption rates, will be ahead of sales in the pre-Katrina year
of 2004. The following chart illustrates this point.

Overall, previously owned homes in the subdivision have held their value. The average price per square foot of living area has held
at $121.56/sq.ft. This is about even with 2008 sales but down from the selling prices in the years immediately following hurricane
Katrina. At $121.56, however, homes are selling well ahead of pre-Katrina prices. Homes in Pelican Point are diverse but,
in general, similar homes are on a given street. For that reason, I’ve analyzed the re-sale data by looking at sales by street. The following
chart shows selling $/sq.ft. and unit sales by street.

The next chart again shows that re-sale prices have held steady between 2008 and 2009. New construction prices, however, have declined
a bit from the high seen in 2008 but have remained higher than the average $/sq.ft. for the years 2004-2007.

Fewer than 2 homes per month are being sold in the re-sale market segment. With 29 homes currently listed, it is clearly a buyer’s market.
At current absorption rates there is a 15.8 month supply as the next chart illustrates.

The new construction segment has a 9.6 month supply at the current absorption rate of 0.8 homes per month. Drilling down through price
range, one can see that so far this year no homes over $400K have been sold yet there are four available. I would encourage builders
to refrain from building homes in this price range until the market for them rebounds.

Comments and suggestions are encouraged. Readers wishing to have a more in-depth discussion welcome to contact me directly.

©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (225)313-3698 fax

don@thehomevendor.com
- email

www.TheHomeVendor.com www.DonAndAlishaStern.com
www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

Ascension Parish Real Estate Market Report

2009 Mid-year Report

This mid-year report is the result of my analysis of data retrieved from the Greater Baton Rouge Association of Realtors MLS
database. Only data relating to detached single family (DSF) homes were included. As I have done in the past, a distinction was
made between new construction and previously owned (re-sale) homes.

Unit sales have continued to improved as indicated by the next chart. Sales of new construction are projected in 2009 to exceed sales
of new construction in 2008. While recent improvements have been observed, home sales in the re-sale market segment are lagging
behind those in 2008 but have rebounded to pre-Katrina levels.

The following chart tracks unit sales of new construction by month and year. One can see that new construction sales in 2009 have
exceeded those in 2008 for every month so far this year.

While off to a slow start, previously owned home sales during June of this year exceeded those of June in 2008 and for every month
except May exceeded the corresponding month in 2004.

Through June, we can see in the following chart that the average price of previously owned homes sold in the parish have not declined.
The average price of a new home sold, however, has seen a substantial drop.

The explanation for this drop in the average price of a new home sold is made clear in the following chart which shows new construction
sales by subdivision. Only the top 12 subdivision are shown but these twelve account for nearly 60% of home sales.
It is evident that most new home sales were in subdivisions where homes with a limited number of floor plans and a generally lower
standard of amenities than we have seen in years past are built.

We have been selling through the inventory of new construction in the parish. The following chart shows that, overall, there is only
a 3.8 month supply of new homes… a seller’s market overall. Looking at absorption data by price range we can see that a seller’s
market condition (less than 5.5 month supply) exists for all price ranges up to $400K. The absorption rate and inventory levels of homes selling for
$400K and up, on the other hand, result in a serious buyer’s market with more than a 20-month supply.

In the re-sale market segment there is, overall, a 6.4 month supply… a neutral market. Drilling down through the data, we can see
that a seller’s market condition exists for homes selling up to $200K. Over $200K, a buyer’s market condition exists and for
previously owned homes selling for more than $400K there are more than 3 years worth of inventory at current the current absorption rate.

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