Archives for 2010

The graph above, (feel free to click to enlarge) illustrates a 3 year review of real estate activity for the City of Covington, North of I-12 and West and South of Hwy 190. Major subdivisions in this area include; Northpark Estates, Versailles, Flowers Estates, Tallow Creek, Old Landing and also a large majority of Downtown Covington. This graph tracks the number of new, active, and sold homes, as well the average sales price, on a month to month basis, from March 2007 through February 2010.

Starting at the top, over the past 3 years the number of active homes for sale on the market (green) has fluctuated some, but in due course is on the same line as where it started.

However, the average sales price (yellow) of homes over the last 3 years looks like a seismic reading from an earthquake. The numbers are all over the place month to month, and currently reflect a small decrease in home values than where we were. I am also hesitant about placing a specific number on the decrease due to the wildly erratic graph line. I would have to say this is an effect from the lower number of sold (blue) homes over the same period. The anomalies’ ugly heads become more exposed. What I mean by anomalies are the; excellent condition homes with 5 acres which sell for $250.00 per SQFT, or the 4000 SQFT, poor condition homes which sell for $48.00 per SQFT. These far left and far right, price per square foot sales, throw wrenches into the works, skewing the numbers greatly. Therefore no consistency.7

Lastly, not much to say on the number of new homes (red) for sale on the market. The number has bounced a good bit month to month but has returned to almost the same number it started with. Coming full circle maybe?

If you have any questions or comments, please feel free to post. For real estate services throughout St Tammany Parish, visit

www.TheScogginGroup.com

Thank You

Marc