Research data was provided by the Commercial & Investment Division of the Greater Baton Rouge Association of Realtors presented at the Baton Rouge TRENDS seminar. For more information, visit batonrougetrends.net/residential.
After several years when buyers had the upper hand, the Capital Region's single-family housing market is tilting back toward sellers, according to data gathered and analyzed by the Greater Baton Rouge Association of Realtors. For the first time since the recession, the inventory of homes for sale dipped below six months' worth over the past year. Higher average sale prices and decreases in inventory were experienced in almost all sectors, which the Realtors say is indicative of a healthy market. Volume builders like DSLD, D.R. Horton and Rabalais Homes are doing much of the new construction, although local appraiser Tom Cook stresses that bulk building is not synonymous with low quality.
BY THE NUMBERS
Total sales volume: $1.77 billion
Sales volume percentage change over the previous year: +19.2%
Total sales: 8,870
Total sales percentage change over previous year: +15.3%
Months of inventory: 5.76
Average list price: $205,164
Average sale price: $199,343
Average sale price percentage change: +3.4%
Average days on market: 86
Average days on market percentage change: -30.1%
SOURCE: Trends, 2014, Commercial Investment Division, Greater Baton Rouge Association of Realtors. Data reflects March 2013 through February 2014
Sales volume percentage change over the previous year: +19.2%
Total sales: 8,870
Total sales percentage change over previous year: +15.3%
Months of inventory: 5.76
Average list price: $205,164
Average sale price: $199,343
Average sale price percentage change: +3.4%
Average days on market: 86
Average days on market percentage change: -30.1%
SOURCE: Trends, 2014, Commercial Investment Division, Greater Baton Rouge Association of Realtors. Data reflects March 2013 through February 2014
AT A GLANCE
• Sales volume increased by more than 19%, the second consecutive year of double-digit increases.
• Of the three parishes that constitute most of the region's housing market, Ascension had the highest average sale price of $212,038, with East Baton Rouge at $209,173 and Livingston at $164,225.
• New home sales volume for homes in Ascension priced between $300,000 and $400,000 more than doubled from the previous year, the largest increase of any sector evaluated by the Realtors' residential trends committee.
• Of the three parishes that constitute most of the region's housing market, Ascension had the highest average sale price of $212,038, with East Baton Rouge at $209,173 and Livingston at $164,225.
• New home sales volume for homes in Ascension priced between $300,000 and $400,000 more than doubled from the previous year, the largest increase of any sector evaluated by the Realtors' residential trends committee.
THREE THINGS TO WATCH
INVENTORY
Six months of inventory is widely considered the dividing line between a buyer's and seller's market. The Capital Region has dipped slightly below that level, and if that trend continues sellers will gain the upper hand for the first time since the year after Hurricane Katrina.
INTEREST RATES
Low interest rates have fueled the housing recovery, but rates can't stay this low forever.
GOVERNMENT
The East Baton Rouge Parish Department of Public works is woefully sluggish, sometimes slowing down housing development, Cook says. Will DPW figure out how to speed things up?
Six months of inventory is widely considered the dividing line between a buyer's and seller's market. The Capital Region has dipped slightly below that level, and if that trend continues sellers will gain the upper hand for the first time since the year after Hurricane Katrina.
INTEREST RATES
Low interest rates have fueled the housing recovery, but rates can't stay this low forever.
GOVERNMENT
The East Baton Rouge Parish Department of Public works is woefully sluggish, sometimes slowing down housing development, Cook says. Will DPW figure out how to speed things up?
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