You are here: Home Media Press Releases April Shows Recovery and Normalization in Baton Rouge Area Housing Market

April Shows Recovery and Normalization in Baton Rouge Area Housing Market

April Shows Recovery and Normalization in Baton Rouge Area Housing Market

Contact:
Saiward Pharr Hromadka
Communications Director, GBRAR
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225-761-2000

FOR IMMEDIATE RELEASE
Baton Rouge, LA (May 16, 2014) The Greater Baton Rouge Area is somewhere between recovery and normalization, like most metropolitan areas nationally, as April statistics from the Greater Baton Rouge Multiple Listing Service show.

Closed sales showed no change over last April's strong performance, meaning this was an equally strong April. Additionally, area New listings were about even with last year, down just 0.6 percent compared to April 2013. Sellers introduced 1,259 newly listed properties to the market. That means, despite a strong Spring 2013, pending sales were up 17.1 percent compared to last April. It's quite an impressive performance from eager home buyers. Inventory levels were down 9.4 percent from last year to 3,880 homes. That's more or less on par with April 2004 inventory counts, before Hurricane Katrina impacted the market. Pending Sales were up 17.1 percent to 1,022. Prices were still a bit soft. The Median Sales Price decreased 4.2 percent to $171,385. However, it's worth noting that sellers are still receiving 97.1 percent of their asking price. Days on Market remained flat at 91 days.

In East Baton Rouge new listings actually jumped up 7.8 percent, to 729. Homes and spending less time on the market as well; Days on Market dropped 7.4 percent, to 88. Inventory slid 8.2 percent to 2,209. Median Sales Price slid slightly 1.9 percent to an even $171,000.

In Ascension Parish New Listings fell off their high from last April, down 24.3 percent to 174. To go along, Inventory dropped 26.8 percent to 428 total. Fewer homes on the market means they're staying there less time. Average Days on Market was down 19.5 percent to 77. Median Price also dropped over year, down 3.2 per cent to $197,265, but sellers got 98.6 per cent of their asking price.

Livingston Parish saw 7.8 per cent fewer New Listings, but there was also a 9.5 percent gain in Closed Sales. However, homes are spending longer on the market, Days on Market rose 31.1 percent to 97. Meanwhile, Median Sales Price fell 5.3 percent to $150,555. Fewer homes were on the market as well, Inventory of Homes was down 7.6 percent to 666.

There are many other positive forces at work locally and nationally. Recent national reports show that mortgage delinquencies and negative equity are down sharply, new home sales are on the rise but still historically low, investor activity is slowing and inventory levels are finally beginning to rise in some areas. Here's to more of the same throughout the year.
Market analysis videos, full color graphs, and even more details are available at www.gbrar.com/research.

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About GBRAR:
The Greater Baton Rouge Association of Realtors® (GBRAR) is one of the Baton Rouge Area's largest trade associations, serving nearly 3000 members involved in all aspects of the real estate industry. GBRAR serves as the "voice of real estate" in the Baton Rouge Metropolitan area. GBRAR is a private trade association of licensed real estate brokers and agents, certified appraisers (and some others in affiliated businesses) in the jurisdiction as assigned by the National Association of REALTORS® who have agreed to come together for purposes of self interest and agreed to abide by a Code of Ethics. That jurisdiction is made up of the following parishes: East Baton Rouge, West Baton Rouge, Iberville, East Feliciana, West Feliciana, Ascension, Point Coupee, and St. Helena. More information about GBRAR is available at www.gbrar.com

You are here: Home Media Press Releases April Shows Recovery and Normalization in Baton Rouge Area Housing Market