You are here: Home Media Press Releases March Builds Consumer Confidence in Baton Rouge Area Housing Market

March Builds Consumer Confidence in Baton Rouge Area Housing Market

March Builds Consumer Confidence 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 (April 17, 2013) The Greater Baton Rouge area is much like other areas of the nation – which is a good thing for sellers! Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready-to-buyers. New Listings in Greater Baton Rouge decreased 8.8 percent to 1,106. Pending Sales were up 10.3 percent to 968. Inventory levels shrank 9.8 percent to 3,795 units.

Baton Rouge area prices remained determined. The Median Sales Price increased 5.9 percent to $178,005. Days on Market was up 1.1 percent to 94 days. Absorption rates improved as Months Supply of Inventory was down 17.5 percent to 5.2 months. Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.

In East Baton Rouge Parish New Listings dropped 16.7 percent to 569 in March. Unlike the area at large, Days on Market also dropped, down 4.4 percent to 87. Median Sales price bounced back from last month's decline, up in year over year numbers 9.9 percent to $188,000. Closed Sales slid 19.4 per cent to 336. Months Supply of Inventory was also down 19.4 percent. It fell to 5.4.

Ascension Parish had 12.2 per cent fewer New Listings, for a total of 180 in March. Months Supply of Inventory dropped a whopping 26.2 percent to 3.1. It's a solid sellers' market in Ascension. Days on Market also dropped, 2.5 per cent to 77. Closed Sales also went down, 12.3 percent to 121. Predictably, Median Sales Price rose 2.8 per cent to $192,819.

In Livingston Parish New Listings were actually up 10.4 percent to 212, and Closed Sales slid 12.1 percent to 123. Days on Market rose 21.8 percent to 123. Despite these numbers Months Supply of Inventory remained in neutral territory, at 5.4, down 11.5 percent. Prices are strong in Livingston Parish. Median Sales Price was up 3.2 percent to $155,133.

During this year's spring refresh, seller activity is the first item on the watch list. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable. It's cheaper to own than to rent in most of the country.
Market analysis videos, full color graphs, and even more details are available at www.gbrar.com/research. This month's 10K Skinny market analysis video will be delayed slightly.

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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

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