You are here: Home Media Press Releases Stronger Baton Rouge Area Housing Market Good for Potential Sellers

Stronger Baton Rouge Area Housing Market Good for Potential Sellers

Stronger Baton Rouge Area Housing Market Good for Potential Sellers

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

FOR IMMEDIATE RELEASE
Baton Rouge, LA (February 18, 2014) The strong housing market recovery means many who were hesitant to sell in recent years may find themselves in a completely different position. Current local market conditions mean contacting a Realtor® for a fresh comparative market analysis might be a good idea.

New Listings in Greater Baton Rouge decreased 18.2 percent to 973. Pending Sales were up 26.7 percent to 774. That combination means inventory levels shrank 8.9 percent to 3,806 units. Prices marched higher. The Median Sales Price increased 4.0 percent to $168,500. The median price is the best measure of home prices; it is the half-way point of the market, with half of the recorded home sales being higher and half being lower. Homes are spending less time for sale too. Days on Market was down 14.0 percent to 86 days. Overall, given how far the market has come, it's a good time for folks to reassess their situation.

In East Baton Rouge Parish the Median Sales price dropped slightly year over year, $160,000 in January 2014 versus $165,000 in January 2013. However, with New Listings and Months Inventory both down 18 percent from last year, prices are likely to go up in months to come. The number of homes actually changing hands in January is already up, Closed Homes rose a modest 1.1 percent to 266. Days on Market was also down to only 87, a 13 percent drop from this time last year.

Like East Baton Rouge Parish, Livingston Parish saw year over year drops in Median Price, 3.1 percent to $134,300, New Listings, 29.7 percent to 27, and Months Inventory, 13.1 percent to 5.3. Again, the combination means prices are very likely to trend higher in months to come. The Days on Market may already be an indicator of that, down 6.3 percent to 89.

Things are looking bright in Ascension Parish as well. The Median Price there is already up 9.3 percent from last year, to $194,700. Closed Sales were up a whopping 43.9 percent year over year to 118. Meanwhile, few homes went up for sale. New Listings were down 17.4 percent to 161. Like the rest of the area, homes in Ascension Parish as spending less time for sale, with Days on Market down 21.3 percent to 81.

Politicians are gearing up for midterm elections, so pay close attention to campaign messaging as relates to real estate or mortgage financing. Interest rates remain attractive and should remain below their long-term average, but they are expected to creep higher in 2014. Job growth is still fundamental and is likely to dominate this election cycle. Large scale projects in the works in the Greater Baton Rouge area can only help buoy the local economy.
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

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