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Pending Sales Spike 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 (July 16, 2014) Last month Pending Sales in the Greater Baton Rouge area jumped 34.9 per cent over last June. That means the Baton Rouge area housing market outperformed several other metro areas across the nation, and is on course for a strong July as well. Overall, the second quarter of 2014 wrapped up strong, with both the One Year Closed Sales and One Year Median Sales Price increasing, 3.3 per cent and 4.8 percent respectively.

More houses went on the market in the metropolitan area as well. New Listings were up 12.9 percent over last year. The Median Sales Price was up 4.8 per cent from last year to $186,500. With 5.3 Months Supply of Inventory, sellers are receiving stronger offers in less time than they were in recent years. On average, sellers are receiving 97.6 percent of their list price at the time of sale.

The Median Sales Price rose a notable 7.3 per cent in East Baton Rouge Parish year over year, to $192,000. At the same time, Percent of List Price received held mostly steady at a healthy 97.3 per cent, up only 0.3 per cent. Days on Market ticked up slightly, to 84, but that's likely to drop again as Months Supply of Inventory dropped 9.5 per cent to 5.7. East Baton Rouge also did its part to raise New Listing statistics; they were up 11 per cent over last June. Closed Sales slipped, down 5.0 per cent to 478.

Closed Sales in Ascension Parish increased 3.1 per cent year over year. That's a more modest increase than May's 12.2 percent jump over the previous year. New Listings took off, up 36.0 per cent to 268. Meanwhile, Months Supply of Inventory dropped for the second month in a row, down 31.9 per cent. That means that homes that were on the market spent less time there, Days on Market dropped 23.4 per cent to just 54. The Median Sales Price fell to $194,400.

Livingston Parish continues to strengthen. More homes sold in the parish, driving Closed Sales up an eye catching 28.8 per cent. New Listings were up 5.9 percent to 232. The increased sales didn't hurt sales prices. Median Sales Price also gained 5.4 percent year over year to $164,370. The sales pushed Months Supply of Inventory down 27.5 percent to 5.0.

Market analysis videos, full color graphs, and even more details are available at www.gbrar.com/research.

About GBRAR:
The Greater Baton Rouge Association of Realtors® is a professional trade association of over 2,200 real estate professionals in the Baton Rouge metropolitan area.
Our members abide by a strict code of ethics and have access to a wide variety of business services that are not available to non-Realtors®. This gives them a competitive edge in the marketplace, enabling them to provide superior services to buyers and sellers of real property.
GBRAR members include licensed real estate brokers and agents, certified appraisers, and others in affiliated businesses in the jurisdiction as assigned by the National Association of REALTORS®. That jurisdiction is made up of the following parishes: East Baton Rouge, West Baton Rouge, Iberville, East Feliciana, West Feliciana, Ascension, Point Coupee, St. Helena.
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You are here: Home Media Press Releases Pending Sales Spike in Baton Rouge Area Housing Market