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Real Estate Update Across the United States

by The Pat Wattam Team

I just returned from two back to back real estate conferences held in Orlando, Florida.  The first was my CyberStars group and the next was the Star Power Conference (for heavy hitters!).  Since the conference was held in Florida we got to hear first hand on what is really happening in Florida.  Some agents are just trying to cover their bills, others have cut way back on their teams and marketing, others told stories about top Realtors losing their homes, and then, you have a group that is actually thriving in the Market.  This was not unique to Florida.  I also, surprisingly, heard it from Realtors in North and South Carolina, as well as New Jersey.  The general consensus from both groups was that they have another year to weather this downturn, then they will expect a slow rise over the next couple of years to get them back to where their markets were in 2003/2004. 

I find this interesting because here in the Greater Baton  Rouge Real Estate Market, we have been defining the health of our real estate market based on a comparison of today's sales to sales of 2004 - to make sure we are not facing what a large part of this country is facing.  Even though our average sales price is certainly higher than it was in 2004, the rest of our stats, days on market and list to sales price ratio, are pretty much the same as in 2004 (end of the year stats). 

Some lessons learned at the conference were that we should all, not just Realtors, become savers!!  When times are uncertain, cash is king!  Secondly, even in those depressed markets it is a great time to buy!  Why, you might wonder?  Well, you may take a loss on the home you are selling, but you will be able to make that move up to your dream home, which will now be at a price that makes it greatly affordable - the one that you could never have afforded just 2 years ago!!!  And, when the market makes the upturn, your new home will appreciate even more!!

The second important item is that we all expect interest rates to rise after the presidential election, no matter who wins.  How much, who knows?  But with rates in the 6-7% range, this is truly still an exceptional time to enjoy buying and selling homes.

Once again our Market is humming right along!  The three main parishes that the Pat Wattam Team routinely covers are East Baton Rouge Real Estate Sales, Ascension parish  home sales, and Livingston parish home sales.  We do cover West Baton Rouge and if anyone would like those stats, just let me know. 

So for the 1st half of the year, here are the 3 parishes averages:

Number of homes currently on the market:       4601

Average List Price:                                               $210,904

Average Sales Price:                                           $205,405

Average Days on Market:                                          89

Average List to Sales Price Ratio:                          96.87%

Pretty impressive numbers!!!  Because of the amount of inventory we have seen the days on market get longer, but not appreciably - it has been pretty consistent this whole year!

With all the great economic news about our area, I think The Greater Baton Rouge Real Estate Market will continue to thrive.

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Pat Wattam
RE/MAX First, Independently Owned and Operated
4750 Sherwood Common
Baton Rouge LA 70816
Office Direct: 225-298-6900
Office Main: 225-291-1234
Fax: 225-295-1234

RE/MAX First
Each Office Independently Owned and Operated
Main: 225-291-1234

Licensed by the Louisiana Real Estate Commission