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by Pat Wattam


Here is the Real Estate Market Report for East Baton Rouge Parish for the month of October 2017.  

This snapshot gives you an idea about how the real estate market is doing as we

head into the holiday season.  Want more info?  Just email me at pat@patwattam.com!

 

East Baton Rouge Parish October 2017 Market Report

South_East_Baton_Rouge - Available vs Pending Listings
South_East_Baton_Rouge - Sold vs Expired Listings
South_East_Baton_Rouge - Sold vs Active DOM
South_East_Baton_Rouge - Median Sold Prices (last 6 mos.)
South_East_Baton_Rouge - Median Sold DOM (last 6 mos.)

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Real Estate Market Report through July 2017

by Pat Wattam

Our real estate Market reports are in for July and the first half of the year.

The East Baton Rouge Parish report concludes that although the days on market have gotten longer, the absorption rate is 2.8 months - which means we only have a supply of homes for that length of time.  Of course, that number is always moving and is shortest in our summer months.  For the full report click here:  https://www.realmarketreports.com/widgetcode/LA05005_HTMLCode.zip

For Ascension Parish, for the past 6 months, we see the same absorption rate, which is typical of that area most summers.  For the full report on Ascension click here:  

http://www.realmarketreports.com/reports/LA05005_Ascension_Parish.pdf
The one common thing we are seeing across the board is that whether a house flooded or not, the buyers want the updated homes so they don't have to spend their cash on updates or repairing items.  I have a lot of sellers who want to sell their house 'as is' with no repairs but they take a pretty big hit on the sales price as buyers always think it costs much more to do updates or repairs that it actually has to - plus, they want more off just because they have the hassel of dealing with it.
If you can't decide what you should do, give us a call and we'll be happy to look at your house and give you our best advice so that you can make an educated decision!!  225-298-6900!

New Construction Stats 12 Months

by Pat Wattam

I had the pleasure of being interviewed by NBC Local channel 33 today on the recovery of the housing Market in the Greater Baton Rouge area.  Specifically, they wanted to know about new construction homes and how the builders are faring.  After the economic turndown, builders backed off starting new projects - typically, instead of starting a lot of homes, they might have one or two spec homes but didn't want to get stuck with a lot of inventory they couldn't move.  As the market has rebounded, new construction is back up and running very well!  In Audubon Square, the subdivison is 2/3 sold out with 4 more pre-sales in the works - and this is at the end of the year!!

So, here's the scoop.  

East Baton Rouge has a lot of new construction in a wide price range.  You will see in area 43 homes from  $200-300s in Mallard Crossing,  and Lakes at Magnolia Trace, mid $300's -upper $400's in Audubon Square and Green Trails, then going to higher end, to homes in the $500's and up in CarriageWood off Hoo Shoo Too.  You will also see a few resales in these neighborhoods as people get transfered out.  Area 53 sees lots of activity in University Club Plantation for your $400+, Settlement at Willow Grove ($500-800K) to the Preserve at Harveston in the Mid $300s - Mid $400s.  As a whole, East Baton Rouge has seen 104 more new homes sold in the past 12 months than the previous 12, the average sales price has risen about $10K to an average sales price of $265000 - However, just looking at the sales this October, the average sales price jumped to $291,500 - that's $51K over September and $30K over October 2012.  I do like to look at statistics using a larger picture but these recent numbers tell us if you are thinking of buying a new home, BUY NOW, don't wait!!!

Over in Livingston Parish things have been steady for several years with an average sales price of $165,000 and the number of sales and prices  have not changed significantly for the past couple of years.  

Ascension Parish is still the hottest market with an inventory of less than 2.67 months - and this past summer than inventory dropped to under 2 months!!  The number of sales is up - but less than 100 more, and the prices have risen slightly to an average sales price of $214,000.

An interesting note, most new construstion sales have closed at a higher price than listed - which means buyers are adding custom touches to their new home which is increasing the price!

Speaking of the market in general, not just new construction, the average sales prices has gone up every month for the last 7 months compared to the same time last year.  Typical of our area, those prices don't rise quickly - slow and steady.  This is what help us avoid the huge real estate bust from 2008!!  The number of homes being sold has risen the past 3 years - actually a 30% increase in just those 3 years!  

We are so fortunate to have such a healthy real estate market - which speaks well of our economy!!!  Call the Pat Wattam Team today and let us help you decide whether a new construction spec home , an existing home, or if building a home is the best choice for you!  Let's hope that the economy continues to thrive, unemployment continues to decline, and that we all have a wonderful holiday season!

Market Stats for Greater Baton Rouge Area through 3rd quarter

by Pat Wattam

The news is good - and what I have been preaching all year - the Market in the Greater Baton Rouge area has turned around!  Prices are continuing to creep up, inventory continues to shrink, and the months supply of homes available has dwindled to under 5 months - and in Ascension it is under 3 months.  This is HUGE!  

The average sale price for homes have gone up every month for the last 7 months compared to last year!!

The total number of homes sold each month is up once more - August of 2012 634 homes were sold.  This year in August 914 homes were sold.  That's a 44% increase!!!

Homes are selling more quickly too!  The average time a house spends on the market is around 80 days!!!  That's 30 days less than the same period last year!!

What does that mean to sellers?  Well, if you house is priced right and in updated condition, it should sell quickly.  If the house has any issues, then it will take longer to sell.  If your house is on the market for longer than 90 days, you need to take a hard look at what the issue is.  The upper end and the lower end of the market tend to be the slowest to sell.  

For buyers, remember that the purchase process takes some time today.  You need to do your homework BEFORE looking at homes.  Get approved by a lender first.  Why?  The good houses are receiving multiple offers and the offer with the strongest lender letter many times is the one that gets the house.  If you haven't met with a lender and you get in a multiple offer situation, then you will not even be in the running!

The average sales price for the whole MLS is over $203,000 in August - up from $199,900 in May this year and up from $199300 last August!

The number of homes for sale has been decreasing since the beginning of 2013.  We are now solidly in a seller's market - 4.65 months supply of inventory as of August.

Ascension Parish inventory is very low - only a 2.73 months - AND the days on market is very low - only 64 days!! A very HOT market!!  The average sales price there as of August  was $209, 203

Livingston Parish homes are staying on the market an average of 94 days - down from 120 days just a year ago.  And their inventory is also low with only a 4.63 months supply of homes.  The affordability index in Livingston is also very good with an average sales price in August for $166,151.

For East Baton Rouge the numbers also look very good!  The average sales price this August was $214,865 and in 2012 it was only $205,527.  The months supply of inventory has dropped dramatically from 7.66 month supply of homes in August of 2012 to only 4.9 months August 2013!!!  

So, if you are on the fence to buy or sell, call the Pat Wattam Team today and put us to work for you!

 

 

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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