The Greater Baton Rouge Real Estate Market really picked up steam in 2012!  We saw it coming at the end of 2011 and now I have some statistics to share with you.  I hope you will find this information useful and interesting.  

First let's compare our entire MLS from 2012 back to 2011

 

2012 /2011  Statistics for Entire MLS
  #homes currently for sale #Homes Sold Ave List $

Ave Sales $

Days on Market

List/Sale
Ratio

2012 3682 7607 $198,720 $192,583 99 97%
2011   6604 $196,801 $190,183 103 97%

                                                           As you can see, the market as a whole definitely improved.  Although the average sales price only went up slightly, there was a significant amount more homes sold in 2012.

 

Let's take a look a the 3 main parishes The Pat Wattam Team at RE/MAX First sells the majority of houses.  The last column is the one to watch!  

East Baton Rouge Parish (EBR), Ascension Parish (ASC), and Livingston Parish (LIV)

 

Parish/Yr # Home currently for sale # Homes Closed Ave Sales $ Ave Days on Market List/Sales% Months Inventory
EBR2012 2087 4183 $201,626 96 97% 7.25
EBR 2011   3610 $200,757 103 96% 9.11
             
ASC 2012 518 1442 $202,174 97 98% 5.21
ASC 2011   1293 $200,401 95 98% 7.24
             
LIV 2012 609 1263 $153,052 101 97% 7.27
LIV 2011   1111 $152,678 105 97% 9.06
             

Did you you noticed what I did?  That the months supply of inventory has gone down by about 2 months in each parish.  In fact, last summer there was only about a 3 month or so supply of homes for sale in Ascension Parish and under 5 months in May and June for EBR.  What does this mean?  Well first, as the number of available properties for sale diminishes, at some point, it will put pressure on the prices of houses to go up.  The Baton Rouge Real Estate market has traditionally been a very stable market with not a lot of price increases per year - which is why we did not have the 'real estate bubble' - except for the Katrina years of 2006-2007.  BUT, if the months of inventory remains low, then BUYERS have to be careful not to make low offers on property or it will get snatched away by another buyer with a better offer!  You may not have time to make two or three counters on the good houses!  For SELLERS this means that if you have your house in TOP condition - which includes updating (no one want to change out your old wall paper, appliances, and flooring - and make sure your home has neutral colors) and priced well and you'll get close to your asking price - and might just be a invitation for multiple offers!

2013 appears to be a really great year again for both buyers and sellers.  Mortgage interest rates are to remain low so that sellers can make that move up to a larger house and still have a good payment - and it's still easy for first time buyers to get in the game.  If you have any questions or concerns, don't hesitate to ask one of us here at the Pat Wattam Team!   We're here for you!