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!