The first quarter of 2021 has come to an end and the residential market remains HOT! Below is a recap, comparing last year’s first quarter to the first three months of 2021.
|Unit Sales||2361||3089||Up 30.8%|
|Dollar Sales||$556 Million||$803 Million||Up 44.5%|
|Average Sale Price||$234,364||$258,347||Up 10.2%|
|Median Sale Price||$204,965||$230,000||Up 12.2%|
|Average Days On Market||80.1 Days||57.6 Days|
|Sales Price / List Price||97.4%||98.3%|
|Number of Active Listings (March)||4,198||1,811|
|Month’s Supply of Inventory (March)||4.5 Months||1.6 Months|
Both unit sales and dollar volume were up significantly. Also, the average sale price and medium sale price showed increases. Listings are not staying on the market long as the average days on the market dropped from 80.1 days to 57.6 days.
Inventory remains a challenge. There were 4198 residential properties on the market in March of 2020, compared to just 1811 in March of 2021. Month’s supply of inventory decreased from 4.5 months to just 1.6 months. Inventory of 6 to 7 months is considered a balanced market. Interest rates remain low and demand remains high resulting in many listings getting multiple offers.
The month’s supply of inventory plummeted to 1.6 months. This means that if no new homes were to be placed on the market, it would take only 1.6 months for every current listing to sell. The real estate industry considers a 6 to 8 month supply of inventory to be healthy. So, in general, we are in a seller’s market.
This means that if you are considering selling your home, now is a great time to list your house, as the demand is great.
Mortgage rates are still historically low for buyers and housing demand is strong for sellers. Both scenarios provide great opportunities for those looking to buy, sell or invest in real estate right now.
Coldwell Banker ONE Realtors are proud to be your trusted real estate advisors We are taking extra precautions to make sure that we, and our clients, are safe. And, we are here to provide you the same excellent service, while meeting your specific needs.
We are more than just your Realtors;
We are your neighbors!
Coldwell Banker ONE Realtors are your local real estate experts. We service the entire greater Baton Rouge and surrounding areas, including Ascension Parish, Livingston Parish, East Feliciana Parish, West Feliciana Parish, East Baton Rouge Parish, and West Baton Rouge Parish, Iberville Parish, Point Coupee Parish, and St. Helena Parish.
Do you own a home in the greater Baton Rouge or surrounding areas? Are you looking to buy a home here? Do you just want to know more information about our local real estate market? Coldwell Banker ONE Realtors have got you covered!
5025 Bluebonnet Blvd, Baton Rouge, LA 70809
16573 Airline Highway, Prairieville, LA 70769
Author: David G. McKey, Coldwell Banker ONE Broker/Owner
Data Source: Greater Baton Rouge Association of Realtors MLS. 4/8/2021
The information above is believed to be accurate but not guaranteed.
Coldwell Banker ONE is independently owned and operated. Licensed in Louisiana.