As we look back at the residential real estate market statistics in Baton Rouge and the surrounding areas, comparing the first quarter of 2021 versus the first quarter of 2022, we see continued strong sales and low inventory.
In the chart below, you will see that while unit sales are down, dollar volume, average sale price, and median sale price are both up.
The lack of inventory continues to be a challenge with only 1,096 residential units on the market in March. This represents only a one month supply of inventory. This means that if no new homes were to be placed on the market, it would take only one month for every current listing to sell. The real estate industry considers a 6 to 8 month supply of inventory to be a healthy, balanced market. So, in general, we are in a seller’s market.
One reason for this is that demand is increasing. There are fewer homes on the market, because there are more buyers competing for these homes. This is reflected in the consistently rising number of homes sold since May, 2020.
With the continued shortage of inventory, it is a great time for anyone thinking about selling their property to list it. If it is a well-kept, show-ready home, chances are great that it will sell faster and at a higher price than it would in a higher inventory market.
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