With the first half of 2018 behind us, we want to bring you the latest real estate market update. The summary below compares the first six months of 2018, compared to the same time period in 2017:
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FIRST 6 MONTHS OF 2017
|
FIRST 6 MONTHS OF 2018 | CHANGE | |
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TOTAL UNIT SALES
|
5707 | 5297 | down 7.2% |
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TOTAL $ SALES
|
$1,205 million | $1,183 million | down 1.8% |
|
AVERAGE SALE PRICE
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$209,081 | $222,495 | up 6.4% |
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MEDIUM SALE PRICE
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$182,608 | $196,714 | up 7.7% |
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AVG. DAYS ON THE MARKET
|
54 days | 62 days | up 8 days |
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% SALE PRICE / LIST PRICE
|
97.10% | 97.64% | no change |
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NUMBER OF ACTIVE LISTINGS (JUNE, 2018
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4658 units | 5572 units | up 19.6% |
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MONTHLY SUPPLY OF INVENTORY (JUNE, 2018)
|
4.06 months | 5.36 months | — |
The above statistics compare sales of residential properties in 2017 and 2018. The data was pulled on 7/10/18 from the Greater Baton Rouge Association of Realtors (GBRAR) MLS and only includes residential sales.
The figures above show that our unit sales were down just over 7% and dollar sales nearly 2%. This really is not a big surprise, as the beginning of 2017 was very active with the flooded and gutted homes being purchased mostly by investors. People that were flooded were also looking for an alternative home to buy. On the other hand, the average sale price is up just over 6% at $222,495, and the medium sale price was $196,714 reflecting an increase of nearly 8%.
One of the drawbacks of our real estate market over the past couple of years has been a lack of inventory. This trend continued in 2018, but does show signs of improving. Last month our inventory showed a jump of nearly 20% over the same period last year with active residential listings at 5572 units. From a supply standpoint, this inventory represented 5.36 months’ supply compared to just over a 4 month supply in June of 2017. The real estate industry considers a 6 to 8 month supply of inventory as healthy. This increase does mean that buyers are having more choices and are taking more time to look around.
Overall, we believe or market remains healthy and should continue that trend as we move through the remainder of 2018. Unemployment is low, jobs are available and (although we have seen some movement in interest rates) rates remain historically low.
Because inventory is increasing, it is very important to price a property competitively and consider making those necessary repairs or updates that will make your home more marketable.
Coldwell Banker ONE Realtors are your local real estate experts. Call today for a free market analysis!
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!
Start your home search at www.ColdwellBankerOne.com
5025 Bluebonnet Blvd, Baton Rouge, LA 70809
16573 Airline Highway, Prairieville, LA 70769
225-925-2500
Author: David G. McKey, Coldwell Banker ONE Broker/Owner
Data Source: Greater Baton Rouge Association of Realtors MLS. 7/10/2018
The information above is believed to be accurate but not guaranteed.
Coldwell Banker ONE is independently owned and operated. Licensed in Louisiana.
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