As we kick off 2019, it is time to look back and see how the real estate market in the Greater Baton Rouge and surrounding areas did in 2018, so we know what to expect this coming year.
Below is a comparison of sold residential properties in the twelve months of 2018 to the twelve months of 2017.
|12 month total
|12 Month Total
|Total Unit Sales||11,195||10,550||Down 5.8%|
|Total $ Sales||$ 2,418 Million||$ 2,390 Million||Down 1.2%|
|Avg. Sale Price||$ 215,044||$ 226,150||
|Medium Sale Price||$ 190,000||$ 199,950||
|Avg. Days on the Market||52.66 days||62.21 days||
Up 10 Days
|% List Price/Sale Price||97.29%||97.31%||No Change|
|# Active Listings (December)||4391 units||5037 units||Up 14.7%|
|Monthly Supply of Inventory (Dec)||5.6 Months||7.66 Months||—-|
The information above was compiled from reports pulled on January 7, 2019, from the Greater Baton Rouge Association of Realtors Multiple Listing Service (MLS). It represents residential sales only and covers our 9 parish area.
The real estate market slowed in 2018 compared to the previous year, as indicated in the above chart. More volatility in the economy was present. Interest rates moved slightly higher through the year, the stock market had significant swings, and the price of homes continued to rise making them less affordable for buyers. As inventory increased through the year to a more normal level, so did the average days on the market. Sellers will appreciate the fact that their home values have increased in 2018. The average sale price for in 2018 was $226,150.00, a jump of 5.2% compared to 2017.
While our inventory of homes on the market in December, 2018 was higher than it was in December, 2017, it remains in a very healthy range. The December, 2018 inventory supply was 7.66 months. This means that if no new home were to be placed on the market, it would take just over 7.5 months for every home to sell. 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. Inventory of 6 to 8 months would be considered a healthy market.
Overall, we’re seeing a strong residential and commercial real estate market in the greater Baton Rouge area.
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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!
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