Wow!…Days On Market Up 62% in June 2015…NOT Good News.
This represents home sales within the entire GBRMLS (Greater Baton Rouge MLS)
Days on market in May 2015 was 63 days versus 102 days in June 2015, a 62% increase.
This could be for two reasons:
1.) Mortgage rates rising into the 4% range slowing home sales
2.) Lack of inventory of homes for sale in hottest (most desirable) zip codes could mean buyers are waiting in hopes of better choices (better future homes coming on the market). Remember May 2015 home sales were down 8% by what was labeled low inventory, see chart below “Picture of low inventory”. “The number of houses sold in metro Baton Rouge dropped 7.6 percent in May from a year ago, a decline that local real estate experts are blaming on tight inventory.” – source The Advocate newspaper via Timothy Boone.
Picture of our low supply
GREATER BATON ROUGE REAL ESTATE DATA NOTE:
Based on information from Greater Baton Rouge Association of REALTORS®\MLS for period 07/01/2014 to 06/31/2015, extracted on 07/06/2015