Greater Baton Rouge Home Sales 2016 Year In Review and despite low inventory.
I’ve prepared an infographic displaying Greater Baton Rouge housing market facts from 2016 home sales. This covers all area sections within the Greater Baton Rouge Association of REALTORS MLS, all home types from January 1 2016 to December 31 2016. Below is the GBRMLS area map coverage. Also listed at the TOP 30 best selling subdivisions. And, isn’t it interesting rural tract land with 811 sale outsells the highest sold subdivision at 201 sales by 300 percent!
Interesting Greater Baton Rouge home sales trends to note:
Nine percent growth in number of home sales
Dollar sold volume inrease by over eight percent
Home sale prices were steady despite the catastrophic August flood
Average days on the market just 67 days
This infographic can be downloaded from http://www.slideshare.net/BatonRougeHousingReports/documents
Yes Greater Baton Rouge did end the year down with a lower median sales price of $175,000, contrary to the infographic above. While $187,047 was the median sales price for the entire 2016, we finished 2016 at $175,000 or a 6.4 percent decline. Due to the Great Flood as of December 2016, home prices overall were generally down from 2015 and mostly in the flood impacted markets. Certainly subdivisions which did not flood like Kenilworth, University Club, Tara and Broadmoor didn’t experience lower prices.
Is Greater Baton Rouge really in a low inventory market?
When I say, “Despite Low Inventory” I’m describing this situation across the nation where there’s fewer and fewer homes on the market for buyers to choose from, yet it seems like each we continue to break records for number of home sales and increase dollar sold volume. So, are we really in a low inventory market? See the chart below which shows we’ve been an undersupplied market for a few quarters. And, the Great Flood of August 2016 did remove a significant share of available homes off the market, so to speak. Also see Greater Baton Rouge Great Flood Repaired Renovated Home Sales Update
I sincerely appreciate your time here. Questions?