Baton Rouge home sales dump in 2018, though prices still rising

Home sales in metro Baton Rouge were 5.3% reduce in 2018 than a year before, though home prices continued to arise as did a register and days on a market.

There were 10,603 homes sole in a nine-parish area compared to 11,198 in 2017, according to total expelled Tuesday by a Greater Baton Rouge Association of Realtors’ Multiple Listing Service. That’s somewhat reduce than sales total for 2016, when there were 10,710 MLS sales, though good forward of a 2015 pace, when 9,769 sales were recorded.

Matt Hughes, boss of a Realtors association, pronounced home sales in 2018 were equivalent by all a properties that altered hands as a outcome of a Aug 2016 floods. “We’re still in a formidable conditions entrance out of a flood,” he said. “There were people who weren’t formulation to sell houses in 2016 and 2017 though did.”

Hughes, an representative with Keller Williams in Denham Springs, pronounced rising seductiveness rates were also a cause in a slack in home sales. “In 2018, properties were not offered as fast, though they weren’t depreciating,” he said.

Baton Rouge, La.

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Sales were down opposite a vital parishes in a market. In East Baton Rouge, there were 5,629 MLS sales for 2018. That was 7.1% fewer than a 6,058 MLS sales for 2017.

Ascension Parish had a smallest drop, with 1,951 MLS sales for 2018, compared to 1,983 in 2017 for a 1.6% decrease. Livingston Parish had a 4.8% dump in sales for a year to 1,982 from 2,082.

The median sale cost of a home rose by 5.3% to $199,900 for a year. That means half of a homes sole went for next that cost and half came in above that. In 2017, a median sale cost was $189,900.

The normal sale cost was $226,913, 4.8% aloft than for 2017. Average sale prices can be lopsided by sales of oppulance properties.

The slack in home sales led a series of days a residence was on a marketplace to arise from 57 to 66 in 2018. At a finish of 2018, metro Baton Rouge had a 4.6-month supply of homes, compared to a 4-month supply in Dec 2017. Still register is tight: 6 months is deliberate to be a offset supply.

The series of new listings for 2018 was 3.6% aloft during 15,457 new listings for a year, compared to 14,926 for 2017. The series of homes for sale in Dec was 4,050, a 12.6% boost over a 3,596 properties for sale in Dec 2017.

Chelsea Meng, an representative with C.J. Brown Real Estate, pronounced metro Baton Rouge is now some-more buyers, with a small bit of register and good seductiveness rates. While some rates were coming 5% during a finish of 2018, they’re now in a low 4 percent range. “I’m saying a lot some-more buyers now than during a finish of 2018,” she said. “We’re saying a lot of first-time homebuyers like we routinely see during a commencement of a year.”

Meng, a president-elect of a house of Realtors, pronounced Southdowns and Prairieville are prohibited areas. “There are a lot of new developments and construction in Prairieville,” she said.


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Article source: http://www.nationalmortgagenews.com/articles/baton-rouge-home-sales-drop-in-2018-but-prices-still-rising

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