Despite increases in home sales in East Baton Rouge and Livingston parishes last month, the eight-parish Capital Region saw 12 fewer home sales to open 2015, compared to January 2014 sales totals, representing a 2.3% decline. The figures were released this afternoon by the Greater Baton Rouge Association of Realtors.
January is traditionally one of the slowest months for home sales. The 523 sales in the Capital Region last month marked the lowest monthly tally since January 2014, when 511 sales were recorded. Nonetheless, the January total this year surpassed January sales of 474 homes in 2013, 435 sales in January 2012 and 324 sales in January 2011.
In East Baton Rouge Parish last month, the 277 sales marked a 3.4% increase over the 268 sales recorded a year earlier. Sales in Livingston Parish were up 7.1%, with 91 sales in January, compared to 85 sales in January 2014. In Ascension Parish, 100 sales were recorded last month, 19 fewer than the year before, a 16% decline. GBRAR also tracks data in West Baton Rouge, East Feliciana, West Feliciana, Iberville and Pointe Coupee parishes.
Despite the relatively flat sales across the region last month, several other data points from the January report indicate the local housing market remains strong. The average sale price across the region rose 15.1%, at $205,612, compared to $178,590 in January 2014. Pending sales were also up 13.9%, with 768 last month.
Meanwhile, the number of homes on the market continues to contract while the months supply figure for January shows the region is increasingly becoming a seller’s market. A total of 3,585 homes were on the market last year, a decline of 13.6% from the 4,150 on the market in January last year. The months supply figure—a measure of how long it would take to sell all of the homes on the market at the current sales pace—fell to 4.6 months in January. Realtors typically view any reading under 6 months as indicative of a seller’s market. In January 2014, the months supply was 5.8.
Access the complete January home sales report from GBRAR.
—Steve Sanoski
