Home sales in Baton Rouge metro area fall 20% in October
October home sales in the greater Baton Rouge area returned to levels typical for the month, though year-over-year comparisons are skewed by the tumult caused by the historic flooding in August 2016, the Greater Baton Rouge Association of Realtors says.
A total of 830 homes sold in October, a 20% decrease compared to the same month last year. However, GBRAR notes October sales this year were 3.4% better than they were in October 2015.
“There was a dramatic increase in closed sales in the fall of 2016, made up of both an actual increase in sales and entry of sales being delayed immediately after the flood,” GBRAR says in a press release accompanying the monthly sales report released today.
Through the first 10 months of this year, home sales are up 6.7% over year-to-date sales last year through October. A total of 9,475 homes have been sold through October, compared to 8,881 last year.
Pending sales were down 10% in October and new listings declined by 8.2%, suggesting November’s sales will also be down compared to last year. On a brighter note, however, the average sales price rose 8.8% to $228,658 in October. Inventory also grew by 6.5%, with 3,544 homes on the market.
In East Baton Rouge Parish, October sales were down 25.1%, though year-to-date sales remain 5.5% better this year. Livingston Parish posted a 23.7% decline in sales during the month, and year-to-date sales are 3.4% higher this year. Ascension Parish sales fell 2% in October and year-to-date sales are up 2.2%.