Last year’s flooding continued to impact the greater Baton Rouge housing market in January, as sales increased, inventory remained in flux and prices declined, according to the latest analysis from the Greater Baton Rouge Association of Realtors.
Collectively, home sales across the nine-parish Capital Region were up 17.5% in January to 712, from 602 in the same month one year ago. Pending sales also were up, soaring about 19% to 933.
However, the median sales price of homes in the region dropped about 7% to $165,000 as the months supply of inventory decreased 31% year over year to 2.9.
“Don’t be surprised to see this return to pre-flood prices as investors and bargain hunters get homes remodeled and remediated. Proof that cash is driving a lot of sales shows up in the 26.6 percent decline in days on market to 58 days,” GBRAR’s monthly sales report says. “Inventory has a glimmer of hope as new listings were up 4.7 percent to 1,079.”
The association says the housing activity in East Baton Rouge indicates that the flood’s impact maybe waning in the parish, with new listings rising less than 1% in January to 576. GBRAR adds that home sales in the parish were up 22%, while pending sales spiked nearly 29% to 512.
As with much of the Capital Region, the median price of homes in East Baton Rouge Parish decreased nearly 10% to $158,000.
“Homes are priced for their condition,” the GBRAR report says. “Sellers are getting 96 percent of their asking price, a mere 0.8 percent decline over the same month last year. The inventory squeeze remains a factor.”
The number of homes for sale also fell about 24%, dragging the months supply of inventory down to 2.8 months from 4.3 months at the same time last year, the association says.
Livingston Parish, however, continues to show the most obvious flood impact, with closed sales soaring 36% to 136 and pending sales climbing nearly 18% to 179. New listings even soared, rising about 16% to 213. Yet like the rest of the Baton Rouge area, inventory in January was tight and median home sales prices declined to $156,000.
Over in Ascension Parish, closed sales were flat at 101, compared to the same month last year. While pending sales were up 9.5% and days on market were up 6.7% year over year, GBRAR says inventory in Ascension Parish remains squeezed and the median sales price of homes dropped about 2% to $215,000.
