Despite a 4.3% decline in home sales last month, 2015 total sales across the eight-parish Capital Region surpassed 2014 totals during the month, according to the latest monthly report released today by the Greater Baton Rouge Association of Realtors.
The 608 sales last month pushed the 2015 total to 8,940 and ahead of the 8,903 sales in 2014—the most recorded annually since the market was upended by an influx of residents following Hurricane Katrina in 2005.
Home sales in the Capital Region have now increased every year since 2010, when 6,386 sales were recorded. Since then, 6,600 homes were sold in 2011; 7,819 in 2012; and 8,625 in 2013.
Despite the dip in total sales in November, the monthly report includes many indicators of a healthy housing market. Pending sales shot up 4.6% to 640, while the average sales price rose 1.3% to $209,769 and the average number of days on market dropped 8.9% to 72 days.
Inventory also continues to tighten. The 3,486 homes on the market last month represented a 14.6% decline from the 4,080 homes for sale during November last year. Also, the measure of months supply—or the number of months it would take to sell all of the homes on the market at the current sales pace—was at 4.2 months last month, down from 5.4 months a year earlier. Realtors typically view any reading under six months as being reflective of a seller’s market.
In East Baton Rouge Parish last month, eight fewer homes were sold than were during November last year, 312 compared to 320, or a 2.5% decline. Livingston Parish recorded 129 sales, a 8.5% decline from the 141 homes sold last November. And in Ascension Parish, sales increased from 101 to 121, a 19.8% increase.
Access the complete November home sales report from GBRAR.
—Steve Sanoski
