Fueled in part by increased activity following the August flood, home sales in the eight-parish Capital Region closed out 2016 at a record high, according to new figures released today by the Greater Baton Rouge Association of Realtors.
A total of 10,610 sales were recorded by GBRAR last year, an 8.6% increase over sales of 9,769 in 2015. The increase is significant, especially when you consider that 2015 marked the first time area sales eclipsed 9,000. In 2014, 8,973 sales were recorded.
December marked a third straight month of big sales increases in the Capital Region. The 15.8% increase, compared to the same month in 2015, followed increases of 38.9% in November and 24.4% in October.
Along with the sales increase in 2016, inventory continued to tighten and average home sale prices dipped slightly, likely due to the high number of flood damaged homes being sold at reduced prices during the third quarter.
A total of 2,804 homes were on the market at the end of December, down from 3,552 in December 2015—a decrease of 21.2%. The measure of months supply, or the amount of time it would take to sell all of the homes on the market at the current sales pace, fell 30% to three months.
The average sales price was off 11.8% in December, falling to $196,502 from nearly $223,000 in December 2015. For all of 2016, however, the average sales price was down a scant 0.3% to $215,891.
“While some of the December numbers are eye catching, it is important to use the rather even keeled year-to-date totals as a yardstick on the overall health of our market,” says GBRAR in a statement accompanying the December report. “Generally, real estate professionals have a positive outlook on the greater Baton Rouge area’s market for 2017.”
A breakdown of sales data by parish shows East Baton Rouge posted a roughly 8% increase in December, with 2016 sales up about 10% over 2015 figures. Sales in Ascension Parish were up nearly 18% in December, pushing the 2016 total about 7% higher than 2015 sales. Livingston Parish recorded 35% increase in sales last month, with 2016 totals up 4% over 2015.
Along with East Baton Rouge, Ascension and Livingston parishes, GBRAR tracks housing data in West Baton Rouge, East Feliciana, West Feliciana, Iberville and Pointe Coupee parishes. Access the complete GBRAR housing report.
