Inventory remains low, sales continue to grow in Baton Rouge housing market
Inventory remains low in the Baton Rouge area housing market, though home sales have continued to grow since the August flood, according to the latest market statistics from the Greater Baton Rouge Association of Realtors.
New listings in the nine-parish Capital Region tracked by the GBRAR fell by 12.7% in February to 1,052, down from 1,205 in the same month last year. Meanwhile, closed sales rose by 6.5% in February, from 693 in 2016 to 738 in 2017. That’s the fifth straight month of closed sales growth for the region, though the latest numbers aren’t quite as high as previous months.
Pending sales also were up 8.2% from 890 to 963. The median sales price in the market fell marginally by 1.6% from $182,890 to $180,000.
“The low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market,” GBRAR’s monthly report says. “Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.”