Capital Region home sales post 5% gain in February

Home sales in the eight-parish region tracked by the Greater Baton Rouge Association of Realtors were about 5% higher in February, compared to the same month last year. GBRAR reports 540 homes were sold on the month, compared to 512 in February 2012. Meanwhile, the average listing and sales prices were considerably higher last month, while total inventory and months inventory was markedly down—all of which are welcoming signs of a strengthening market. The average list price last month was about $202,400, compared to $196,500 the year previous; while the average sales price was also about $6,000 higher—at approximately $196,400, compared to about $190,300. The months inventory, or the number of months it would take to sell all homes on the market at the current pace, decreased to 7.3 months in February, down from 8.3 in January and 8.8 in February a year ago. A months inventory reading below 6 months is widely considered to indicate a seller’s market. Total inventory was at 3,967 in February, down from 4,500 the year previous. Year to date, home sales in the eight-parish region—which includes East Baton Rouge, Ascension, Livingston, West Baton Rouge, East Feliciana, West Feliciana, Iberville and Point Coupee parishes—are up about 7% compared to the first two months of 2012, at 1,014 total sales, compared to 947. —Steve Sanoski