After the Baton Rouge market saw fluxes in home sales during the first half of the year, sales increased by 11.1% last month compared to May 2018, as the region continues its slow march toward a buyer’s market.
The uptick in sales, which started in April, is good news for sellers, but equally important is the monthly supply of homes on the market—which rose 4.3% to 4.9 months—as Baton Rouge undeniably is moving toward a neutral market. Anything more than a six-month supply is considered a buyer’s market; less than six months is deemed a seller’s market.
Average days on market, according to a release from the Greater Baton Rouge Association of Realtors, increased nearly 14%, compared to May 2018, though the 74-day figure is down four days from April.
Despite the rising inventory, sales prices also continue to creep upwards, rising 5% last month to $210,000.
And while monthly supply and days on the market are increasing in both East Baton Rouge and Livingston parishes, those stats are dropping—indicating a hotter market—in Ascension Parish. Posting an 8% rise in sales last month, the parish saw its monthly supply drop 11.6% to 3.8 months.
Now teetering half-way through the year, realtors are starting to get a good picture of what the market will look like in the near future, reads the GBRAR release, adding the market “doesn’t appear to be doing anything exceptionally exciting, but is desirable nonetheless.” The summer “selling season” appears to be fairly stable in the region and across the nation.