The Baton Rouge area residential market’s “hotness score” has dropped significantly since last year’s Trends in Real Estate seminar, according to this year’s Trends report, which local real estate experts chalk up to high supply.
On a scale from 0 (cool) to 100 (hot), the scores for three Capital Region parishes—Ascension (28.53), East Baton Rouge (27.36) and Livingston (26.19)—are considered “slightly cool,” a sharp decline from the year before, when each ranked at least 60.
That’s likely because of a metro-wide increase in inventory that peaked last October with 4,151 homes on the market, write residential Trends Committee members Shelley Simmons of C.J. Brown Realtors, Jennifer Waguespack of Level Homes and Keller Williams Realty Stick Partners, and Becky Walker of The Design Studio.
The inventory level, they write, had been unmatched since 2014.
Moreover, East Baton Rouge lost 1.6% of the share of the housing market in 2018 to its competitors in Ascension, which gained 1% of the volume sold, and Livingston, which had a marginal increase.
For most of the year, average days on market remained at or below 70 days, spiking to 80 in the fall months.
Overall, 10,064 homes were sold in the metro area in 2018, more than three-quarters of which were resales and 18% of which were new construction. The activity translated to some $2.4 billion in sales volume.