As the first quarter of 2021 ended, the total number of commercial sales in the Baton Rouge market jumped 49% over the previous six-year average, while the total dollar volume transacted grew nearly 98%.
That’s according to an analysis released today by local real estate firm Elifin Realty, which used March 2021 year-to-date statistics and compared them with the average year-to-date figures over the prior six years (2015-2020).
The report shows that year-to-date sales figures are the highest on record so far in 2021—both in number of sales and total dollar volume.
With nine multifamily sales in March, the multifamily sector is now up 100% over previous year-to-date figures. Total dollar volume in the sector continues to remain high (+252%), while the price per unit falls more in line with previous year averages, at $49,134 per unit through March.
After a large number of industrial sales at the beginning of 2021, the sector remains elevated above previous year averages in number of sales (+53.7%) and dollar volume transacted (+75.4%). Meanwhile, the price per square foot has held steady, at $49.89 per square foot.
Land sales are trending above anticipated levels and, at $48.1 million, the first quarter of 2021 has seen the highest level of dollar volume transacted in Q1 than any of the previous six years.
Sales of retail and office properties saw the smallest year-to-date increases compared to the other sectors over the past six years. The number of retail sales increased 65.5%, with the dollar volume of sales growing just 12%, while the number of office sales grew 12%, with dollar volume rising 24.5%.
Elifin collected data for building and commercial land sales of at least $100,000, multifamily sales of at least five units, and sales that were an “arm’s length transaction,” meaning it occurred between unrelated parties. Read the firm’s full analysis.