Signs point to a better year for B.R. home sales

Greater Baton Rouge Association of Realtors President Pat Wattam says 2012 was a pretty good year for home sales, and 2013 is looking even better. “If we can surpass the 2012 totals this year, then we’re really headed in the right direction, and I think we’re going to do that,” Wattam says. Home sales in the eight-parish region tracked by the Realtors association ended 2012 at just over 15% better than in 2011—7,607 compared to 6,600. She points to the steadily falling “months inventory”—the number of months it would take to sell all homes on the market at the current pace, which ended 2012 at just over seven months—as a key indicator. When the figure dips below six months, Wattam says, that indicates a turn to a buyer’s market. Wattam hopes annual sales eventually surpass the pre-Katrina levels of 2004, when 8,789 homes were sold and the months inventory was at 5.2. “I always look back to 2004 and 2005 before Katrina hit, when our market was steady—nothing fancy, just good steady growth. And when we can hit those numbers again, I’ll be very happy.” As it stands, 2012 sales did eclipse the 7,284 homes sold in 2008, which was the best year since the national recession began. —Steve Sanoski