Year-End Market Stats… a Data-Geeks dream!
I love to analyze numbers. This time of the year, I can dig into market reports and play with numbers all day long! I could write pages of year-end market stats, but that would be boring to most of my readers, so I decided to spare you and just give you a few general updates on the Ascension / Baton Rouge real estate market for 2017.
I was curious to see what this year held for us since we had the (not so) Great Flood in August of 2016. I was very curious to see how our market responded.
Let’s start with the Ascension Market:
In 2016 there were 1817 homes that sold; in 2017 we increased that number by 7% to 1901.
78.85% of the houses that were on the market in 2017 sold and they sold for 98.54% of their list price with an average of 49 days on the market. I like to use median sales prices instead of average. When you use average, one very low or one very high sale can skew the numbers. The median sales price dropped 1% to $216,705 from $218,900. Area 91 was the area with the most significant increase in sales. They were up 17%!
Let’s check out East Baton Rouge now:
In 2016 there were 5080 homes that sold; in 2017 we increased that number by 2% to 5187.
77.14 of the houses that were on the market in 2017 sold and they sold for 97.03% of their list price with an average of 53 days on the market. The median sales price increased 2% to $189,900 to $187,000. The biggest loss of sales was in areas 2 & 3 with a loss of 7% each.
What does all of this mean?
The days on the market, the percentage of homes sold, and sales price to list price ratio tells me we are still in a seller’s market. Why do you think that is? I think a big part of this is that a lot of homes have been entirely updated since the flood and that is attractive to buyers who are stretching to get into a home. A freshly, beautifully renovated home is truly turn key to a new buyer, and they don’t have to come out of pocket for repairs. This is definitely something to consider if you are thinking of selling your home soon.
I have broken down these numbers even further into different zip codes and subdivisions. If you would like to know what is happening in your specific area, let me know, and I will be happy to send that information to you.