BOTH AVERAGE AND MEDIAN PRICES HAVE DROPPED SINCE JUNE FOR ASCENSION PARISH, WHILE EAST BATON ROUGE (AREAS 4,5 & 6) HAVE RAISED IN AVERAGE PRICE AND REMAINED STEADY AT MEDIAN PRICE.
Let’s start by looking a little closer at Ascension Parish. In July the average sales price dropped to $239,052 from $263,031. The days on market were a little longer as well. In July, the homes that sold were on the market for 51 days vs. the 47 days in June. Sellers were able to get 98.6% of their asking price.
In Baton Rouge (areas 4, 5 & 6) the July average sales price was $296,790 from $275,291 in June. The days on market for those sold homes were up to 61 days. While average sales price was up, sellers were only able to get 94.78% of their list price.
Is there a shift happening? That has been the question the past couple of months. It certainly seems that we are shifting to a buyer’s market.
What does this mean? In short, it means that REALTORS(R) need to set expectations with their sellers. In a buyer’s market, there is a higher inventory, this means that buyers have more to choose from. The sellers are driving the pricing bus any longer, the buyers are in the driver’s seat now. Sellers will be expected to negotiate a little more than they have and also give up more for the buyer’s closings costs than they have in the past.
Have we hit our peak or are we just feeling the summertime blues? Let’s keep watching. This will get interesting!