Decrease in Inventory Does Not Equal Low Inventory
The Greater Baton Rouge area’s housing market saw some changes in March 2023. While the number of new listings decreased by 20% compared to last year, there were still over 1,000 new homes available for buyers to choose from. Although the number of homes that went under contract in March 2023 decreased by 26% compared to last year, there were still almost 900 homes that got sold.
There was a decline of 32% in closed homes in March 2023, compared to the same time last year. However, the median sales price of homes increased by 3%, bringing the median sales price to $259,900. Sellers still received a good price for their homes as they received 98% of their list price, which is only a 1% decrease compared to last year.
Although it took on average 64 days to sell a home in the Greater Baton Rouge Market in March 2023, which was an increase of 60% compared to last year, it is still a reasonable amount of time to sell a home. Moreover, there was a 136% increase in month supply of inventory, which indicates a significant increase in the number of homes available for buyers.
In conclusion, the housing market in the Greater Baton Rouge area saw a decrease in new listings, pending sales, and closed homes, but there were still a considerable number of new homes available for buyers to choose from. Additionally, the median sales price of homes increased, and sellers still received a good price for their homes. There was a reasonable amount of time to sell a home, and there was a significant increase in the number of homes available for buyers. If you have any questions or want to know the value of your home, please don’t hesitate to reach out to us here at The W group. Thank you for choosing us!