For the next few months, buyers should expect a competitive housing market with payrolls trending upward and unemployment trending downward . Buyers should remain watchful of new listings in order to make their offers quickly and avoid gradually rising mortgage rates.
New listings in Greater Baton Rouge increased 4.8 percent to 1,575. Pending sales were up 0.1 percent to 1,099. Inventory levels grew 19.4 percent to 3,996 units. The median sales price increased 7.5% to $200,000. Days on market was up 20.0 percent to 66 days and months supply of inventory was up 22.2 percent to 4.4 months. Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. You might expect a change in the outlook for residential real estate, however, the current situation has proven to be sustainable due to stronger fundamentals in home loan approvals than were in place a decade ago.
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Trey Willard, CEO The W Group
Berkshire Hathaway Home Services – United Properties
8440 Jefferson Hwy. Suite 100 Baton Rouge, LA 70809
(225) 413-4835 (225) 448-3253