Happy New Year!
We have had an amazing and extremely prosperous 2016 in Baton Rouge real estate that we thought it we should reflect on how the year has been and what to you should expect for 2017.
We exceeded our goal this year by closing out on our 113th unit last week and are so thankful for all of our clients who have supported us throughout the year.
Now let’s dive deeper into how the real estate market in Baton Rouge panned out in 2016 and what you should expect this upcoming year.
As anticipated, we are ending the year in a seller’s market, meaning there is a still a high demand from buyers.
This high demand is only expected to increase as we progress through 2017,
due to many factors such as the need for larger homes for growing families, mid-twenty to 30-year-old’s reaching their home buying ages and the downsizing of empty nesters.
Another factor that is expected to affect the market is the unprecedented flooding that affected south Louisiana in August, although the exact impact that the flood might have, can not be predicted for certain.
Pending sales increased at a steady rate in 2016 compared to the previous year in 2015, however, market-wide the amount of homes for sale continued to decrease, as it has for the last three years.The Greater Baton Rouge Association of Realtor’s “The Skinny” third quarterly report for 2016.
The median sale price for homes increased at the end of 2016, which is a direct result of the industry’s current high demand and low inventory.
With interest rates in 2016 remaining low, many homeowners were prompted to refinance, rather than list. The amount of short-term rental options also contributed to the industry’s low inventory.
If you are interested in homes for sale in Baton Rouge or selling your home quickly and you want to speak to Baton Rouge Real Estate Agents and get the scoop on the local housing market, contact us today!