May always shows a decline in pending sales due to graduations, end-of-school celebrations, and the Memorial Day holiday. 2023 was no different.
There has been lots of talk about us entering a buyer’s market. I do not believe that is the case. We are closer to a balanced market. Inventory is beginning to rise a bit, but not nearly enough to put us into a buyer’s market. That being said, buyers do have some negotiating advantage with sellers that are trying to keep pushing the envelope with their pricing.
June will balance us out regarding activity, and we will have a better idea of where the market is headed. My opinion is that we will remain in a balanced market through quarter three.
Now, let’s take a trip down memory lane and revisit May 2023. What was happening in the real estate world last month? Let’s find out!
Ascension Parish
May 2023 in Ascension Parish saw a median price of $324,665 for detached single-family homes. With 134 homes closing in May, the volume held steady. Out of those homes closed, they were on the market for a median of ten days, and the list price-to-sales price ratio was 99%. Memorial Day weekend always skews the number for May, and this year wasn’t any different. There were only 97 homes to go under contract.
There are currently 293 homes on the market, with a median list price of $375,000. This equals a 2.6-month supply of homes on the market in Ascension Parish.
East Baton Rouge Parish
May 2023 in East Baton Rouge Parish saw a median price of $286,000 for detached single-family homes. Out of the 396 homes closed in May 2023, they were on the market for a median of fifteen days, and the list price-to-sales price ratio rose a bit to 97.9%. There were 356 homes to go under contract, following the trend of slowing down for the month of May.
There are currently 989 homes on the market, with a median list price of $365,000. This equals a 3.0-month supply of homes in the East Baton Rouge Parish market.
Livingston Parish
In May 2023, Livingston Parish saw a median sales price of $251,300 for detached single-family homes. Out of the 144 homes closed in May 2023, they were on the market for a median of eighteen days, and the list-to-sales price ratio was 98.6%! There were 114 homes to go under contract compared to 178 in May 2022 and 119 in April 2023.
There are currently 333 detached single-family homes on the market, with a median list price of $323,000. This equals a 2.4-month supply of homes in the Livingston Parish market.
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Check out our graphs to see the activity in the Greater Baton Rouge area.
Join us next month as we review the Greater Baton Rouge Real Estate Market for June 2023.
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* All data gathered using ROAM MLS as of June 4, 2023
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