It’s rough out there for buyers. Very low inventory and competing against multiple offers. As well as competing against offers that aren’t asking for any closing assistance and offers that are offering to pay over appraised value. Our hearts go out to the buyers finding themselves in this position. There has never been a market like this and we have no idea how much longer it will go on.
The Greater Baton Rouge market heated up a little when it came to new listings and pending sales. The pending sales were almost in line with January 2021. Interest rates began to rise a little at the end of January so it will be interesting to see how that affects the February activity.
Inventory remains historically low in all three of the major parishes but Ascension shows out with only .4 month of supply. We are going to say that again, less than 1/2 month supply! Talk about bidding wars for anything that comes on the market there!
As always, for you number lovers, we have broken down the top three parishes for January 2022 statistics. Enjoy!
Ascension Parish
January 2022 in Ascension Parish saw a median price of $282,000 for detached single-family homes. Out of the 137 homes closed in January 2022, they were on the market for a median of only TWO days and the list price to sales price ratio was 100%! There were 162 homes to go under contract, compared to 194 in January 2021 and 152 in December of 2021.
There are currently 77 homes on the market, with a median list price of $385,000. Let’s put that into a clearer perspective. There is less than a one-month supply of homes on the market in Ascension Parish. To be exact there is a .4 month supply! It’s extremely hard to be a buyer in Ascension Parish right now.
East Baton Rouge Parish
January 2022 in East Baton Rouge Parish saw a median price of $252,000 for detached single-family homes. Out of the 367 homes closed in January 2022, they were only on the market for a median of SEVEN days and the list price to sales price ratio was 98.2%. There were 453 homes to go under contract compared to 481 in January of 2021 and 396 in December of 2021.
There are currently 523 homes on the market, with a median list price of $367,990. Let’s put that into a clearer perspective. There is a 1 month supply of homes on the market in East Baton Rouge Parish. This is a historic low.
Livingston Parish
January 2022 in Livingston Parish saw a median sales price of $226,000 for detached single-family homes. Out of the 157 homes closed in January 2022, they were on the market for a median of only THREE days and the list price to sales price ratio was 99.8%! There were 188 homes to go under contract compared to 199 in January 2021 and 180 in December of 2021.
There are currently 208 detached single-family homes on the market, with a median list price of $297,000 There is currently a .9 month supply of homes on the market in Livingston Parish.
Check out our graph to see the number of homes going under contract on a daily basis in the Greater Baton Rouge area.
Join us next month as we review the Greater Baton Rouge Real Estate market for February 2022.
* All data gathered using ROAM MLS as of February 3, 2022
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