“The inventory is so low.”
“We have no inventory.”
“There’s nothing to choose from.”
Does any of this sound familiar to you? Do we really have an inventory problem?
I’m here to tell you that inventory isn’t the problem. We are selling more houses than ever before. What’s causing the low inventory is the number of buyers. There is a difference. Yes, inventory is low, but it’s because of the number of buyers in the market and not a true inventory shortage. Will the rising interest rates slow down the number of buyers? It will be interesting to watch over the next few months.
As always, we have broken down the March 2022 real estate market statistics for the top three parishes for you number lovers. Enjoy!
March 2022 in Ascension Parish saw a median price of $300,000 for detached single-family homes. That’s up from $299,450 in January. Out of the 161 homes closed in March 2022, they were on the market for a median of only TWO days and the list price to sales price ratio was 99.7%! There were 176 homes to go under contract, compared to 233 in March 2021 and 161 in February 2022.
There are currently 93 homes on the market, with a median list price of $408,990. This equals a less than a one-month supply of homes on the market in Ascension Parish. To be exact, there is a .6 month supply! It remains extremely hard to be a buyer in Ascension Parish right now.
East Baton Rouge Parish
March 2022 in East Baton Rouge Parish saw a median price of $277,835 for detached single-family homes. Out of the 525 homes closed in March 2022, they were only on the market for a median of FOUR days, and the list price to sales price ratio was 98.7%. There were 525 homes to go under contract compared to 654 in March 2021 and 433 in February 2022.
There are currently 534 homes on the market, with a median list price of $389,450. This equals a 1.1 month supply of homes in the East Baton Rouge Parish market. EBR, like the other parishes, is still seeing historic low inventory.
In March 2022, Livingston Parish saw a median sales price of $248,100 for detached single-family homes. Out of the 246 homes closed in March 2022, they were on the market for a median of only FOUR days, and the list price to sales price ratio was 99.4%! There were 192 homes to go under contract compared to 265 in March 2021 and 217 in February 2022.
There are currently 197 detached single-family homes on the market, with a median list price of $337,990. This equals a .8 month supply of homes in the Livingston Parish market.
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 April 2022.
* All data gathered using ROAM MLS as of April 13, 2022