Strong November home sales in the eight-parish region tracked by the Greater Baton Rouge Association of Realtors have already placed year-to-date 2012 home sales ahead of total sales in 2011, with another month of sales still to report this year. GBRAR reports 566 homes were sold in November in East Baton Rouge, Ascension, Livingston, West Baton Rouge, East Feliciana, West Feliciana, Iberville and Point Coupee parishes. That’s 80 more home sales than were tallied in the region in November 2011, or an increase of about 16%. The average sale price in November, at $206,249, was also considerably higher than that of the same month last year, when the average home sold for $173,096. Through November, 7,064 homes have been sold in the Capital Region this year, which is roughly 15% more than the 6,122 sold through the same 11-month period last year—and exceeds the 6,604 homes sold in all of 2011. The 11-month total this year is also already ahead of annual sales totals in 2010 (6,386) and 2009 (6,899). And unless December sales this year are far below the 482 recorded last December, 2012 should end up being a stronger year than 2008, when 7,284 homes were sold and the area began seeing impacts from the national recession. Total months inventory—or the number of months it would take to sell all homes on the market at the current sales pace—was also down sharply in November compared to last year. Although the months inventory rose to 7.3 in November from 6.5 in October, it is still well below the 10 months inventory recorded in November 2011.
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From the Baton Rouge Business Report, Real Estate Weekly:
Three-quarters of the way through the year, homes sales in the eight-parish region tracked by the Greater Baton Rouge Association of Realtors are far outpacing sales in 2011, 2010 and 2009—and are only 1.5% off the year-to-date tally from the pre-recession 2008 sales figures. A total of 5,833 homes have sold in the region through September. That’s a nearly 13% increase over the 5,174 sales recorded in the first three quarters of 2011, a 15% increase over the 5,069 sold in 2010, and a roughly 11% increase over the 5,241 sold in 2009. This year’s tally through the third quarter indicates just 86 fewer sales than in 2008. GBRAR President-Elect Pat Wattam says she expects 2012 sales to match or exceed 2008 levels when the year is over. “I saw the market turn the corner last November, and what we’ve seen since is a steady continuation of that,” she says. While sales figures are paramount, Wattam says she’s also keeping an eye on another figure: the months of inventory for the eight-parish region. In September, it dropped to 6.24 months. A year ago, that figure was at 7.69, and it actually reached as high as 10 months around the start of 2012. Wattam says declining months’ inventory is a clear sign of an improving market and that she expects it will continue to fall. She says a healthy market is generally one with about five to eight months of inventory. “With East Baton Rouge dropping below the eight months supply point, that means we’re in a very, very steady market. It’s not a buyer’s market, but it’s not a seller’s market either,” she says. “And in Ascension Parish, that number just dropped to below six months. That tells me it’s flipping to a seller’s market.” —Steve Sanoski This week’s poll question: Do you believe the Capital Region housing market has fully recovered from the recession?
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