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Baton Rouge Real Estate Market Trends

Housing Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

Housing Data Takeaways

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market today in many places is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell as soon as it could.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Experience the Active Life in Downtown Baton Rouge

Are you looking for the ideal downtown living experience?  There’s no better downtown to live in than Downtown Baton Rouge! There's amazing homes, plenty of great restaurants, entertainment, and a lot of other outstanding amenities. It’s no wonder people are choosing to buy their dream home here!

The great thing about the Downtown Baton Rouge area is that you have all the great shopping and dining options within walking distance. People living here enjoy the convenience of 6 grocery stores, such as Downtown Grocery and Spanish Town Market.  And if you feel like a little pampering, there’s a number of fine salons and spas to choose from. Want to stay in shape? Local gyms such as Anytime Fitness or the YMCA will help you stay on track with your routine.  If its great food you’re looking for, then there are over 60 restaurants to keep your pallet busy, with outstanding cuisine from restaurants like Lucy’s Retired Surfer’s Bar & Restaurant or Tsunami.

There's plenty of entertainment in Downtown Baton Rouge to keep you entertained.  The world-class museums such as the Louisiana Art and Science Museum, Capitol Park Museum, and the LSU Museum of Art will satisfy anyone who appreciates art and culture. You'll also look forward to the host of festivals throughout the year to keep you entertained.

For more information about living in Downtown Baton Rouge, visit our Downtown Baton Rouge page where you can find the perfect home in this bustling community.

Contact Information

Photo of Glenda Daughety Real Estate
Glenda Daughety
RE/MAX First
4750 Sherwood Common Blvd
Baton Rouge LA 70816
225-205-2672
225-291-1234
Fax: 225-612-6422

 

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Glenda Daughety & Team
RE/MAX First
Office: 225-291-1234
Cell: 225-205-2672
4750 Sherwood Common Blvd
Baton Rouge, LA 70816
Each Office Independently Owned and Operated
Licensed Realtor in the State of Louisiana by the Louisiana Real Estate Commission



Glenda Daughety Michelle Copeland Ashley Daughety
Team Leader Buyer Specialist Buyer Specialist
Stager Decorator

 

 

 

 

 

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Our office is located at:
4750 Sherwood Common Blvd
Baton Rouge, LA 70816

Office: 225-291-1234
Cell: 225-205-2672
Glenda@GlendaDaughety.com

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