East Baton Rouge Real Estate Home Sales Improve 14% June 2012, Slow From May 2012

Summary: For June 2011 versus June 2012, the Median Sold Price by Month is down 3%, number of sold properties is up 14%, number of under contract properties is up 33%, average days on market is down 10%, average month’s supply of inventory is down -35.4%.  EBR housing market does appear to be cooling slightly with more sales in May 2012 than June 2012 but great improvement over June 2011.

Complete report with multiple color charts and 21 page detailed pdf is available at  Baton Rouge Housing Reports under category Quarterly Housing Reoprts. 
 
East Baton Rouge median sold price is down 3% from $179,900 in June 2011 versus $174,853 in June 2012, a decline of -$5,047 per home.  The number of sold properties is up 14% from 377 to 428, an increase of 51. The number of under contract properties is up 33% from 340 to 453, an increase of 113. The average days on market is down 10% from 100 to 90 in June 2012, a decline of 10. The average month’s supply of inventory is down -35.4% from 8.5 to only 5.5 months in June 2012, a decline of 3 months.   
 
East Baton Rouge area home sales in June declined 3% to $85,648,385 from May’s $88,350,578, but up 7.3% from last June’s $79,822,409. Annual EBR home sales total $404,664,844 through June 2012 versus only $ 353,724,914 through June 2011, an increase in total dollars sold of $50,919,930 or 14.4%.
 
Number of home sales were even with 428 in June  from 432 in May, a decline of4 or less than 1%.  This is up 13.5% from June 2011 at 377. New home sales increased 11% to 50 homes this month from 45 in June 2011, an increase of 5 sales. New home sales were unchanged from 50 homes this month and 50 in May 2012. Existing home sales improved 15% to 380 homes in June from 331 in June 2011, an increase of 49. Existing home sales were virtually unchanged at  380 homes in June from 383 last month, a decline of 3 sales.
 
This month total inventory is dramatically lower at 2,524 vs. 2,915 last year and 2,533 last month. Still, there is less of a seasonal increase in the number of listings than last year. Active New listings  decreased to 683 in June from 690 in May, a decline of 7 units. EBRP Housing permit data for June hasn’t been released yet.   
 
Average sold price decreased to $200,113 from $211,730 last June, a -5.5% correction.  Average sold price decreased to $200,113 from $201,957 from last month. Median sold price decreased to $174,853 from $179,900 last June, a -2.8% correction.  However, median sold price increased to $174,853 from $164,000 from last month, an increase of 6.6%.  NOTE: EBR home prices are especially being propped up by the luxury homes market sales numbers, which is generally a strong market.    
 
Average Listing-To-Sales-Price Ratio declined by 1%, from 97% in June 2011 versus 96% in June 2012. Average Listing-To-Sales-Price Ratio is the difference between what a home is listed for and eventually sells at.
 
Average Days On Market (CDOM for continuous days on market) improved by 10 days from 118 in June 2011 versus 108 in June 2012.  Average CDOM for existing homes in June 2012 was 104 days. Average CDOM for new homes in June 2012 was 137 days.
 
Percent of Listings Under Contract.  Total Current Active Pending Contingent Listings are 3,224 Currently Pending as of 07/08/2012 are 802 or 25% of Inventory.
 
Absorption for all homes in June shows 5.9 months, 1.9 months better than 7.8 months last June and equal to 5.9% in May 2012.

This report is brought to you by Baton Rouge’s Home Appraiser, Bill Cobb, and Baton Rouge’s Accurate Valuations Home Appraisal Group. 
 
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 05/01/2011 to 07/08/2012.  This information was extracted on 07/08/2012.
 

Contact Information

Bill Cobb, Appraiser

Housing Reporter

Accurate Valuations Group

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