We are continuing the slow down in the market in both Ascension and East Baton Rouge Parishes.
ASCENSION PARISH Average Sales Price in Ascension was $252,850 down a bit from $261,616. In September, the homes that sold were on the market for 59 days vs. the 53 days in October. Sellers were still able to walk away with 98.62% of their asking price. The slow down we see is that out of 196 homes listed in October, only 75% of those sold compared to the 88% in September.
This leaves us with 682 homes on the market in Ascension Parish with an average price of $311,761.
BATON ROUGE In Baton Rouge (areas 4, 5 & 6) the October average sales price dropped slightly to $272,948 compared to $277,046 in September. The days on market dropped by 3 days to 58. Sellers in these areas of East Baton Rouge Parish are receiving 96.55% of their asking price. Are they pricing too high or are they just having to negotiate harder? We think is a good mixture of both.
EBR saw an extreme slow down with only 57% of the 421 homes listed actually selling. Here comes the growing inventory.
There are currently 1,238 homes on the market in these areas of East Baton Rouge Parish and they hold an average sales price of $398,085.
Welcome to the Fall Market! Are we experiencing a typical Fall seasonal market or are we truly in a buyer’s market? All of the Real Estate Professionals we have spoken with agree that we are absolutely in a Buyer’s Market. We think we are having a little correction in our market and that may open up to a little better affordability. That’s not such a bad thing!
What does this mean? In short, it means that REALTORS® need to set expectations with their sellers. In a buyer’s market, there is a higher inventory, this means that buyers have more to choose from. The sellers are not driving the pricing bus any longer, the buyers are in the driver’s seat now. The first thing Sellers need to do is make their house absolutely Best In Show. Buyers have more to choose from and they want absolute Move In Ready. Sellers will be expected to negotiate a little more than they have and also give up more for the buyer’s closings costs than they have in the past. Sellers will also see their homes sit on the market longer than they have in a while.
If you have been thinking about investing, now is the time to start looking. The opportunities will start presenting themselves very soon and you want to be ready!
We expect to see things continue to slow down through the holidays and are eager to see how December comps compare to last year. Let us know if you have any questions about anything we have reported here.