We made it through the year-long month of April! Let's take a look and see how COVID-19 affected the local real estate market.
Average sales prices in April 2020 were 12% higher at $274,466 over the April 2019 average sales price of $244,954. The Sale Price/List Price ratio remained steady at 98.68%. The average days on the market were down by 10 days to 62 in April of 2020 as well. That was the good news. The bad news is that new listings were down 23% while sales were down 24%. April is one of our busiest months. In 2019 we saw 225 homes enter the market in April. There is still a 3.5 month supply of homes on the market in Ascension. Buyers are still in the driver's seat so if you are in the market to sell, make sure that your home is in tip-top shape because that is what we see they are demanding.
EAST BATON ROUGE PARISH
Average sales prices in April 2020 were 6.7% higher $272,704 over the April 2019 average sales price of $255,886. Although, the List to Sales price ratio decreased by 1% to 97.9%. The average days on the market were down by 6 days in April of 2020 as well. That was the good news. The bad news is that new listings were down 32% while sales were down 14%. There is still a 4 month supply of homes so we are not seeing a shortage of homes if you are in the market and there is not a ton of competition if you are needing to sell.
There was definitely a slow down in real estate in April and we feel that it was due to our Stay At Home orders. The good news is that average sales prices remained up and there are still sales happening. Industry leaders across the country still agree that the real estate market will survive this and be strong beginning the third quarter of 2020.