Below I’ve prepared 2017 home sales numbers for your review and market knowledge. West Baton Rouge continues to experience more home sales each than the previous year and a median home sales price of $199,900 remains attractive.
Location wise, West Baton Rouge is beneficial to homeowners and industry. However, in my personal opinion, the traffic nightmare on the south side of the Mississippi River Bridge in the mornings and after 2:30 pm will eventually push more development into Port Allen and toward Erwinville. Buyers would welcome such development. The state or federal government, whoever is in charge of expanding Mississippi River Bridge with more than 1 lane into Baton Rouge, doesn’t appear to have any plans to fix the bottleneck issue.
From 2014 to 2017, West Baton Rouge home sales have generally increased from 258 in 2014 to 313 in 2017, in large part due to DSLD Homes sales in various subdivisions, most notably Sugar Mill Plantation. Includes Detached Single Family ONLY
The median days on market or time it takes to sell a home has been in the 40 days range and most DSLD homes are pre-solds.
Median sold price per square foot has risen from $109 in 2014 to $113 in 2017, and it was $113 in 2016 as well.
NEW HOME CONSTRUCTION
Of the 313 2017 sales, 180 were new construction and of those 180 sales, DSLD sold the lion share at 131 sales or 73% of new homes. New home construction is what excites this market.
OVERALL TRENDS (see yellow highlight)
Total number of sales is declined due to limited supply of homes to buy
Total number of active listings declined due to limited supply of homes to buy
Months of housing supply or absorption rate declined to limited supply of homes to buy
Median comparable sales prices have increased BUT the average home in West Baton Rouge DID NOT increase in value by 13% in 2017 (the difference between $199,900 and $226,500 is 13 percent). Remember the median sold price was $113/sf in 2016 and $113/sf in 2017.
Median comparable listing prices are increasing.
NOTE: Update is as of January 4, 2018 and there may be a few more 2017 sales posted soon, which may alter these numbers slightly.
DO YOU HAVE A QUESTION ABOUT WEST BATON ROUGE’S HOUSING MARKET I CAN HELP ANSWER?
asktheappraiser at g mail
Based on infor from Greater Baton Rouge Association of REALTORS®\MLS 1/1/2014 to 12/31/2017, extracted on 01/04/2018.