Livingston Parish Real Estate - Mid-year Market Analysis

Introduction

This report presents a comprehensive view of the real estate market for detached single-family homes in East Baton Rouge Parish. Current and historical sales data are examined together with census projections to gain some insight into the future of real estate in this market area.*

Historical and current data were obtained from the Greater Baton Rouge Association of Realtors MLS database. Data were extracted representing sales from January 1, 2003 through June 30, 2008. Only data for Detached Single Family homes were included in the analysis. Manufactured homes and multi-family dwellings are outside the scope of this analysis.

Livingston Parish Home Prices

Home prices in both market segments continued to exhibit growth although the growth in the resale market was quite modest. New home prices grew by a bit over $10K and now hover just under $200K.

Livingston Parish Home Sales

Unit Sales - Monthly Trends

The overall unit volume for Livingston parish appears to have settled in at pre-Katrina levels. The resale market appears to have increased slightly while the new construction market appears to have fallen off.

Livingston Parish Real Estate Market Absorption

New Construction

The supply of new construction in the parish exceeds the demand in price ranges over $200K creating a buyers' market in Livingston parish. Under 200K it is a sellers' market. The highest velocity of new home sales was in the $151K-200K price range, which accounted for 44.5% of the total.

Resale Homes

In our 2007 year end report we reported that overall it was a seller's market for resale homes in Livingston parish. The market has softened to the point where it is now, overall, a buyer's market. Only in the lowest price ranges, below $150K, does it remain a seller's market. Overall absorption rate in 2008 has declined but is still ahead of the pre-Katrina rate. The highest velocity of home sales occurred in the $100K-$150K price range. Only slightly less was the velocity in the $151K-200K price range. It is in this price range that the highest inventory exists. There is a 6.8 month supply. Over $200K there is more than a year's supply of inventory and in the $400K+ range there is a 2.5-year supply.

Please contact the author directly for information regarding the availability of his in-depth mid-year market analysis for the entire Greater Baton Rouge market area.

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