Livingston Parish, like Ascension and East Baton Rouge parishes, was negatively effected by hurricane Gustav. Unit sales fell dramatically during September. The following chart illustrates the impact of Gustav upon unit sales in Livingston Parish.
Home have also remained a good investment in Livingston Parish. The following chart shows that average prices in the new home market segment increased during 2008 and homes in the re-sale segment held their values. This is a far different situation than we are seeing in some other areas of the country where the bubble has burst, foreclosures are up and prices have fallen. We will continue to closely monitor prices in our area as the country makes its way through the current economic crisis.
The following set of charts shows absorption rates for the past five years as compared with 2008 and relates that rate to current inventory levels.
Sales of new homes remains depressed compared with prior years. Home sales in the re-sale market segment have settled back to pre-Katrina levels. In the re-sale segment, inventories in the highest velocity price ranges (below $200K) are either in balance or insufficient to meet the demands of the marketplace. Over $200K it rapidly becomes a Buyer's market where supply exceeds the demand.
The preceding analysis was based upon data extracted from the Greater Baton Rouge Association of Realtors MLS system. The information contained herein is presumed to be accurate but is not warranted.
As always, I welcome readers to visit my websites at www.TheHomeVendor.com or www.LiveAscension.com or www.DonAndAlishaStern.com for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.
©2008 by Don Stern - all rights reserved
As previously reported for Ascension Parish, Hurricane Gustav did not impact the Greater Baton Rouge Real Estate Market like Hurricane Katrina did in 2005. In fact, it had the opposite effect. With massive power outages effecting the Greater Baton Rouge area the sales of detached single family homes plummeted during September. The following chart illustrates the impact of Gustav upon unit sales in East Baton Rouge Parish.
Home have remained a good investment in East Baton Rouge Parish. The following chart shows that average prices in the new home market segment increased during 2008 and homes in the re-sale segment held their values. This is a far different situation than we are seeing in some other areas of the country where the bubble has burst, foreclosures are up and prices have fallen. We will continue to closely monitor prices in our area as the country makes its way through the current economic crisis.
The following set of charts shows absorption rates for the past five years as compared with 2008 and relates that rate to current inventory levels.
Sales of new homes remains depressed compared with prior years. Unit sales in the re-sale market segment are also down. The good news is that overall inventory is more or less balanced. In fact, in the lower price ranges it remains a Seller's market overall.
The preceding analysis was based upon data extracted from the Greater Baton Rouge Association of Realtors MLS system. The information contained herein is presumed to be accurate but is not warranted.
As always, I welcome readers to visit my websites at www.TheHomeVendor.com or www.LiveAscension.com or www.DonAndAlishaStern.com for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.
©2008 by Don Stern - all rights reserved
Hurricane Gustav did not impact the Greater Baton Rouge Real Estate Market like Hurricane Katrina did in 2005. In fact, it had the opposite effect. With massive power outages effecting the Greater Baton Rouge area the sales of detached single family homes plummeted during September. The following chart illustrates the impact of Gustav upon unit sales in Ascension Parish.
We live in interesting times. It will be interesting to see whether unit sales will rebound in October because, in addition to the effect that Gustav had on our local market, we are faced with the current financial crisis on a national level and the resultant limited availability of credit. Thus far, however, our area has not been affected as strongly as other areas of the country. In fact, the following chart illustrates that average home values in the parish have held at 2007 levels thus far during 2008.
The following set of charts shows absorption rates for the past five years as compared with 2008 and relates that rate to current inventory levels.
Sales of new homes remains depressed compared with prior years. The re-sale market has, however, remained relatively strong. While the surge in demand created by Hurricane Katrina is certainly finished, previously owned homes are still selling at pre-Katrina rates. In fact, it is a Seller's market for homes selling below $200K. It is, however, clearly a Buyer's market for homes in this segment that are priced above $300K.
The preceding analysis was based upon data extracted from the Greater Baton Rouge Association of Realtors MLS system. The information contained herein is presumed to be accurate but is not warranted.
As always, I welcome readers to visit my websites at www.TheHomeVendor.com or www.LiveAscension.com or www.DonAndAlishaStern.com for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.
©2008 by Don Stern - all rights reserved
This update examines the condition of the real estate market in Livingston parish. For the purposes of this analysis, data for detached single family homes in Livingston Parish that was extracted from the Greater Baton Rouge Association of Realtors MLS database was used. Sales recorded through April 2008 are included in the analysis as well as the inventory of active listings as of 5/5. The data and my subsequent analysis, while deemed reliable, is not guaranteed.
The average price of a home in Livingston parish is more or less the same in 2008 as it was in 2007. The good news is that Livingston parish hasn't seen the dramatic drop in prices that some other portions of the nation have experienced.
April unit sales were down in both the re-sale and new home market segments. While the re-sale segment has seen April unit sales drop to pre-Katrina levels, new home sales remain at a five-year low.
Overall the six month moving average for unit sales is still trending downward but the re-sale segment is holding steady. One expects to see improvement as seasonality kicks in and we should see improvement during the peak selling season.
Over 80% of re-sale homes sold in the parish during 2008 were priced at or below $200K. The supply of homes over $200K exceeds the demand and it is a buyer's market. While only 20% of 2008 home sales were over $200K, over 40% of the inventory is priced over $200K
For new homes, there is a 7.4 month supply overall at current 2008 absorption rates... a little too much but not that bad. The price range with the highest velocity is $151K-200K. The market is relatively balanced here with a 6.1 month supply of new home. The next highest velocity is seen in the $101K-150K price range where it is a sellers market with only 3.6 months supply on hand. There is a surplus of new homes prices over $200K with over a year's supply in all price ranges from $200K up. Over 46% of the inventory is in these upper price ranges while accounting for only about 26% of the demand.
Please feel free to contact me with any questions you may have about this report or if you'd like to discuss representation in buying, selling or building a home. Customized reports for a particular market segment or area can also be generated.
As always, I welcome readers to visit my websites at www.DonAndAlishaStern.com, www.TheHomeVendor.com, www.LiveAscension.com or www.PelicanPointHomes.net for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.
Contact me via e-mail or call me at (225) 413-3624 for more information.
©2008 by Don Stern - All Rights Reserved
This update examines the condition of the real estate market in East Baton Rouge parish. For the purposes of this analysis, data for detached single family homes in East Baton Rouge Parish that was extracted from the Greater Baton Rouge Association of Realtors MLS database was used. Sales recorded through April 2008 are included in the analysis as well as the inventory of active listings as of 5/5. The data and my subsequent analysis, while deemed reliable, is not guaranteed.
Please feel free to contact me with any questions you may have about this report or if you'd like to discuss representation in buying, selling or building a home. Customized reports for a particular market segment or area can also be generated.
As always, I welcome readers to visit my websites at www.DonAndAlishaStern.com, www.TheHomeVendor.com, www.LiveAscension.com or www.PelicanPointHomes.net for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.
Contact me via e-mail or call me at (225) 413-3624 for more information.
©2008 by Don Stern - All Rights Reserved
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