Baton Rouge area home sales were down 7.4 percent in September from the year before, breaking a yearlong streak of sales gains stoked in part by the August 2016 flood.
There were 860 homes sold in metro Baton Rouge during September, according to figures released Tuesday by the Greater Baton Rouge Association of Realtors’ Multiple Listing Service. That compares with 929 MLS sales in the nine-parish region during September 2016.
The August 2016 floods dramatically increased the local demand for homes. Tens of thousands of people in the Capital Region sustained severe damage to their homes and some were forced to buy new residences. At the same time, investors and bargain hunters were buying flood-damaged properties at a discount and rebuilding them for lease or sale.
In East Baton Rouge Parish, which accounts for the largest segment of the local housing market, there were 455 MLS sales in September, a 10.1 percent drop from the 506 sales in September 2016.
Ascension Parish saw a bigger 19 percent drop from 179 MLS sales in September 2016 to 145.
Livingston Parish, which was hardest hit by the flooding, saw sales go up 10.8 percent to 174 from 157 in September 2016.
The median sale price for a home areawide was $199,078 in September, up slightly from the $198,845 median sale price in September 2016. That means that half of the homes sold in the market went for below that price, half for above that price.
Pending sales were down 18.2 percent to 864 from 1,056. New listings were down 5.3 percent to 1,227 from 1,295.
The number of homes for sale were up 2.9 percent to 3,601 from 3,498. But the supply of houses for sale dropped from 4 months to 3.8 months. The number of days on the market dropped from 65 in September 2016 to 55.
Year-to-date, there were 8,616 homes sold in metro Baton Rouge, a 9.9 percent increase over the 7,843 sales through September 2016. The median sale price was $188,950, down 0.6 percent from the year before.
Sales are up 17.4 percent to 1,616 in Livingston, 9.4 percent to 4,713 in East Baton Rouge and 2.3 percent to 1,486 in Ascension through the first nine months of the year.