The number of homes sold in metro Baton Rouge was 27.1% higher in February than the year before, continuing a nine-month hot streak of year-to-year double-digit percentage increases in houses sold.
There were 943 homes sold in the nine-parish area in February, according to figures released Monday by the Greater Baton Rouge Association of Realtors' Multiple Listing Service, up from 742 sales in February 2020. Record-low interest rates have helped the market roar back after down months caused by the coronavirus pandemic.
The number of homes sold in metro Baton Rouge during 2020 topped even the numbers posted in 2005, when Hurricane Katrina caused a rush on hous…
A strong sales gain in Ascension Parish boosted the numbers. There were 192 MLS sales in the parish during February, a 61.3% increase from 119 sales a year ago.
Livingston Parish had a 14.6% gain from 151 to 173 sales. East Baton Rouge Parish was close behind with a 14.3% gain from 399 to 456 sales.
The median sales price areawide for a home was $230,000 in February, meaning that half of the homes sold for less than that price, half sold for more. That’s a 12.2% gain over the median sales price of $205,000 in February.
Pending sales, a sign of future activity, were up 20.1% in February to 1,118 from 931 a year ago.
Inventory was down 49.9% to 2,127 homes from 4,245 homes in February 2020. New listings dropped 15.8% from 1,259 in 2020 to 1,060.
At the current sales pace, there is a 1.9-month supply of homes on the market, down from 4.6 months in February 2020. Local real estate experts have said the limited supply of homes is one of the biggest issues facing the market.
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The number of days a home was on the market before it was sold dropped to 61 from 86 the year before.
Through the first two months of the year, 1,809 homes have been sold in metro Baton Rouge, up from 1,421 MLS sales through February 2020, a 27.3% increase. Ascension is up 43% to 339 MLS sales from 237 for the first two months of 2020. East Baton Rouge has increased by 19.5% from 743 to 888. Livingston is up 17.4% from 304 sales to 357.