Significant jumps in the number of homes sold in Ascension and Livingston parishes helped the Baton Rouge housing market post its fifth consecutive month of double-digit annual percentage gains in house sales.
There were 1,134 homes sold in the nine-parish area in October, according to figures released Thursday by the Greater Baton Rouge Association of Realtors' Multiple Listing Service. That's up from 915 MLS sales in October 2019. Record low interest rates are being credited with powering the five-month hot streak.
Ascension Parish had the biggest gain, increasing by 33.5% to hit 219 MLS sales in October. That's up from 164 sales a year earlier. Livingston Parish had a similar jump of 31.3% from 198 to 260 sales. East Baton Rouge, which accounts for the largest share of the area housing market, had a 17% increase to 545 homes sold from 466 the year before.
The median sales price area-wide for a home was $232,865 in October, meaning that half of the homes sold for less than that price, half sold for more. That’s an 11% gain from last year's $209,710.
Pending sales, a sign of future activity, were up 22.9% in October to 1,025 from 834 in October 2019.
Inventory was down 36.5% from 4,545 to 2,885 homes. There is now a 2.8-month supply of homes for sale at the current pace. A year ago, the supply was 5 months.
New listings dropped by 1% from a year ago from to 1,169 from 1,181. The number of days a home was on the market before it was sold dropped to 64 from 69 the year before.
Through the end of October, 10,282 homes had been sold in metro Baton Rouge, a 10% increase over the 9,344 sales sodl through the first 10 months of 2019. Livingston has 2,147 sales, a 16.7% increase over the 1,840 MLS sales as of October 2019. Ascension was up 9.2% from 1,731 to 1,890. East Baton Rouge had an 8% gain from 4,849 to 5,238.