The market has clearly slowed in the last 3 years. That doesn't come as a surprise to anyone.
EAST BATON ROUGE PARISH RESIDENTIAL HOMES
Year 2008 2009 2010
Sold * 3982 3427 3160
*Jan-Sept. each year
While the number of homes sold from January thru September has decreased, the average and median prices have held very firm, good news indeed.
There has been a noticeable spike in available inventory in the last 2 months, so it remains to be seen what, if any, impact that will have on sales prices and days on market going forward. As of the end of August, there were approximately 2,700 homes available in the parish - representing a 9 month supply. This is up from about a 6 month supply in May.
What this means for sellers is that they must exercise patience and select a Realtor with a marketing plan that assures their listings are getting exposure (seen by potential buyers).
The steady values combined with the lowest interest rates in years and good inventory to choose from makes it an excellent time to buy a home right now!