April 2022 Housing Market Update

 

Spring is HERE! This is usually the most active time for the real estate market across the country as many families try to find their new homes as they prepare for a new school year and many job transfers occur. I also wanted to give many people an idea of what to expect in the current real estate marketplace if you're just starting your journey! It's not uncommon to be on the lookout for a home for weeks before getting a contract accepted on a home that you like. Many buyers are currently making offers on 5 houses or more before getting an offer accepted. This may not be the market for you if you find yourself being picky about exactly what you want but it also may be a test of patience for many borrowers. This market will also force you to make a quick decision on the homes that you are viewing. Some of the best properties available won't be on the market for more than a day or two from when they are initially listed. Let's get into this month's market report!  

Number of Homes Available for Sale Comparision     

The number of homes available for sale continues to fall. I am slightly surprised that it hasn't fallen below the one thousand home mark yet. The number of homes hasn't really been changing much as soon as a home comes on the market, it is quickly purchased and taken off the market which basically doesn't give us any chance of changing the number of homes available either way. The expectation of more homes being available for buyers has started in my opinion and I can tell by the number of homes that are put up for sale every day when I look at them. The other part of that equation is that the buyer presence in the marketplace is still very strong.
 

Months Supply of Homes for Sale

 

In February,  we mentioned that the market dropped below 1 month's worth of housing inventory for the first time on record and we're still at that point currently. I currently have the market at a one-month's supply of homes. If all the homes were up for sale and there weren't any new homes added to the market, it would take about one month for every property to sell. That's a crazy low number as historically, we're normally about the 3.5 to 4.5-month range in a balanced and healthy market. 
 

Number of Closed Sales Per Month

I mentioned in last month's market report about a number of new agents getting into the real estate field. I also wanted to give a bit of perspective on how the market is from a REALTOR® perspective as most agents will receive compensation when a transaction actually closes. I wanted to give an idea of when the market has most of the transactions and activities going on from a 'Closed Sales' standpoint. As you can see from the chart, historically activity drops around October and then really cranks back up around March.

MARCH & APRIL  2022 BONUS CONTENT:

I wanted to give you a bit of extra love last month and I will keep that going this month in case you missed out! I have a video highlighting what I feel are the 3 biggest lies that you'll hear about the real estate industry this year! You can check out this quick video by clicking HERE!

Additionally, I had a call with a client who said that all they are seeing is everyone wanting to become a real estate agent lately. I want people to know that it is a great industry to be in if you get into it for the right reasons but you also have to know what you're getting into and the expectations that you should have if you're trying to do this for a living! Click the initial consultation link below and you can talk to me if you're thinking about getting your license or if you've started the process already.

As always, I want to make you aware that I've created a special website section where you can view interactive charts of historical data for the Greater Baton Rouge real estate market! I'm continuously striving to raise the bar for REALTORS® by providing quality communication, and great customer service, combined with valuable information, data, and statistics for anyone who needs it! The charts and graphs in our Market Data Center are always live and updated automatically monthly. You can see the real stats for what's going on in the Greater Baton Rouge real estate market and not just take someone's word for it! You can check out the data and see what's going on in your area by clicking the button below!

If you would like to get in touch with me please feel free to text me (225) 330-7059 or you can schedule an initial consultation call HERE!

Please wear your mask and stay safe,
Rinaldi Jacobs Jr., e-PRO®, PSA
REALTOR® & Marketing eXpert
eXp Realty, LLC
2900 Westfork Dr, Ste 401
Baton Rouge, LA 70827
Office: 225-412-9982 ext 151
Direct: 225-330-7059
Rinaldi@225avenues.com
Licensed in Louisiana