July 2021 Housing Market Update

 

I hope the fireworks, good food, time with family, and fun is plentiful for you as we enter the Fourth of July holiday weekend. We've made it through half of the year 2021 with many things happening constantly in the housing market. From interest rates to housing moratoriums, to new projects and opportunities coming up throughout the capital city area. This month, I wanted to take a look into a projection of housing availability as I'm starting to see some reports of a drop in mortgage applications and more inventory becoming available.

Number of Home Available for Sale Comparision     

Anyone who has been following my market reports knows that I have been taking notice of the number of homes available for sale for months now. After sitting at home in a bubble due to the pandemic, the most telling statistic for how the real estate market was going to be after the pandemic was the number of homes available for sale. I think there has been a fair balance of homes for sale given the market conditions but I've also been surprised that the inventory levels of homes for sale have been at historic lows for most of the markets nationwide. This month there has been a VERY SMALL uptick in the number of homes available for sale so I'll continue to watch this closely to see if we are getting closer to a balanced market.
 

Months Supply of Homes for Sale

 

The monthly supply of homes has also seemingly stabilized to the same level as it was at last month. If this number stays the same or starts to rise, we'll be heading towards a balanced or maybe long-term market that favors buyers. There are so many other factors outside of the current supply and demand of buyers and sellers that I'm keeping my eye on which may have a lasting short-term impact on the local market!
 

Median Days on Market

I wanted to reiterate this stat again this month and expound on it a bit more than I did last month. If you look at a normal, balanced market, most homes stay on the market for 20-45 days as a median. In today's market, the average timeframe is FOUR days. That includes the time that it takes for the sellers to review offers and the agent to upload the terms of the accepted offer into our MLS system. That means that if you are a buyer, you need to look at any home that you find interesting on the first day or two. Sometimes even waiting for day two will make you too late!

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, 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!


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