March 2022 Housing Market Update

 

Spring is QUICKLY coming upon us and it's my favorite time of the year! My family has a ton of birthdays this month and the weather is amazing! Real estate-wise, the market generally picks up from March until September! That's considered the "HOT" season for real estate agents when more transactions are done. There's a real feeling that more homes will be available as sellers prepare to wrap up the school year and move soon. That is the market expectation but will it be our reality this selling season? Let's find out with this month's market update!


Number of Homes Available for Sale Comparision     

The number of homes available for sale continues to fall. I wouldn't be surprised if we get to a point this month where this number falls below 1000 homes for sale. I also have a concern about the uncertainty of the market moving forward where the projections on interest rates say that they are going to rise.
 

Months Supply of Homes for Sale

 

Last month I noted that the market dropped below 1 month's worth of housing inventory for the first time on record and we're still there. The general thought is that the number of homes available for sale will pick up as we enter the spring selling season. I still think that many homeowners will in fact put their homes up for sale over the next few months but I also believe that those homes will be instantly put under contract as the buyer's demand is still VERY HIGH across the market. We're going to see how things play out with the conflict in Ukraine and other economic conditions and if the rates do in fact rise as predicted.
 

Median Number of Days on Market

I wanted to set a proper expectation for anyone who is looking to buy right now. Homes are getting on the market and basically being taken off the market within days, if not within hours. Anytime a home is put on the market you are going to want to be able to schedule a showing to look at that home as soon as possible because it may not be available for you to look at or make an offer tomorrow! It's seriously that crazy in the market right now. You can expect to be up against other buyers bidding on the home and the home to go for more than what they are asking for very often for any home that is in a move in now "turn-key" condition. The chart above shows how long homes are staying on the market from the time that it is put online and available for sale, people look at the home, make an offer, an offer is accepted, and the agent updates it to under contract in our system, You don't have much time to think about a home or sleep on it!
 

MARCH  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, 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