November 2021 Housing Market Update

 

I am hopeful that you are reading this in good spirits as we aim to close out the year and move into the holiday season! Traditionally, the end of the year is notoriously slower with less market activity than the rest of the year. Let's check out how the real estate market is doing as we end the year on a strong note!


Number of Homes Available for Sale Comparision     

I have always started off my market reports talking about one of the key statistics that I use in evaluating the real estate market which is the number of homes available for sale. This month is showing another dip in the number of homes available to a new record low. At the time of this writing, the number of homes is showing below 1550 total homes available for sale for our region. Although the factor of the number of homes for sale dropping is not unusual at this time of the year, it is concerning that we have again reached a new low. Simple supply and demand rules of economics show that this favors sellers, it will be interesting to see how this progresses over the next few months as we head back into the spring selling season!
 

Months Supply of Homes for Sale

 

Speaking of supply and demand, the month's supply of homes has also dropped to a new record low for the region. The number dropped from 1.5 to currently hovering around 1.3 months of inventory is showing the same trend that we've been on since the pandemic started. With many people having the consensus that the market will have some sort of big shift where a ton of homes will become available at a discount and the data that I provide to you monthly just doesn't support that theory!
 

Number of Closed Sales

It seems as if every week I'm being told or shown someone who is starting their journey as a REALTOR®. I'm not sure how many of them realize that there is a very high rate that people get out of the industry within the first 3 years (87%). Additionally concerning for new agents is the statistic for the chart above. There are fewer transactions that are closing right now than ever before at about the same number this month as new homes that come on the market! With fewer transactions happening in the marketplace, seasoned agents are more likely to have an upper hand in the market. I'm hopeful that the start of the new year will have a drastic increase in transactions with buyers feeling a rejuvenation heading into the new year. If you're looking for a great option for your family to live in, check out this amazing four bedroom home that has a new roof, a/c unit, and a complete remodel that is ready for a family to move in and enjoy TODAY!

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