October 2021 Housing Market Update

 

I hope that you aren't too spooked into reading my October 2021 Housing Market Update. After a crazy few weeks of September, I hope that your family is in good spirits, health and that you've had a chance to hit the reset button and get back on track. Let's jump into the numbers and see how this month has stacked up given the circumstances of the pandemic and the storms that are thankfully behind us all!

Number of Homes Available for Sale Comparision     

I try to take a step back at times knowing that people are going through not only literal storms (Ida) but the storms of life circumstances as well. This month saw the housing market hit a new low for the number of homes available for sale. We've gone below the 1700 home mark that we've seen in May and June. As you can see on the chart, we'll often have small ups and downs from month to month on the number of homes available for sale but the drop of inventory heading into the holiday season shows the market is still favoring the sellers in the marketplace.
 

Months Supply of Homes for Sale

 

We'd normally see this number between 3-4 to indicate a balanced market between buyers and sellers. This month's supply of homes for sale is still EXTREMELY low at 1.4. That means if there weren't any new homes put on the market, it would take less than a month and a half to sell every single home currently on the market. This is still showing that the number is trending downward over the last few months even with a slight uptick from May through July which showed that the market was possibly stabilizing where it was. The indication is that we are going to still have a competitive few months of sales for buyers who are looking to settle in before the holidays!
 

Number of Closed Sales

I wasn't so sure how this number would look coming out of a hurricane that was strong enough to do real damage to the region. This number has also continued to drop from month to month which is a bit concerning. I'm not quite sure why the sales aren't closing with a higher number per month with the demand still being so high. I even had a lender reach out to me recently saying that rates slightly dropped as well. With so few homes available for sale, the demand still being high, and industry professionals working many hours, I'd like to think that this number would generally be higher overall. I'll keep a look out to see how this number progresses over the next few months and keep you updated!

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