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Monthly Indicators

April 2014

Activity Snapshot

The public has finally grown used to talk of a real estate market in recovery.
With prices going up, people are starting to wonder if a new bubble is forming.
Most metropolitan markets are somewhere between recovery and
normalization. Supply is still tight but improving in some areas. What housing
really needs is further job and wage growth to support healthy demand levels
fueled by new household formations.
New Listings in Greater Baton Rouge decreased 0.6 percent to 1,259. Pending
Sales were up 17.1 percent to 1,022. Inventory levels shrank 9.4 percent to
3,880 units.
Prices were still a bit soft. The Median Sales Price decreased 4.2 percent to
$171,385. Days on Market remained flat at 91 days. Absorption rates improved
as Months Supply of Inventory was down 17.2 percent to 5.3 months.
April's job growth was above expectations. Growth is likely to accelerate
through the year, but the types of jobs being created is also important. We're
producing more low-wage jobs as opposed to high-wage jobs. That's not
conducive to increasing the number of potential buyers. It also means less
disposable income sloshing around. Even so, some local markets may pause
but are unlikely to falter thanks to suppressed supply levels and an improving
sales mix. Don't confuse temporarily weak demand indicators for stagnation.

0.0%

- 4.2%

- 9.4%

One-Year Change in
Closed Sales

One-Year Change in
Median Sales Price

One-Year Change in
Homes for Sale

A research tool provided by the Greater Baton Rouge Association of


REALTORS. Residential real estate activity comprised of single-family
properties, townhomes and condominiums combined. Percent changes
are calculated using rounded figures.

Activity Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory

2
3
4
5
6
7
8
9
10
11
12

Click on desired metric to jump to that page.

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

Activity Overview
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.

Key Metrics

Historical Sparkbars

New Listings
4-2011

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

4-2012

4-2013

- 6.8%

873

1,022

+ 17.1%

3,023

3,281

+ 8.5%

797

797

0.0%

2,570

2,582

+ 0.5%

91

91

0.0%

95

92

- 3.2%

$178,950

$171,385

- 4.2%

$170,000

$170,250

+ 0.1%

$207,359

$200,636

- 3.2%

$195,141

$195,817

+ 0.3%

96.8%

97.1%

+ 0.3%

96.8%

96.9%

+ 0.1%

157

151

- 3.8%

165

152

- 7.9%

4,283

3,880

- 9.4%

--

--

--

6.4

5.3

- 17.2%

--

--

--

4-2014

Months Supply
4-2011

4,373

4-2014

Homes for Sale


4-2011

4,693

4-2014

Affordability Index
4-2011

- 0.6%

4-2014

Pct. of List Price Received


4-2011

1,259

4-2014

Average Sales Price


4-2011

1,266

Percent Change

4-2014

Median Sales Price


4-2011

YTD 2013 YTD 2014

4-2014

Days on Market
4-2011

Percent Change

4-2014

Closed Sales
4-2011

4-2014

4-2014

Pending Sales
4-2011

4-2013

4-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 2

New Listings
A count of the properties that have been newly listed on the market in a given month.

April

Year to Date
1,266

1,259

1,142

- 1.1%

+ 10.9%

2012

- 0.6%

2013

4,693

4,379

- 0.8%

4,373

+ 7.2%

2012

2014

New Listings

- 6.8%

2013

2014

Prior Year

Percent Change

May 2013

1,249

1,218

+2.5%

June 2013

1,181

1,115

+5.9%

July 2013

1,212

1,178

+2.9%

August 2013

1,179

999

+18.0%

September 2013

1,085

919

+18.1%

October 2013

1,066

1,072

-0.6%

November 2013

809

814

-0.6%

December 2013

668

608

+9.9%

January 2014

992

1,191

-16.7%

February 2014

1,000

1,023

-2.2%

March 2014

1,122

1,213

-7.5%

April 2014

1,259

1,266

-0.6%

12-Month Avg

1,069

1,051

+1.7%

Historical New Listings by Month


4,000

3,000

2,000

1,000

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 3

Pending Sales
A count of the properties on which offers have been accepted in a given month.

April

Year to Date
1,022
873

790

+ 30.4%

+ 10.5%

+ 17.1%

Pending Sales

3,281

3,023

2,756

+ 28.2%

+ 9.7%

+ 8.5%

Prior Year

May 2013

829

764

+8.5%

June 2013

770

691

+11.4%

July 2013

786

767

+2.5%

August 2013

753

583

+29.2%

September 2013

610

582

+4.8%

October 2013

687

650

+5.7%

November 2013

578

539

+7.2%

December 2013

492

479

+2.7%

January 2014

677

608

+11.3%

February 2014

683

666

+2.6%

March 2014

899

876

+2.6%

1,022

873

+17.1%

732

673

+8.8%

April 2014
2012

2013

2012

2014

2013

12-Month Avg

2014

Percent Change

Historical Pending Sales by Month


3,000

2,500

2,000

1,500

1,000

500

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 4

Closed Sales
A count of the actual sales that closed in a given month.

April

Year to Date
797

797

2,582

2,570
2,193

611

+ 21.2%

Closed Sales

+ 30.4%

2012

0.0%

2013

+ 18.4%

+ 17.2%

2012

2014

+ 0.5%

2013

2014

Prior Year

Percent Change

May 2013

836

737

+13.4%

June 2013

852

772

+10.4%

July 2013

839

721

+16.4%

August 2013

902

618

+46.0%

September 2013

730

698

+4.6%

October 2013

662

650

+1.8%

November 2013

587

557

+5.4%

December 2013

643

537

+19.7%

January 2014

523

479

+9.2%

February 2014

606

536

+13.1%

March 2014

656

758

-13.5%

April 2014

797

797

0.0%

12-Month Avg

719

655

+9.8%

Historical Closed Sales by Month


2,000

1,500

1,000

500

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 5

Days on Market Until Sale


Average number of days between when a property is listed and when an offer is accepted in a given month.

April

Year to Date
104

101

- 9.9%

- 10.6%
2012

95

91

91

0.0%

2013

- 1.9%

92

- 8.7%

2012

2014

Days on Market

- 3.2%

2013

2014

Prior Year

Percent Change

May 2013

92

99

-7.1%

June 2013

81

91

-11.0%

July 2013

76

88

-13.6%

August 2013

78

104

-25.0%

September 2013

80

102

-21.6%

October 2013

85

95

-10.5%

November 2013

86

90

-4.4%

December 2013

79

86

-8.1%

January 2014

86

100

-14.0%

February 2014

94

99

-5.1%

March 2014

94

93

+1.1%

April 2014

91

91

0.0%

12-Month Avg*

85

95

-10.5%

* Average Days on Market of all properties from May 2013 through April 2014. This
is not the average of the individual figures above.

Historical Days on Market Until Sale by Month


120

100

80

60

40

20

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 6

Median Sales Price


Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

April

Year to Date
$178,950

$163,385

- 0.2%
2012

$160,000

$171,385

+ 9.5%

- 4.2%

2013

- 2.7%

Median Sales Price

+ 6.3%

2012

2014

$170,250

$170,000

+ 0.1%

2013

2014

Prior Year

Percent Change

May 2013

$173,500

$170,000

+2.1%

June 2013

$177,900

$168,000

+5.9%

July 2013

$176,650

$171,707

+2.9%

August 2013

$176,000

$170,700

+3.1%

September 2013

$169,900

$169,900

0.0%

October 2013

$170,858

$166,150

+2.8%

November 2013

$174,000

$172,900

+0.6%

December 2013

$179,500

$165,000

+8.8%

January 2014

$167,500

$162,000

+3.4%

February 2014

$164,950

$172,450

-4.3%

March 2014

$177,900

$168,048

+5.9%

April 2014

$171,385

$178,950

-4.2%

12-Month Med*

$174,000

$169,900

+2.4%

* Median Sales Price of all properties from May 2013 through April 2014. This is not
the average of the individual figures above.

Historical Median Sales Price by Month


$200,000

$150,000

$100,000

$50,000

$0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 7

Average Sales Price


Average sales price for all closed sales, not accounting for seller concessions, in a given month.

April

Year to Date
$207,359

$200,636

$186,352

- 5.6%
2012

+ 11.3%

$184,212

- 3.2%

2013

- 2.7%

Average Sales Price

+ 5.9%

2012

2014

$195,817

$195,141

+ 0.3%

2013

2014

Prior Year

Percent Change

May 2013

$197,982

$196,757

+0.6%

June 2013

$203,750

$191,762

+6.3%

July 2013

$202,854

$194,814

+4.1%

August 2013

$202,850

$198,977

+1.9%

September 2013

$193,265

$197,728

-2.3%

October 2013

$197,266

$186,355

+5.9%

November 2013

$197,549

$205,357

-3.8%

December 2013

$203,204

$193,059

+5.3%

January 2014

$178,590

$174,690

+2.2%

February 2014

$193,480

$196,109

-1.3%

March 2014

$205,850

$194,552

+5.8%

April 2014

$200,636

$207,359

-3.2%

12-Month Avg*

$198,791

$195,317

+1.8%

* Average Sales Price of all properties from May 2013 through April 2014. This is
not the average of the individual figures above.

Historical Average Sales Price by Month


$250,000

$200,000

$150,000

$100,000

$50,000

$0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 8

Percent of List Price Received


Percentage found when dividing a propertys sales price by its most recent list price, then taking the average for all properties sold in a
given month, not accounting for seller concessions.

April

Year to Date

96.8%

97.1%

96.8%

0.0%

+ 0.1%
2012

+ 0.3%

2013

Pct. of List Price Received

0.0%

+ 0.2%

2012

2014

96.9%

96.8%

96.6%

+ 0.1%

2013

2014

Prior Year

Percent Change

May 2013

96.8%

97.1%

-0.3%

June 2013

97.1%

96.6%

+0.5%

July 2013

96.7%

97.0%

-0.3%

August 2013

97.3%

97.0%

+0.3%

September 2013

97.3%

97.2%

+0.1%

October 2013

96.5%

96.4%

+0.1%

November 2013

96.7%

96.2%

+0.5%

December 2013

97.1%

96.5%

+0.6%

January 2014

96.8%

96.3%

+0.5%

February 2014

96.4%

97.2%

-0.8%

March 2014

97.1%

96.9%

+0.2%

April 2014

97.1%

96.8%

+0.3%

12-Month Avg*

96.9%

96.8%

+0.1%

* Average Pct. of List Price Received for all properties from May 2013 through April
2014. This is not the average of the individual figures above.

Historical Percent of List Price Received by Month


101%

100%

99%

98%

97%

96%

95%
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 9

Housing Affordability Index


This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is
necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

April

Year to Date

163

157

- 3.7%

+ 10.1%
2012

166

151

- 3.8%

2013

165

+ 12.9%

152

- 0.6%

2012

2014

Affordability Index

- 7.9%

2013

2014

Prior Year

Percent Change

May 2013

156

158

-1.3%

June 2013

144

161

-10.6%

July 2013

146

160

-8.8%

August 2013

145

160

-9.4%

September 2013

152

164

-7.3%

October 2013

151

166

-9.0%

November 2013

157

161

-2.5%

December 2013

145

170

-14.7%

January 2014

152

175

-13.1%

February 2014

157

160

-1.9%

March 2014

146

164

-11.0%

April 2014

151

157

-3.8%

12-Month Avg

150

150

0.0%

Historical Housing Affordability Index by Month


200

150

100

50

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 10

Inventory of Homes for Sale


The number of properties available for sale in active status at the end of a given month.

April

Homes for Sale

4,630

4,283

3,880

- 9.4%

- 7.5%

- 10.3%
2012

2013

2014

Prior Year

Percent Change

May 2013

4,358

4,701

-7.3%

June 2013

4,396

4,691

-6.3%

July 2013

4,430

4,670

-5.1%

August 2013

4,427

4,655

-4.9%

September 2013

4,506

4,518

-0.3%

October 2013

4,502

4,466

+0.8%

November 2013

4,379

4,359

+0.5%

December 2013

4,123

4,029

+2.3%

January 2014

4,064

4,207

-3.4%

February 2014

4,063

4,263

-4.7%

March 2014

3,963

4,239

-6.5%

April 2014

3,880

4,283

-9.4%

12-Month Avg*

4,258

4,423

-3.7%

* Homes for Sale for all properties from May 2013 through April 2014. This is not
the average of the individual figures above.

Historical Inventory of Homes for Sale by Month


6,000

5,000

4,000

3,000

2,000

1,000

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 11

Months Supply of Inventory


The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

April

Months Supply

7.7
6.4
5.3

- 16.9%

- 29.4%
2012

- 17.2%

2013

2014

Prior Year

Percent Change

May 2013

6.4

7.7

-16.9%

June 2013

6.4

7.6

-15.8%

July 2013

6.5

7.4

-12.2%

August 2013

6.3

7.5

-16.0%

September 2013

6.4

7.2

-11.1%

October 2013

6.4

7.0

-8.6%

November 2013

6.2

6.8

-8.8%

December 2013

5.8

6.2

-6.5%

January 2014

5.7

6.4

-10.9%

February 2014

5.7

6.5

-12.3%

March 2014

5.5

6.4

-14.1%

April 2014

5.3

6.4

-17.2%

12-Month Avg*

6.0

6.9

-13.0%

* Months Supply for all properties from May 2013 through April 2014. This is not the
average of the individual figures above.

Historical Months Supply of Inventory by Month


30

25

20

15

10

0
1-2003

1-2004

1-2005

1-2006

1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 12