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Monthly Indicators

June 2014

Activity Snapshot

Housing seemed to have a slow start to the spring selling season, but
appearances deceive. Dig into that spring soil and you begin to unearth
differences in individual areas and market segments. Inventory is slowly rising in
some areas. Activity is picking up in the upper price tiers. Rents continue to
climb in most metros. And interest rates are generally lower than a year ago, to
the surprise of some and the delight of others.
New Listings in Greater Baton Rouge increased 12.9 percent to 1,333. Pending
Sales were up 34.9 percent to 1,039. Inventory levels shrank 8.8 percent to
4,017 units.
Prices forged onward. The Median Sales Price increased 4.8 percent to
$186,500. Days on Market remained flat at 81 days. Absorption rates improved
as Months Supply of Inventory was down 17.2 percent to 5.3 months.
Housing is one part of a broader ecosystem that thrives on a strong economy
that churns out good jobs. First-quarter employment figures were adequate but
not thrilling, but second-quarter numbers figure to be more positive. Access to
mortgage capital remains an ongoing concern. As cash and investor deals fade,
first-time buyers typically step to the forefront, but tight credit can and has been
a real hurdle.

+ 3.3%

+ 4.8%

- 8.8%

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 July 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
6-2011

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

6-2012

6-2013

- 1.9%

770

1,039

+ 34.9%

4,617

5,125

+ 11.0%

852

880

+ 3.3%

4,258

4,390

+ 3.1%

81

81

0.0%

92

88

- 4.3%

$177,900

$186,500

+ 4.8%

$172,900

$175,000

+ 1.2%

$203,750

$208,913

+ 2.5%

$197,420

$200,494

+ 1.6%

97.1%

97.6%

+ 0.5%

96.9%

97.1%

+ 0.2%

144

142

- 1.4%

148

152

+ 2.7%

4,405

4,017

- 8.8%

--

--

--

6.4

5.3

- 17.2%

--

--

--

6-2014

Months Supply
6-2011

6,989

6-2014

Homes for Sale


6-2011

7,123

6-2014

Affordability Index
6-2011

+ 12.9%

6-2014

Pct. of List Price Received


6-2011

1,333

6-2014

Average Sales Price


6-2011

1,181

Percent Change

6-2014

Median Sales Price


6-2011

YTD 2013 YTD 2014

6-2014

Days on Market
6-2011

Percent Change

6-2014

Closed Sales
6-2011

6-2014

6-2014

Pending Sales
6-2011

6-2013

6-2014

Current as of July 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.

June

Year to Date
1,333
1,181

1,115

+ 2.4%
2012

7,123

6,712

+ 5.9%

+ 12.9%

2013

+ 1.4%

6,989

+ 6.1%

2012

2014

New Listings

2013

- 1.9%
2014

Prior Year

Percent Change

July 2013

1,212

1,178

+2.9%

August 2013

1,179

999

+18.0%

September 2013

1,092

919

+18.8%

October 2013

1,070

1,072

-0.2%

November 2013

811

814

-0.4%

December 2013

670

608

+10.2%

January 2014

993

1,191

-16.6%

February 2014

1,005

1,023

-1.8%

March 2014

1,129

1,213

-6.9%

April 2014

1,280

1,266

+1.1%

May 2014

1,249

1,249

0.0%

June 2014

1,333

1,181

+12.9%

12-Month Avg

1,085

1,059

+2.5%

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 July 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.

June

Year to Date

Pending Sales

1,039

690

+ 7.6%

4,210

770

+ 11.6%

2012

+ 34.9%

2013

+ 22.7%

+ 9.7%

2012

2014

5,125

4,617

2013

+ 11.0%
2014

Prior Year

Percent Change

July 2013

786

767

+2.5%

August 2013

751

583

+28.8%

September 2013

610

582

+4.8%

October 2013

687

650

+5.7%

November 2013

573

538

+6.5%

December 2013

488

477

+2.3%

January 2014

669

606

+10.4%

February 2014

669

665

+0.6%

March 2014

845

875

-3.4%

April 2014

919

873

+5.3%

May 2014

984

828

+18.8%

June 2014

1,039

770

+34.9%

752

685

+9.8%

12-Month Avg

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 July 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.

June

Year to Date

772

+ 14.0%

880

852

Closed Sales

4,390

4,258
3,702

+ 10.4%

2012

+ 3.3%

2013

+ 18.9%

+ 15.0%

2012

2014

2013

+ 3.1%
2014

Prior Year

Percent Change

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

588

557

+5.6%

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

808

797

+1.4%

May 2014

917

836

+9.7%

June 2014

880

852

+3.3%

12-Month Avg

730

670

+9.0%

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 July 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.

June

Year to Date
91
81

- 11.0%

- 9.9%
2012

100

81

0.0%

2013

92

- 5.7%

88

- 8.0%

2012

2014

Days on Market

2013

- 4.3%
2014

Prior Year

Percent Change

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

92

91

+1.1%

May 2014

86

92

-6.5%

June 2014

81

81

0.0%

12-Month Avg*

84

93

-9.7%

* Average Days on Market of all properties from July 2013 through June 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 July 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.

June
$168,000

- 1.2%
2012

Year to Date
$186,500

$177,900

$164,985

+ 5.9%

+ 4.8%

2013

- 0.0%

Median Sales Price

+ 4.8%

2012

2014

$175,000

$172,900

+ 1.2%

2013

2014

Prior Year

Percent Change

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

$174,450

$172,900

+0.9%

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

$171,443

$178,950

-4.2%

May 2014

$176,000

$173,500

+1.4%

June 2014

$186,500

$177,900

+4.8%

12-Month Med*

$175,000

$171,000

+2.3%

* Median Sales Price of all properties from July 2013 through June 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 July 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.

June

$191,762

- 1.8%
2012

Year to Date
$208,913

$203,750

$188,287

+ 6.3%

+ 2.5%

2013

- 1.8%

Average Sales Price

+ 4.9%

2012

2014

$200,494

$197,420

+ 1.6%

2013

2014

Prior Year

Percent Change

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

$197,744

$205,357

-3.7%

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

$200,839

$207,359

-3.1%

May 2014

$205,410

$197,982

+3.8%

June 2014

$208,913

$203,750

+2.5%

12-Month Avg*

$200,129

$196,696

+1.7%

* Average Sales Price of all properties from July 2013 through June 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 July 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.

June

Year to Date

- 0.1%

97.6%

97.1%

96.6%

+ 0.5%

2012

+ 0.5%

2013

97.1%

96.9%

96.7%

0.0%

+ 0.2%

2012

2014

Pct. of List Price Received

+ 0.2%

2013

2014

Prior Year

Percent Change

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%

May 2014

97.4%

96.8%

+0.6%

June 2014

97.6%

97.1%

+0.5%

12-Month Avg*

97.0%

96.8%

+0.2%

* Average Pct. of List Price Received for all properties from July 2013 through June
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 July 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.

June

Year to Date

Affordability Index

164

161
144

- 10.6%

+ 10.3%
2012

2013

- 1.4%

152

148

142

+ 9.3%

- 9.8%

2012

2014

2013

+ 2.7%
2014

Prior Year

Percent Change

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%

May 2014

151

156

-3.2%

June 2014

142

144

-1.4%

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 July 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.

June

Homes for Sale

4,692

4,405

4,017

- 8.8%

- 6.1%

- 9.0%
2012

2013

2014

Prior Year

Percent Change

July 2013

4,439

4,671

-5.0%

August 2013

4,439

4,656

-4.7%

September 2013

4,525

4,519

+0.1%

October 2013

4,526

4,467

+1.3%

November 2013

4,410

4,361

+1.1%

December 2013

4,160

4,033

+3.1%

January 2014

4,111

4,213

-2.4%

February 2014

4,131

4,270

-3.3%

March 2014

4,095

4,247

-3.6%

April 2014

4,138

4,291

-3.6%

May 2014

4,085

4,367

-6.5%

June 2014

4,017

4,405

-8.8%

12-Month Avg*

4,256

4,375

-2.7%

* Homes for Sale for all properties from July 2013 through June 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 July 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.

June

Months Supply

7.6
6.4
5.3

- 15.8%

- 25.5%
2012

- 17.2%

2013

2014

Prior Year

Percent Change

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

5.9

6.2

-4.8%

January 2014

5.8

6.4

-9.4%

February 2014

5.8

6.5

-10.8%

March 2014

5.7

6.4

-10.9%

April 2014

5.8

6.4

-9.4%

May 2014

5.6

6.4

-12.5%

June 2014

5.3

6.4

-17.2%

12-Month Avg*

6.0

6.7

-10.4%

* Months Supply for all properties from July 2013 through June 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 July 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