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Monthly Indicators

July 2014

Activity Snapshot

Although low supply and tight credit standards are still hurdles to recovery,
prices continue to rise in most local areas. Job growth has strengthened lately,
but wage growth has not kept pace with the price gains we have seen. Buoyed
by stable and continuously lower interest rates, affordability is still historically
high yet below its all-time peak. Rising inventory levels will lead to more choices
for qualified buyers, but as the summer reaches toward fall, the prospect of
more homes coming on the market begins to wane.
New Listings in Greater Baton Rouge increased 3.2 percent to 1,251. Pending
Sales were up 25.3 percent to 985. Inventory levels shrank 9.8 percent to 4,003
units.
Prices forged onward. The Median Sales Price increased 3.5 percent to
$182,900. Days on Market was up 7.9 percent to 82 days. Absorption rates
improved as Months Supply of Inventory was down 18.5 percent to 5.3 months.
The U.S. Department of Commerce reported that GDP grew at a 4.0 percent
annual rate in the second quarter and that the first quarter was less bad than
previously thought. Consumer spending in the first quarter rose 2.5 percent,
which is encouragingly in tandem with savings rates. Increased consumer
spending means more demand for goods and labor; increased savings rates
means more resources for downpayments. With rates still low, rents still rising
and private job growth accelerating, it's becoming more and more difficult to
side with the housing perma-bears.

+ 2.0%

+ 3.5%

- 9.8%

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 August 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
7-2011

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

- 0.9%

786

985

+ 25.3%

5,403

6,012

+ 11.3%

839

856

+ 2.0%

5,097

5,262

+ 3.2%

76

82

+ 7.9%

89

87

- 2.2%

$176,650

$182,900

+ 3.5%

$173,500

$175,585

+ 1.2%

$202,854

$196,914

- 2.9%

$198,314

$199,879

+ 0.8%

96.7%

97.7%

+ 1.0%

96.9%

97.2%

+ 0.3%

146

145

- 0.7%

149

151

+ 1.3%

4,439

4,003

- 9.8%

--

--

--

6.5

5.3

- 18.5%

--

--

--

7-2014

Months Supply
7-2011

8,262

7-2014

Homes for Sale


7-2011

8,335

7-2014

Affordability Index
7-2011

+ 3.2%

7-2014

Pct. of List Price Received


7-2011

1,251

7-2014

Average Sales Price


7-2011

1,212

Percent Change

7-2014

Median Sales Price


7-2011

YTD 2013 YTD 2014

7-2014

Days on Market
7-2011

Percent Change

7-2014

Closed Sales
7-2011

7-2014

7-2014

Pending Sales
7-2011

7-2013

7-2014

Current as of August 11, 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.

July

Year to Date
1,251

1,212

1,178

+ 2.9%

+ 7.7%
2012

+ 3.2%

2013

8,335

7,890

+ 2.3%

+ 5.6%

2012

2014

New Listings

2013

8,262

- 0.9%
2014

Prior Year

Percent Change

August 2013

1,179

999

+18.0%

September 2013

1,092

919

+18.8%

October 2013

-0.2%

1,070

1,072

November 2013

811

814

-0.4%

December 2013

671

608

+10.4%

January 2014

996

1,191

-16.4%

February 2014

1,006

1,023

-1.7%

March 2014

1,129

1,213

-6.9%

April 2014

1,283

1,266

+1.3%

May 2014

1,254

1,249

+0.4%

June 2014

1,343

1,181

+13.7%

July 2014

1,251

1,212

+3.2%

12-Month Avg

1,090

1,062

+2.6%

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 August 11, 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.

July

Year to Date
6,012

985

+ 2.5%

+ 25.7%
2012

5,403

4,977

786

767

+ 25.3%

2013

Pending Sales

+ 23.1%

+ 8.6%

2012

2014

2013

+ 11.3%
2014

Prior Year

Percent Change

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

667

665

+0.3%

March 2014

842

875

-3.8%

April 2014

914

873

+4.7%

May 2014

961

828

+16.1%

June 2014

974

770

+26.5%

July 2014

985

786

+25.3%

12-Month Avg

760

686

+10.8%

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 August 11, 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.

July

Year to Date
856

839

5,097

721

+ 16.5%

Closed Sales

5,262

4,423

+ 16.4%

2012

2013

+ 2.0%

+ 18.5%

+ 15.2%

2012

2014

2013

+ 3.2%
2014

Prior Year

Percent Change

August 2013

902

618

+46.0%

September 2013

731

698

+4.7%

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

657

758

-13.3%

April 2014

808

797

+1.4%

May 2014

917

836

+9.7%

June 2014

895

852

+5.0%

July 2014

856

839

+2.0%

12-Month Avg

732

680

+7.6%

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 August 11, 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.

July

Year to Date
88

82

76

- 13.6%

- 5.4%
2012

2013

98

+ 7.9%

89

- 5.8%

87

- 9.2%

2012

2014

Days on Market

2013

- 2.2%
2014

Prior Year

Percent Change

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%

July 2014

82

76

+7.9%

12-Month Avg*

85

92

-7.6%

* Average Days on Market of all properties from August 2013 through July 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 August 11, 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.

July

Year to Date

$171,707

+ 1.0%
2012

$182,900

$176,650

$165,900

+ 2.9%

+ 3.5%

2013

0.0%

Median Sales Price

+ 4.6%

2012

2014

$175,585

$173,500

+ 1.2%

2013

2014

Prior Year

Percent Change

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

$178,005

$168,048

+5.9%

April 2014

$171,443

$178,950

-4.2%

May 2014

$176,000

$173,500

+1.4%

June 2014

$185,000

$177,900

+4.0%

July 2014

$182,900

$176,650

+3.5%

12-Month Med*

$175,000

$171,878

+1.8%

* Median Sales Price of all properties from August 2013 through July 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 August 11, 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.

July

Year to Date

$194,814

+ 1.7%
2012

$202,854

$196,914

+ 4.1%

- 2.9%

2013

$189,350

- 1.3%

Average Sales Price

+ 4.7%

2012

2014

$199,879

$198,314

+ 0.8%

2013

2014

Prior Year

Percent Change

August 2013

$202,850

$198,977

+1.9%

September 2013

$193,128

$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

$205,917

$194,552

+5.8%

April 2014

$200,839

$207,359

-3.1%

May 2014

$205,410

$197,982

+3.8%

June 2014

$208,529

$203,750

+2.3%

July 2014

$196,914

$202,854

-2.9%

12-Month Avg*

$199,525

$197,496

+1.0%

* Average Sales Price of all properties from August 2013 through July 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 August 11, 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.

July

Year to Date

97.0%

97.7%

96.7%

- 0.3%

+ 0.2%
2012

+ 1.0%

2013

97.2%

96.9%

96.8%

+ 0.1%

+ 0.1%

2012

2014

Pct. of List Price Received

2013

+ 0.3%
2014

Prior Year

Percent Change

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%

July 2014

97.7%

96.7%

+1.0%

12-Month Avg*

97.1%

96.8%

+0.3%

* Average Pct. of List Price Received for all properties from August 2013 through
July 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 August 11, 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.

July
160

146

2012

Affordability Index

August 2013

165

September 2013

- 0.7%

2013

151

149

145

- 8.8%

+ 9.6%

Year to Date

+ 10.7%

- 9.7%

2012

2014

2013

+ 1.3%
2014

Prior Year

Percent Change

145

160

-9.4%

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

143

144

-0.7%

July 2014

145

146

-0.7%

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 August 11, 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.

July

Homes for Sale

4,671

4,439

4,003

- 9.8%

- 5.0%

- 8.6%
2012

2013

2014

Prior Year

Percent Change

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

4,161

4,033

+3.2%

January 2014

4,115

4,213

-2.3%

February 2014

4,138

4,270

-3.1%

March 2014

4,105

4,247

-3.3%

April 2014

4,157

4,291

-3.1%

May 2014

4,133

4,367

-5.4%

June 2014

4,141

4,405

-6.0%

July 2014

4,003

4,439

-9.8%

12-Month Avg*

4,238

4,356

-2.7%

* Homes for Sale for all properties from August 2013 through July 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 August 11, 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.

July

Months Supply

7.4
6.5
5.3

- 12.2%

- 25.3%
2012

- 18.5%

2013

2014

Prior Year

Percent Change

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

5.8

6.4

-9.4%

April 2014

5.8

6.4

-9.4%

May 2014

5.7

6.4

-10.9%

June 2014

5.6

6.4

-12.5%

July 2014

5.3

6.5

-18.5%

12-Month Avg*

5.9

6.6

-10.6%

* Months Supply for all properties from August 2013 through July 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 August 11, 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