Monthly Indicators

February 2014

Activity Snapshot

It's tempting to confuse market normalization with a possible slowdown. But

those equipped with high-quality MLS data know better. As mortgage
delinquencies fade, banks are listing bargain-priced product less often. That
means investor activity which accounts for a substantial market share is
moderating. That's not to say that rates and prices aren't still attractive to owneroccupant buyers. They most certainly are. Some short-term volatility is
expected as part of a normal market readjustment.
New Listings in Greater Baton Rouge decreased 4.7 percent to 975. Pending
Sales were up 16.0 percent to 775. Inventory levels shrank 9.7 percent to 3,820
units.
Prices were still a bit soft. The Median Sales Price decreased 3.8 percent to
$165,900. Days on Market was down 4.0 percent to 95 days. Absorption rates
improved as Months Supply of Inventory was down 20.0 percent to 5.2 months.
The economy has more or less shuffled along, despite some climate-induced
surprises to job growth and new construction. There is no denying the fact that
we've now seen 47 straight months of private job growth, creating 8.5 million
new payrolls. There's still work to be done. Thankfully, with such low inventory
levels, many builders are bullish on new construction. The spring market is
budding, and it should be an interesting one.

+ 10.6%

- 3.8%

- 9.7%

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 March 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
2-2011

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

2-2012

2-2013

- 11.5%

668

775

+ 16.0%

1,279

1,485

+ 16.1%

536

593

+ 10.6%

1,014

1,116

+ 10.1%

99

95

- 4.0%

99

91

- 8.1%

$172,450

$165,900

- 3.8%

$166,950

$167,000

+ 0.0%

$196,109

$194,883

- 0.6%

$185,985

$187,241

+ 0.7%

97.2%

96.4%

- 0.8%

96.8%

96.6%

- 0.2%

156

151

- 3.2%

160

150

- 6.3%

4,231

3,820

- 9.7%

--

--

--

6.5

5.2

- 20.0%

--

--

--

2-2014

Months Supply
2-2011

1,959

2-2014

Homes for Sale

2-2011

2,213

2-2014

Affordability Index
2-2011

- 4.7%

2-2014

Pct. of List Price Received

2-2011

975

2-2014

Average Sales Price

2-2011

1,023

Percent Change

2-2014

Median Sales Price

2-2011

YTD 2013 YTD 2014

2-2014

Days on Market
2-2011

Percent Change

2-2014

Closed Sales
2-2011

2-2014

2-2014

Pending Sales
2-2011

2-2013

2-2014

Current as of March 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.

February

Year to Date

1,026

+ 9.9%

1,023

- 0.3%

2012

2,043

975

- 4.7%

2013

- 2.2%

New Listings

2,213
1,959

+ 8.3%

2012

2014

- 11.5%

2013

2014

Prior Year

Percent Change

March 2013

1,213

1,192

+1.8%

April 2013

1,262

1,142

+10.5%

May 2013

1,246

1,217

+2.4%

June 2013

1,179

1,114

+5.8%

July 2013

1,210

1,176

+2.9%

August 2013

1,173

998

+17.5%

September 2013

1,080

918

+17.6%

October 2013

1,065

1,072

-0.7%

November 2013

804

814

-1.2%

December 2013

665

607

+9.6%

January 2014

-18.2%

973

1,190

February 2014

975

1,023

-4.7%

12-Month Avg

1,072

1,039

+3.2%

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 March 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.

February

Year to Date
1,485

775
680

+ 43.2%

1,251

668

- 1.8%

2012

+ 16.0%

2013

Pending Sales

+ 33.1%

1,279

+ 2.2%

2012

2014

+ 16.1%

2013

2014

Prior Year

Percent Change

March 2013

878

717

+22.5%

April 2013

875

789

+10.9%

May 2013

831

764

+8.8%

June 2013

775

691

+12.2%

July 2013

787

768

+2.5%

August 2013

756

584

+29.5%

September 2013

619

582

+6.4%

October 2013

699

651

+7.4%

November 2013

595

540

+10.2%

December 2013

521

479

+8.8%

January 2014

774

611

+26.7%

February 2014

775

668

+16.0%

12-Month Avg

731

654

+11.8%

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 March 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.

February

Year to Date

536

506

+ 21.3%

593

+ 5.9%

2012

934

+ 10.6%

2013

+ 18.5%

Closed Sales

1,014

+ 8.6%

2012

2014

1,116

+ 10.1%

2013

2014

Prior Year

Percent Change

March 2013

758

648

+17.0%

April 2013

797

611

+30.4%

May 2013

837

737

+13.6%

June 2013

851

772

+10.2%

July 2013

839

721

+16.4%

August 2013

901

618

+45.8%

September 2013

730

698

+4.6%

October 2013

662

650

+1.8%

November 2013

587

557

+5.4%

December 2013

641

537

+19.4%

January 2014

519

478

+8.6%

February 2014

593

536

+10.6%

12-Month Avg

727

630

+15.4%

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 March 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.

February

Year to Date

114

107

99

+ 7.5%

99

95

- 13.2%

2012

Days on Market

- 4.0%

2013

+ 2.9%

- 7.5%

2012

2014

91

- 8.1%

2013

2014

Prior Year

Percent Change

March 2013

93

103

-9.7%

April 2013

91

101

-9.9%

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

95

99

-4.0%

12-Month Avg*

85

96

-11.5%

* Average Days on Market of all properties from March 2013 through February
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 March 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.

February
$164,950

+ 2.1%
2012

Year to Date
$172,450

+ 4.5%

$160,000

$165,900

- 3.8%

2013

- 2.6%
2012

2014

Median Sales Price

$166,950

+ 4.3%

$167,000

+ 0.0%

2013

2014

Prior Year

Percent Change

March 2013

$168,048

$158,500

+6.0%

April 2013

$178,950

$163,385

+9.5%

May 2013

$173,250

$170,000

+1.9%

June 2013

$177,900

$168,000

+5.9%

July 2013

$176,650

$171,707

+2.9%

August 2013

$175,525

$170,700

+2.8%

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

$179,900

$165,000

+9.0%

January 2014

$168,500

$162,000

+4.0%

February 2014

$165,900

$172,450

-3.8%

12-Month Med*

$174,000

$168,000

+3.6%

* Median Sales Price of all properties from March 2013 through February 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 March 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.

February

Year to Date
$183,425

$189,601

+ 5.6%
2012

$196,109

+ 3.4%

Average Sales Price

$185,985

$187,241

$194,883

- 0.6%

2013

+ 0.6%
2012

2014

+ 1.4%

+ 0.7%

2013

2014

Prior Year

Percent Change

March 2013

$194,553

$183,328

+6.1%

April 2013

$207,359

$186,352

+11.3%

May 2013

$197,806

$196,757

+0.5%

June 2013

$203,624

$191,762

+6.2%

July 2013

$202,872

$194,814

+4.1%

August 2013

$202,831

$198,977

+1.9%

September 2013

$193,265

$197,728

-2.3%

October 2013

$197,266

$186,355

+5.9%

November 2013

$197,544

$205,357

-3.8%

December 2013

$203,440

$193,059

+5.4%

January 2014

$178,835

$174,675

+2.4%

February 2014

$194,883

$196,109

-0.6%

12-Month Avg*

$198,581

$192,375

+3.2%

* Average Sales Price of all properties from March 2013 through February 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 March 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.

February

Year to Date
97.2%

96.4%

- 0.3%

+ 0.8%

2012

96.6%

96.4%

- 0.8%

2013

0.0%

Pct. of List Price Received

96.8%

+ 0.2%

2012

2014

96.6%

- 0.2%

2013

2014

Prior Year

Percent Change

March 2013

96.9%

96.5%

+0.4%

April 2013

96.8%

96.8%

0.0%

May 2013

96.8%

97.1%

-0.3%

June 2013

97.1%

96.6%

+0.5%

July 2013

96.8%

97.0%

-0.2%

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%

12-Month Avg*

96.9%

96.8%

+0.1%

* Average Pct. of List Price Received for all properties from March 2013 through
February 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 March 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.

February

Year to Date
156

155

2012

- 3.2%

2013

160

159

151

+ 0.6%

+ 9.2%

Affordability Index

+ 13.6%

+ 0.6%

2012

2014

150

- 6.3%

2013

2014

Prior Year

Percent Change

March 2013

159

158

+0.6%

April 2013

153

157

-2.5%

May 2013

152

154

-1.3%

June 2013

141

156

-9.6%

July 2013

143

155

-7.7%

August 2013

142

155

-8.4%

September 2013

148

159

-6.9%

October 2013

147

161

-8.7%

November 2013

153

156

-1.9%

December 2013

142

164

-13.4%

January 2014

147

168

-12.5%

February 2014

151

156

-3.2%

12-Month Avg

148

148

0.0%

Historical Housing Affordability Index by Month

175
150
125
100
75
50
25
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 March 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.

February

Homes for Sale

4,527

4,231

3,820

- 9.7%

- 6.5%

- 6.9%
2012

2013

2014

Prior Year

Percent Change

March 2013

4,206

4,626

-9.1%

April 2013

4,244

4,612

-8.0%

May 2013

4,315

4,682

-7.8%

June 2013

4,346

4,671

-7.0%

July 2013

4,380

4,648

-5.8%

August 2013

4,370

4,631

-5.6%

September 2013

4,434

4,494

-1.3%

October 2013

4,417

4,442

-0.6%

November 2013

4,272

4,334

-1.4%

December 2013

3,987

4,002

-0.4%

January 2014

3,806

4,176

-8.9%

February 2014

3,820

4,231

-9.7%

12-Month Avg*

4,242

4,464

-5.0%

* Homes for Sale for all properties from March 2013 through February 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 March 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.

February

Months Supply

7.8
6.5
5.2

- 16.7%

- 17.0%
2012

- 20.0%

2013

2014

Prior Year

Percent Change

March 2013

6.3

7.9

-20.3%

April 2013

6.3

7.6

-17.1%

May 2013

6.3

7.6

-17.1%

June 2013

6.3

7.6

-17.1%

July 2013

6.4

7.4

-13.5%

August 2013

6.2

7.4

-16.2%

September 2013

6.3

7.2

-12.5%

October 2013

6.2

7.0

-11.4%

November 2013

6.0

6.7

-10.4%

December 2013

5.6

6.1

-8.2%

January 2014

5.2

6.4

-18.8%

February 2014

5.2

6.5

-20.0%

12-Month Avg*

6.1

7.1

-14.1%

* Months Supply for all properties from March 2013 through February 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 March 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