Housing market hot in Baton Rouge: demand high, inventory low
POSTED: Tuesday, June 10, 2014 - 7:47pm
UPDATED: Tuesday, June 10, 2014 - 7:48pm
BATON ROUGE, LA (NBC33) — The housing market is hot right now, especially here in the Capitol City! In fact, home sales in Baton Rouge are reaching historic levels! Some say, it’s not a big surprise the Capitol City is growing at a steady pace and this proves it. People want to live here.
"Yeah, it's a beautiful thing."
What's so beautiful? What’s beautiful is the housing market in Baton Rouge right now.
"Demand is what it is quite frankly because things are on the up swing. Baton rouge has some of the best economies in the nation for small businesses," said Mike Denham from Geaux Big Reality.
And people are noticing, including locals like Daniel Cuendet.
"Baton Rouge is home you hate saying that from a kid that was born in Italy and raised in Missouri but every time we come we brag and boast about baton rouge," said Cuendet.
Real estate agents like Mike Denham say people are buying and selling all over the area but the demand is highest south of the interstate.
"The past three homes we've put on the market the couple of weeks have gone instantly, two of them before they actually hit the market," said Denham.
So when Daniel saw a huge opportunity one day ago, it took him only minutes to put an offer in.
"We looked at a house on College Dr. and it was a pretty good opportunity for us to jump on, so we did."
The Baton Rouge economy is at an all time high but surprisingly some of the housing prices aren't.
"While the prices have gone up nationally were still very in line with national home prices the affordability index for the Baton Rouge market is still fairly low homes are affordable, people can make a good life in Baton Rouge without having to shell our 4 or 5 thousand bucks."
That seems to be why people are ready to buy, because they can.
“People know what they want,” noted Denham. “When they see it they are jumping on it and in many cases you've seen bidding wars like we haven't seen in 10 years."
Bridget Fredericks, President of the Greater Baton Rouge Association of REALTORS®, says “As the national economy improves we’ve seen an increase in consumer confidence. As all things with the economic move in a positive direction we see more people looking to buy a home. That appears to be happening locally and nationally.
“Locally, supply and demand is at play. Because there are fewer homes for sale, and there are currently more people looking for a new home, prices are going up and the available homes are generally spending less time for sale. Many of those new buyers appear to be associated with area job growth.
Relocations are increasing making up a part of the sales. Families relocating here coupled with healthy consumer confidence equals solid Baton Rouge Area housing performance.
Monthly variations in market performance are normal. 2014 is a very strong year; 2013 was an incredibly strong year as well.
So, as a general statement about the Baton Rouge Area housing market, it’s all good here.”