As many cities in the United States strive to pull out of the recession, the real estate market in the Greater Baton Rouge area continues to thrive. Although the 2009 statistics for the combined parishes of East Baton Rouge, Ascension, and Livingston show a decrease of 5.4% in the average sales price, the days on market have only increased by 2 days, which is pretty amazing! We are also considerably ahead of where our market was in 2004 prior to when hurricane Katrina struck our area. The average sales price dropped from $202,994 in 2008 to $192,081 in 2009. The DOM has increased from 92 to 94 days, and the median sales price has dropped from $171,500 to $168,000.
We are currently experience a very robust market compared to January in years past. This is most likely due to the Tax Credit. I am very curious to see how long that will hold up and then, once those sales are complete at the end of April, where will our markets head?