As in neighboring Ascension and East Baton Rouge parish, the post Katrina prices are holding in Livingston parish as well. The average price of a new home was $187,743 in 2007 up from $173,048 in 2006. The resale market remained relatively flat rising only about $2,276 to $162,820 in 2007.
Unit sales for November were flat in the parish when compared to November of 2006 with 95 total units selling during November of each year. New construction in 2007 was down 2 units while resales were up 2 units.
Overall, the absorption rate of new homes looks like it will settle in a bit less than in 2004 although the difference is not statistically significant. Given current inventory levels, at the current absorption rate there is a 6.8 month supply of new homes. Inventory of homes over $200K are higher than we'd like to see which may present some opportunities for buyers to negotiate prices.
A similar situation exists with respect to inventory levels of resale homes but the absorption rate for these homes remains higher than the pre-Katrina levels. Overall, it is still a seller's market with 5.4 months supply of inventory. In the higher price ranges, however, buyers should be in a better negotiating position.
This analysis was based upon data extracted from the Greater Baton Rouge Association of Realtors MLS system.
Please feel free to contact me at (225) 413-3624 or don@donandalishastern.com for more information.
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