Here in Zachary, sales of new and existing homes through the third quarter of this year, decreased nearly 38 percent as compared to the same period of time last year. Check out the numbers for Zachary:
- 205 homes were sold through September 2008 vs 328 homes sold through September 2007
The 2008 sales are a dramatic drop from 2007. However, these sales are somewhat on par with pre-Katrina sales. Prior to August 2005, a total of 231 homes were sold in Zachary, 11 percent more than the same period in 2008.
Lets look at some other interesting numbers, such as days on the market (DOM) and average sales price. The DOM numbers are as follows:
- 112 days on the market through September 2008 vs 68 days from January to September 2007
These numbers represent a dramatic increase from just a year ago. Fewer homes were sold and those that were sold stayed on the market longer. During the months preceding Katrina the DOM was 108 days. What about cost? Here are a few more numbers to consider:
- In 2008 the average price paid was $224,819 vs. $222,807 price paid in 2007.
East Baton Rouge Parish Homes In Comparison
Home sales during 2008 in East Baton Rouge Parish decreased by only 18 percent when compared to 2007. Through August 2008, a total of 3351 homes were sold compared to 4105 sold during the same period in 2007. While overall sales decreased over the parish, EBRP realized a 56% increase in homes sold at or below $100,000. Zachary only had eight homes to sell under $100K.
It will be interesting to see what impact the recently enacted Stimulus package will have on local home sales. Zachary is a fast growing city, but if consumers can not secure loans, the future of real estate will remain gloomy. Let's wait and see and I will give a report. Hopefully, the news will be better.
-Sales Data obtained from Greater Baton Rouge Association of Realtors
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