What REALLY happed to real estate in the Baton Rouge area due to hurricane Katrina? As you have heard, there was an initial buying frenzy as people in affected areas scrambled to find a place to live. Some houses did sell for inflated prices - usually those that included all the furnishings. There were also a lot of what I loosely term 'urban real estate legends' that we all heard about but were not true. Many homes that sold fell through as buyers realized that things weren't as bad as reported and they would be able to return to their homes.
Pre Katrina Homes for sale: 3400 Homes sold during Sept 2005: 1713
Homes available after Sept 3100 Homes sold during Sept 2004: 1112
Homes that fell thru: 580
Average Sales Price Pre Katrina: $159289
Average Sales Price Oct 2005: $188,861
Average Sales Price year ending 2005 $168,519
The market has ended the year with a higher average sales price than pre-Katrina, but not as it was at the height of the aftermath of the storm. It is good to see our area see some appreciation for a change! There are plenty of homes available, interest rates remain low, and the prices of the homes have stabilized.
The information provided above is deemed reliable and is based on information gathered from select areas of the MLS.
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