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August's historic flooding continues to impact housing market

7 months 4 weeks 1 day ago October 26, 2016 Oct 26, 2016 Wednesday, October 26 2016 October 26, 2016 12:12 PM in News
Source: WBRZ

BATON ROUGE – This year’s historic flooding in South Louisiana continues to impact the Baton Rouge Housing market, a new report says. But the Greater Baton Rouge Association of Realtors says there is still a silver lining.

A new report from GBRAR says that closed sales in the Baton Rouge area market were down 1.6 percent to 882 in September. That is not enough to pull down this year’s totals though. Closed sales are still up by two percent in 2016.

The biggest change however was in pending sales. GBRAR said that there was a 46 percent increase in pending sales for the month of September. GBRAR said those numbers appear to be due to sales delayed by the flood, either because the property was flooded or title companies, attorneys or agents still recovering.

Sale Prices also saw a 7.3 percent boost for the month of September. GBRAR said that increase is modest and concerns about price gouging is misplaced.

GBRAR reports that Livingston Parish accounts for most of September’s increase in new listings, but it doesn’t appear that the majority were sold as damaged.

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