The St. Tammany Residential Real Estate Market has experienced a very nice market since 2013 with Average Days on Market decreasing from a high in January 2018 of 173 days to a low of 66 days in August 2018 and averaging about 70 days as of 10/16/2018 this is a sign of a healthy market. However, we have to review more data to see what is happening as a whole.
The number of Active Listing hit a high of 4,846 residential properties in July 2018 which was a large increase since January of 4, 166 available properties; however, since July the number of active listings has been declining to about 4,600 properties. This was creating an inventory issue somewhat; however, List prices have been declining since January 2018 with a high of $318,900 average list price to a low of $237,300 in August 2018 to an Average of about $265,000 as of 10/16/2018.
Average sales prices have also been declining since June of 2018 with a high of $247,900 to a low of $226,000 in September of 2018. The number of sales hit a high of 706 properties in June and has been declining to 570 sales in September. As of 10/16/2018, there have been only 234 sales, at this pace, it would indicate that October may be the lowest number of sales for the year so far.
St. Tammany has had a good market run since 2013 with 3,522 sales and increasing each year to a high of 4,183 sales in 2017. The current pace it appears that St. Tammany may not break 4,000 sales for 2018. This is similar to other markets in the United States that are showing signs of a slowing housing market. Recall, this is an overview of St. Tammany as a whole of all residential sales being reported in the Gulf South Real Estate Network Multiple Listing Service. This does not include for sale by owner properties.
Do you have questions that we can assist you? Let us know your thoughts by posting below.
