Below I’ve prepared 2017 Zachary home sales numbers for your review and market knowledge. With exceptional beauty, some rolling hills, a number 1 school district rating in State of Louisiana and community feel vs rat race, Zachary continues to experience a favorable housing market with a median home sales price of $212,000 remains attractive.
However, Zachary is an irony to me! Over the past 3 years, I’ve always been amazed at how many homes are for sale in Zachary each time I’m there…and Central Community and Ascension Parish wish they actually had Zachary’s inventory to sell. Zachary homes generally don’t sell within hours of days of being listed as they do in Central or Ascension.
WHY HAS ZACHARY’S MEDIAN SALES PRICE CONTINUED TO DECLINE SINCE 2014?
From 2014 to to 2017, Zachary median sales prices declined from $214,925, $219,450 and $215,000 down to $212,000. In my review and work in Zachary, it appears there’s more new homes offered from $170s to $220’s, median new home sales price of $206,742, and some Builders are happy with offering more affordable new homes with just modest increases in prices. And, those Builders make up perhap 60 percent of new home sales. These Builders are filling a DEFINITE need within Greater Baton Rouge where afforable housing is sailing far off the shore for many buyers. And, their homes are generally more energy efficient than the more expensive new home offerings. My point is, there’s more sales in the more affordable ranges of $170’s to $220’s now versus higher ranges from 2006 to 2015.
From 2014 to 2017, Zachary home sales have generally increased each year from 359 in 2014 to 498 in 2017, in large part due to DSLD Homes and DR Horton sales in various subdivisions, most notably Redwood Lake and Cedar Bend.
The median days on market or time it takes to sell a home has been in the 29 days range, down from 62 days in 2016.
Median sold price per square foot has risen from $113 in 2014 to $120 in 2017, and it was $118 in 2016.
NEW HOME CONSTRUCTION
Of the 498 2017 sales, 178 were new construction or 36 percent of all sales selling for a median sales price of $206,742. And, of those 178 sales, DSLD sold the lion share at 98 sales or 55% of new homes. New home construction is what continues to excite this market.
OVERALL TRENDS (see yellow highlight)
Total number of home sales declined 75 percent PERHAPS due to limited supply of homes to buy
HOWEVER, Total number of active listings INCREASED 30 percent or 29 including ample supply of homes to buy
Absorption rate, or total sales per month, decreased by 50 percent
Months of housing supply or absorption rate INCREASED 3.4 percent
Median comparable sales prices increased slightly from $214,000 to $216,450 above BUT declined from 2016 to 2017 $3,000 from $215,000 to $212,000 or 1,4 percent. However, sold price per sq. ft. increased from 2016 $118 per sq ft to $120 per sq ft.
Median comparable listing prices are increasing, $219,900 vs $253,000.
Median comparable sales days on market decreased from 20 to 11 days or by 45 percent
ZACHARY LOUISIANA 3 YEAR HOUSING CHARTS
NOTE: Update is as of January 4, 2018 and there may be a few more 2017 sales posted soon, which may alter these numbers slightly.
An Additional Recent Update:
Zachary Louisiana Homes Sales Update 2016 vs 2017 Lizzie Blair Benzer The Red Door Group
DO YOU HAVE A QUESTION ABOUT ZACHARY LA HOUSING MARKET I CAN HELP ANSWER?
asktheappraiser at g mail
Based on infor from Greater Baton Rouge Association of REALTORS®\MLS 1/1/2014 to 12/31/2017, extracted on 01/04/2018.