Well, the numbers are in from the Greater Baton Rouge Association of Realtors’ Multiple Listing Service (MLS) service, as reported in the 1/19/07 issue of the Baton Rouge Business Report.

2006 was the second best year for the eight-parish area, but down 3% from 2005 home sales. Home sales that year were fueled, of course, by Hurricane Katrina. Last year saw a total of 11,007 homes sold in the Capital Region compared to 11,346 sold in 2005. However total home value for 2006 topped $2 billion, nearly 10% more than the $1.8 billion value of homes in 2005.

The Business Report goes on to say that Baton Rouge home values will increase in 2007 by an estimated 4.1%. New Orleans home values will increase by 8.4% in response to the limited housing options there, while Monroe expects to see a gain of 5.9%. Monroe…hmm, go figure.

But check this out…remodeling existing properties. Remodeling fell to 2,496 in 2006 from 2,803 in 2005…BUT last year’s work cost more…a LOT more! While 2005’s improvements cost $196 million, the cost of 2006’s renovations mushroomed 61% to $316 million!! A clear testimonial to the rising cost of labor and building materials.