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Lafayette Market Report January 2014
Lafayette Market Report January 2014
Lafayette Market Report January 2014
Lafayette Market Report January 2014
Lafayette Market Report January 2014
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Lafayette Market Report January 2014

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  • 1. REAL ESTATE MARKET REPORT SINGLE FAMILY LAFAYETTE Su M Tu W Th F Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Sunday, February 2 2014 TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………... Robbie Breaux & Team Van Eaton & Romero 2000 Kaliste Saloom Road, Ste 101 Lafayette, Louisiana 70508 www.RobbieBreaux.com info@robbiebreaux.com (337) 267-4099 breauxknows breauxknows broknoz Real Market Reports www.RealMarketReports.com Pages 1-2 Page 3 Page 4
  • 2. REAL ESTATE MARKET REPORT SINGLE FAMILY LAFAYETTE Sunday, February 2, 2014 Robbie Breaux & Team Van Eaton & Romero info@robbiebreaux.com (337) 267-4099 Let's take a look The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. at the real estate market. Currently there are 352 sales pending in the market overall, leaving 952 listings still for sale. The resulting pending ratio is 27.0% (352 divided by 1,304). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! "Current inventory is described as mildly active." Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $150K - $200K price range has a relatively large inventory of properties for sale at 256 listings. The median list price (or asking price) for all properties in this market is $219,900. Number of Listings For Sale vs. Pending Contract Properties For Sale Contracts Pending Single Family Lafayette 300 Updated 2/2/2014, RealMarketReports.com Copyright © Robbie Breaux & Team 250 200 150 100 50 Num Sold vs. Off-Market (Last 6 mos.) Sold Off-Market Single Family Lafayette 700 Updated 2/2/2014, RealMarketReports.com Copyright © Robbie Breaux & Team 600 $700K $650K $600K $550K $500K $450K $400K $350K $300K $250K $200K $150K $100K $50K $0K 0 A total of 1836 contracts have closed in the last 6 months with a median sold price of $190,000. Breaking it down, we notice that the $150K - $200K price range contains the highest number of sold listings. 500 400 300 200 100 Real Market Reports www.RealMarketReports.com 1 $700K $650K $600K $550K $500K $450K $400K $350K $300K $250K $200K $150K $100K $50K $0K 0 Alternatively, a total of 550 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of off-market listings at 129 properties. Market Dashboard
  • 3. REAL ESTATE MARKET REPORT SINGLE FAMILY LAFAYETTE Sunday, February 2, 2014 Robbie Breaux & Team Van Eaton & Romero info@robbiebreaux.com (337) 267-4099 Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 109 days. Median Days on Market (DOM) Sold For Sale Single Family Lafayette 180 Updated 2/2/2014, RealMarketReports.com Copyright © Robbie Breaux & Team 160 140 120 100 80 60 Analysis of sold properties for the last six months reveals a median sold price of $190,000 and 42 days on market. Notice that properties in the $250K - $300K price range have sold quickest over the last six months. 40 20 The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $196,900 with a DOM of 48 days. "The median list-to-sales ratio for this area is 97.7%." Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes. Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. Median Sold Prices $700K $650K $600K $550K $500K $450K $400K $350K $300K $250K $200K $150K $100K $50K $0K 0 Analysis of the absorption rate indicates an inventory of 3.1 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future. Median Days on Market (Sold) Single Family Lafayette Single Family Lafayette $200K 60 $195K 50 40 $190K 30 $185K 20 $180K $175K Sep 10 Copyright © Robbie Breaux & Team Updated 2/2/2014, RealMarketReports.com Oct Nov Real Market Reports www.RealMarketReports.com Dec Jan Copyright © Robbie Breaux & Team Updated 2/2/2014, RealMarketReports.com 0 Feb 2 Sep Oct Nov Dec Jan Feb Market Dashboard
  • 4. REAL ESTATE MARKET REPORT SINGLE FAMILY LAFAYETTE Sunday, February 2, 2014 Robbie Breaux & Team Van Eaton & Romero info@robbiebreaux.com (337) 267-4099 352 MARKET SUMMARY TABLE A = Average Value M = Median Value N/A = Not Available Price Range 952 Low High $0 $49,999 18 $50,000 $99,999 51 $100,000 $149,999 81 $150,000 $199,999 256 $200,000 $249,999 177 $250,000 $299,999 103 $300,000 $349,999 55 $350,000 $399,999 42 $400,000 $449,999 32 $450,000 $499,999 29 $500,000 $549,999 19 $550,000 $599,999 10 $600,000 $649,999 5 $650,000 $699,999 9 $700,000 + 65 Market Totals Current List Price 952 A 208 $ 36,128 M 156 $ 36,500 A 193 $ 76,594 M 158 $ 79,900 A 128 $ 131,281 M 86 $ 135,000 A 160 $ 180,918 M 113 $ 183,700 A 130 $ 224,896 M 101 $ 224,900 A 125 $ 274,124 M 122 $ 272,500 A 163 $ 325,283 M 103 $ 323,000 A 151 $ 374,964 M 102 $ 372,200 A 123 $ 426,190 M 76 $ 425,000 A 128 $ 474,341 M 88 $ 478,431 A 76 $ 525,268 M 17 $ 523,920 A 192 $ 575,290 M 118 $ 571,500 Num # Pend Ratio Num # 3 14% 24 39 14 22% 46 89 46 36% 73 289 97 27% 129 590 84 32% 119 380 46 31% 35 189 26 32% 34 74 7 14% 22 61 12 27% 16 38 3 9% 14 17 5 13 3 14 32 $ 627,852 12 $ 628,360 3 12 A 146 $ 686,944 3 12 M 124 $ 687,500 A 199 $ 1,140,960 M 166 $ 899,900 24 19 550 ABSORPTION RATE (months of inventory) SOLD/CLOSED (last 6 months) [4] Days on Market Num # Original List Price Final List Price Sold/ Closed Price ListSale Ratio 1836 0 2 17% 2 29% 2 18% 8 11% 352 A M OFF-MARKET (last 6 mos) [3] 1836 ACTIVE [1] Days on Market Num # 550 PENDING [2] 27% A 94 $ 41,118 $ 35,989 88% M 40 $ 42,000 $ 38,000 90% A 66 $ 80,180 $ 75,780 95% M 34 $ 79,900 $ 77,000 96% A 72 $ 132,608 $ 128,901 97% M 34 $ 134,600 $ 130,000 97% A 78 $ 176,939 $ 174,603 99% M 49 $ 175,700 $ 174,000 99% A 78 $ 227,282 $ 223,399 98% M 48 $ 225,600 $ 221,000 98% A 61 $ 272,718 $ 269,112 99% M 26 $ 269,900 $ 266,615 99% A 65 $ 330,305 $ 323,756 98% M 40 $ 329,815 $ 323,500 98% A 101 $ 383,632 $ 375,481 98% M 43 $ 385,000 $ 380,000 99% A 114 $ 437,356 $ 426,660 98% M 64 $ 437,500 $ 427,215 98% A 87 $ 487,088 $ 468,412 96% M 48 $ 485,000 $ 465,000 96% 99% A 95 $ 533,329 $ 529,678 M 54 $ 533,175 $ 533,175 100% A 150 $ 594,200 $ 572,971 96% M 133 $ 584,050 $ 576,500 99% A 104 $ 644,523 $ 617,262 96% M 81 $ 648,085 $ 616,000 95% A 94 $ 703,001 $ 677,867 96% M 30 $ 706,708 $ 685,000 97% A 210 $ 1,052,859 $ 984,769 94% M 47 $ 899,900 $ 825,000 92% Est. Mos. 2.8 3.4 1.7 2.6 2.8 3.3 4.5 4.1 5.1 10.2 8.8 4.3 2.5 4.5 20.5 3.1 Market Averages 149 $ 304,408 79 $ 225,239 $ 220,244 98% Market Medians 109 $ 219,900 42 $ 194,500 $ 190,000 98% Date Range (Off-Market & Sold) = 08/04/2013 to 02/02/2014 Data believed to be accurate but not guaranteed. Favors Sellers Favors Buyers Status = [1] A; [2] C, P; [3] X, W; [4] S Area = B, C, D, E, F, G1, G2, G3, K, N, O, H, P Property Type = DETACHED SINGLE FAMILY Real Market Reports www.RealMarketReports.com 3 Market Summary Table
  • 5. REAL ESTATE MARKET REPORT SINGLE FAMILY LAFAYETTE Sunday, February 2, 2014 Robbie Breaux & Team Van Eaton & Romero info@robbiebreaux.com (337) 267-4099 1. PROPERTIES FOR SALE (ACTIVE) a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing. c. Current List Price: The price that a property seller is currently asking. 2. CONTRACTS PENDING a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a “list-to-pending ratio”. This is a measure of how fast properties are going under contract vs. how fast they are being listed. Pending Ratio = P (Number of Pending Listings) A+P (Number of Active + Pending) (P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen 3. OFF-MARKET a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale. 4. PROPERTIES SOLD (CLOSED CONTRACT) a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months. c. Original List Price: The price at which a sold property was originally marketed. d. Final List Price: The price at which a sold property was marketed just prior to selling. e. Sold/Closed Price: The price for which a property sold. f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. List to Sales Ratio = Sold Price Final List Price 5. ABSORPTION RATE / MONTHS OF INVENTORY a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market. Real Market Reports www.RealMarketReports.com 4 Glossary

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