June Market Report

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June Market Report

  1. 1. TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Pages 1-2 Market Summary Table ……………………………………………….. Page 3 Glossary ………………………………………………………………... Page 4 3127 28 29 30 20 21 22 23 13 14 15 16 10 11 12 201417 18 19 24 25 26 6 7 8 9 1 2 Th F Sa Wednesday, July 9 3 4 5 Su M Tu W SINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTE REAL ESTATE MARKET REPORT Robbie Breaux & Team Van Eaton & Romero 2000 Kaliste Saloom Road, Ste 101 Lafayette, Louisiana 70508 www.RobbieBreaux.com info@robbiebreaux.com (337) 267-4099 broknoz breauxknows breauxknows Real Market Reports www.RealMarketReports.com
  2. 2. SINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTE REAL ESTATE MARKET REPORT at the real estate market. Currently there are 530 sales pending in the market overall, leaving 1032 listings still for sale. The resulting pending ratio is 33.9% (530 divided by 1,562). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! 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. "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 291 listings. The median list price (or asking price) for all properties in this market is $215,000. A total of 2720 contracts have closed in the last 6 months with a median sold price of $190,950. Breaking it down, we notice that the $150K - $200K price range contains the highest number of sold listings. Alternatively, a total of 845 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 192 properties. 0 50 100 150 200 250 300 350 $0K $50K $100K $150K $200K $250K $300K $350K $400K $450K $500K $550K $600K $650K $700K Properties For Sale Contracts Pending 0 100 200 300 400 500 600 700 800 900 $0K $50K $100K $150K $200K $250K $300K $350K $400K $450K $500K $550K $600K $650K $700K Sold Off-Market Single Family Lafayette Number of Listings For Sale vs. Pending Contract Single Family Lafayette Num Sold vs. Off-Market (Last 6 mos.) Let's take a look 1Real Market Reports www.RealMarketReports.com Updated 7/9/2014, RealMarketReports.com Copyright © Robbie Breaux & Team Updated 7/9/2014, RealMarketReports.com Copyright © Robbie Breaux & Team Wednesday, July 9, 2014 Market Dashboard info@robbiebreaux.com Robbie Breaux & Team Van Eaton & Romero (337) 267-4099
  3. 3. SINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTE REAL ESTATE MARKET REPORT 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 83 days. Analysis of sold properties for the last six months reveals a median sold price of $190,950 and 48 days on market. Notice that properties in the $100K - $150K price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $197,847 with a DOM of 40 days. Since the recent DOM is less than the median DOM for the last 6 months, it is a positive 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. "The median list-to-sales ratio for this area is 97.9%." Analysis of the absorption rate indicates an inventory of 2.3 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. 0 20 40 60 80 100 120 140 160 $0K $50K $100K $150K $200K $250K $300K $350K $400K $450K $500K $550K $600K $650K $700K Sold For Sale $182K $184K $186K $188K $190K $192K $194K $196K $198K $200K Feb Mar Apr May Jun Jul 0 10 20 30 40 50 60 70 80 90 Feb Mar Apr May Jun Jul Single Family Lafayette Median Days on Market (DOM) Single Family Lafayette Median Days on Market (Sold) Single Family Lafayette Median Sold Prices 2Real Market Reports www.RealMarketReports.com Updated 7/9/2014, RealMarketReports.com Copyright © Robbie Breaux & Team Copyright © Robbie Breaux & Team Updated 7/9/2014, RealMarketReports.com Copyright © Robbie Breaux & Team Updated 7/9/2014, RealMarketReports.com Wednesday, July 9, 2014 Market Dashboard info@robbiebreaux.com Robbie Breaux & Team Van Eaton & Romero (337) 267-4099
  4. 4. SINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTE REAL ESTATE MARKET REPORT A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M A A M M Date Range (Off-Market & Sold) = 01/08/2014 to 07/09/2014 Data believed to be accurate but not guaranteed. 2.3 117 67 26% 35 $250,000 $299,999 92 $300,000 $349,999 50 376,934$ $350,000 $399,999 52 130 18 115 51 382,310$ 99 273,789$ 270,000$ 60 328,000$ 224,041$ 98% 99% 328,265$ 99% 99% 544 86 71 224,000$ 170 99% 178,000$ 54 227,534$ 51 227,850$ 223,250$ 98% 135,000$ 130,000$ 86 177,849$ 175,202$ 102 79,000$ 49 447 71 64 134,900$ 72 138 130,588$ 93% 79,700$ 75,000$ 94% 75 80,386$ 75,135$ 38,674$ 33,860$ 88% 41,000$ 38,000$ 63 115 58 3 19% 44,900$ 28 MARKET SUMMARY TABLE 530 PENDING [2] $0 $49,999 13 256 113 Pend Ratio 38,769$ Num # Num # Num # 2720 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price 845 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 1032 ACTIVE [1] List- Sale Ratio Est. Mos.Low High Price Range Num # 93% $50,000 $99,999 49 218 76,178$ 12 20% $100,000 $149,999 99 121 48 33% 105 96%34 133,207$ 129,319$ 97% 183,900$ $150,000 $199,999 291 154 89 $200,000 $249,999 194 121 843 175,000$ 98% 225,088$ 137 41% 181,569$ 172 37% 192 273 7699 270,055$ 35 40% 267,500$ 120 321,857$ 27 275,574$ 61 72 276,300$ 68 316,950$ 324,000$ 99% 35% 323,790$ 374,272$ 98% 72 375,428$ 54 382,950$ 375,000$ 98% 104 $400,000 $449,999 41 109 113 437,733$431,279$ 17 29% 24 426,298$ 97% 100 435,200$ 68 437,000$ 425,000$ 97% 61 $450,000 $499,999 43 116 117 484,464$479,032$ 9 17% 21 469,536$ 97% 80 480,025$ 46 478,716$ 466,000$ 97% 28 $500,000 $549,999 23 106 77 534,678$525,326$ 6 21% 13 527,312$ 99% 115 523,900$ 36 536,588$ 526,588$ 98% 16 $550,000 $599,999 12 78 200 591,283$576,642$ 4 25% 10 573,730$ 97% 72 574,950$ 134 584,500$ 575,000$ 98% 23 $600,000 $649,999 6 90 119 647,841$618,177$ 3 33% 6 620,003$ 96% 106 618,750$ 91 648,085$ 617,623$ 95% 14 $650,000 $699,999 10 153 108 700,840$673,801$ 2 17% 7 675,715$ 96% 114 669,000$ 62 699,500$ 685,000$ 98% 13 $700,000 + 57 223 168 1,174,808$ 11 16% 44 979,900$ 836,000$ 97% 36 251 114 992,750$ 97%1,025,373$ 89 226,914$ 860,200$ 845 2720 Market Averages 139 299,815$ Market Totals 1,032 530 34% 222,206$ 98% Market Medians 83 215,000$ 48 195,000$ 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 190,950$ 98% 1.2 2.1 1.3 2.1 2.1 2 2.6 3 2.6 4.6 9.5 4 9.2 8.6 3.1 3Real Market Reports www.RealMarketReports.com Wednesday, July 9, 2014 Market Summary Table info@robbiebreaux.com Robbie Breaux & Team Van Eaton & Romero (337) 267-4099 Favors Sellers Favors Buyers
  5. 5. SINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTESINGLE FAMILY LAFAYETTE REAL ESTATE MARKET REPORT 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 Wednesday, July 9, 2014 Glossary info@robbiebreaux.com Robbie Breaux & Team Van Eaton & Romero (337) 267-4099

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