Lafayette Market Report December 2013

REAL ESTATE MARKET REPORT

SINGLE FAMILY LAFAYETTE
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Sunday, January 5

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


Sunday, January 5, 2014

Van Eaton & Romero
(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 345 sales pending in the
market overall, leaving 879 listings still
for sale. The resulting pending ratio is
28.2% (345 divided by 1,224). 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 243
listings. The median list price (or
asking price) for all properties in this
market is $219,500.

Number of Listings For Sale vs. Pending Contract

Properties For Sale
Contracts Pending

Single Family Lafayette

300

Updated 1/5/2014, RealMarketReports.com
Copyright © Robbie Breaux & Team

250
200
150
100
50

Num Sold vs. Off-Market (Last 6 mos.)

Sold
Off-Market


600


500
400
300
200
100

Real Market Reports

1

$700K

$650K

$600K

$550K

$500K

$450K

$400K

$350K

$300K

$250K

$200K

$150K

$100K

$50K

$0K

0

$700K

$650K

$600K

$550K

$500K

$450K

$400K

$350K

$300K

$250K

$200K

$150K

$100K

$50K

$0K

0

A total of 1675 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.
Alternatively, a total of 508 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 119 properties.

Market Dashboard



Van Eaton & Romero
(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 115 days.

Median Days on Market (DOM)

Sold
For Sale


200


180
160
140
120
100
80
60

Analysis of sold properties for the last
six months reveals a median sold
price of $190,000 and 41 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 $190,400 with a DOM of 49 days.

"The median list-to-sales ratio
for this area is 98.0%."

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)



$200K

60

$195K

50
40

$190K

30
$185K

20

$180K
$175K
Aug

10


Sep

Oct

Real Market Reports

Nov

Dec


0

Jan

2

Aug

Sep

Oct

Nov

Dec

Jan

Market Dashboard



Van Eaton & Romero
(337) 267-4099

345

MARKET SUMMARY TABLE
A = Average Value
M = Median Value
N/A = Not Available

Price Range

879

Low

High

$0

$49,999

18

$50,000

$99,999

51

$100,000

$149,999

76

$150,000

$199,999

243

$200,000

$249,999

171

$250,000

$299,999

100

$300,000

$349,999

50

$350,000

$399,999

37

$400,000

$449,999

22

$450,000

$499,999

23

$500,000

$549,999

9

$550,000

$599,999

9

$600,000

$649,999

3

$650,000

$699,999

10

$700,000

+

57

Market Totals

Current
List
Price

879

A

218

$

38,078

M

142

$

40,950

A

150

$

73,894

M

117

$

72,500

A

137

$ 131,648

M

86

$ 135,000

A

166

$ 181,063

M

122

$ 182,900

A

135

$ 226,982

M

101

$ 225,900

A

121

$ 273,968

M

99

$ 271,984

A

154

$ 325,060

M

106

$ 324,950

A

178

$ 378,562

M

143

$ 379,000

A

250

$ 427,734

M

181

$ 425,000

A

177

$ 475,243

M

89

$ 474,893

A

122

$ 535,867

M

123

$ 539,000

A

211

$ 578,533

M

116

$ 573,000

Num
#

Pend
Ratio

Num
#

1

5%

24

36

12

19%

44

77

46

38%

71

262

101

29%

119

547

91

35%

105

341

38

28%

31

173

26

34%

32

67

5

12%

19

56

11

33%

15

35

2

8%

12

14

5

12

3

13

83

$ 616,120

48

$ 615,000

3

12

A

126

$ 681,740

3

12

M

116

$ 685,000

A

214

$ 1,176,918

M

155

$ 906,000

22

18

508

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

1675

0
3

25%

1

25%

1

9%

7

11%

345

A
M

OFF-MARKET (last 6 mos) [3]

1675

ACTIVE [1]

Days
on
Market

Num
#

508

PENDING [2]

28%

A

98

$

41,433

$

36,128

87%

M

41

$

43,000

$

38,500

90%

A

63

$

79,914

$

75,235

94%

M

34

$

79,900

$

75,000

94%

A

72

$ 132,159

$ 128,560

97%

M

33

$ 134,250

$ 130,000

97%

A

78

$ 176,886

$ 174,508

99%

M

47

$ 175,700

$ 174,000

99%

A

78

$ 227,196

$ 223,197

98%

M

50

$ 225,000

$ 220,900

98%

A

61

$ 272,698

$ 269,073

99%

M

26

$ 269,900

$ 267,000

99%

A

62

$ 331,130

$ 324,359

98%

M

39

$ 330,600

$ 325,000

98%

A

105

$ 384,305

$ 375,684

98%

M

54

$ 384,750

$ 380,000

99%

A

111

$ 437,489

$ 426,673

98%

M

58

$ 438,000

$ 427,430

98%

A

92

$ 483,607

$ 469,850

97%

M

55

$ 491,500

$ 466,000

95%

A

100

$ 536,115

$ 530,360

99%

M

66

$ 536,588

$ 536,588 100%

A

159

$ 596,223

$ 573,968

96%

M

160

$ 584,500

$ 578,000

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

$ 1,068,579

$ 1,000,034

94%

M

43

$ 909,700

$ 850,000

93%

Est.
Mos.

3
4
1.7
2.7
3
3.5
4.5
4
3.8
9.9
4.5
4.2
1.5
5
19
3.1

Market Averages

157

$ 296,983

79

$ 226,302

$ 221,219 98%

Market Medians

115

$ 219,500

41

$ 193,900

$ 190,000 98%

Date Range (Off-Market & Sold) = 07/07/2013 to 01/05/2014
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

3

Market Summary Table



Van Eaton & Romero
(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

4

Glossary

Lafayette Market Report December 2013

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