What's Happening with the Lafayette Real Estate Market?

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Today we're here with a quick market update on the third quarter in 2015.

Overall, September's numbers look pretty good. There was a little dip in the number of closed units from 2014 to 2015. Last year we had 289 closed units, and this year we had 266 closed units, which is about an 8% decrease.

On the other hand, the number of pending transactions is up 12% from October of 2014. Last year we had 277 pending transactions, and this October saw 308 pending transactions. This is a good barometer of what our market will look like for the rest of the year.

Listings are also up from 300 new listings in 2014 to 413 new listings this year, which means there are a lot of good options out there for buyers to look at right now.

The average sales price in Lafayette is also up from $221,400 in 2014 to $227,900 this year, which is a good increase in home value.

Overall, our market is very strong. We have 4.2 months of inventory on the market for buyers to look at, and interest rates are still strong at around 4%. Some lenders are even able to get a 3.8% rate on 30 year fixed loans, FHA, VA, and rural development loans. Our preferred partners are very aggressive on getting low interest rates and low closing costs.

If you have any questions, please do not hesitate to give us a call or send us an email. We would be happy to help you!

Our Market is Looking Pretty Great

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We have been seeing some great signs in the Lafayette real estate market lately. Today we are going to run through the statistics for July and give you an update on those.

July's market statistics look really good. We have seen a 7.5% increase in units, a 13.5% increase in dollar volume, and a huge increase in new construction.

Another thing that's on the rise is our average sale price. It has gone up 5.5% and now sits at $268,500. Overall, our listing inventory is up 5% and new construction is down a little bit.

Right now, we are looking at a 4.5 month supply of inventory on homes listed under a million. The most activity in our market, however, is seen in the $150,000- $300,000 price range, where there is about 3-4 months of inventory.

Interest rates are still doing fantastic. A 30-year fixed rate can be had for 4% and 15-year fixed loans are even lower at about 3.375%.

Overall, the market looks really strong and there is a lot of movement. If you have any questions for us, we would love for you to give us a call or send us an email. We would be happy to help out!

How Do Fantastic Lafayette Market Conditions Affect You?

Selling your Lafayette home? Click here for a free Home Value Report

Buying a home? Search all Homes for Sale

Today, I share a full Lafayette market update for the first half of 2015. 

We've already had a little over 1,600 sales since January, which is up from the mid 1,500's in the same time frame last year. In total number of units sold, sales are up about 4% - while in dollar volume, sales are up 11%! This is likely due to a jump in average sales price, which went from $217,000 last year to $231,000 this year.

Despite all of these fantastic market trends, interest rates remain near record lows! The best way to get an idea of where our market is going to head moving forward is to look at pending sales. Currently, we had 340 homes that went under contract in Lafayette Parish in comparison to only 301 at this time last year. This is a difference of about 11%, and year-to-date we're a little over 4%. 

What does all of this mean for you? Well, it doesn't look like our market is going to slow down anytime soon. Inventory levels are healthy, and the market is active, making now a wonderful time to consider making your move.

If you have any questions about our market, don't hesitate to reach out to us. We're always here to help with your real estate needs.