Lafayette Real Estate Market 1st Quarter Wrap-Up

Selling your Lafayette home? Click here for a free Home Value Report Buying a home? Search all Homes for Sale Today, we’ll go over how the Lafayette housing market has done in the first quarter of this year. In March, we had 262 closed residential transactions. That’s a slight decrease from March of 2015, which had 266 units sold. Dollar volume is also down by about 8.5%. The $260,000 and under price range sees the most traffic in our market, which is why the average sales price is $215,000. That’s a 2.9% drop from March of 2015, when the average sales price was $221,000. The good news is that the list-to-sales price ratio is 97%. That means when you list your home, you are likely to get 97% of the asking price. That is happening market-wide, from Lafayette Parish all the way down to the Youngsville area. Pending sales typically indicate what the market will look like. Last year, March was the biggest month we had, and there were 359 pending sales. This March, we had 312 pending sales. That’s a 4% difference. We are still on par with the three biggest months in real estate in 2015. Things are still moving at a brisk pace. The good news for buyers is that listings are up by 2.25%. We now have a 6.3 month supply of listings. Inventory is starting to climb and there are tons of options for buyers looking for houses priced $300,000 or up. Interest rates are incredibly low. You can get a 3.6% interest rate for a 30-year fixed loan, a 3.5% rate for an FHA loan, and 3% or less for a 15-year loan. The right lender can get you 2.9% on a 15-year loan, and I can connect you with a great lender. If you have any questions, just give me a call or send me an email. I would be happy to help you!

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Lafayette Real Estate Market 1st Quarter Wrap-Up is an episode from Lafayette Real Estate Video Blog with Robbie Breaux by Robbie Breaux.

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This episode was published on Apr 25, 2016.

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