REAL ESTATE MARKET REPORT
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Sunday, May 1
2016
TABLE OF CONTENTS Charts and Commentary ……………………………………………….. Market Summary Table ……………………………………………….. Glossary ………………………………………………………………...
Robbie Breaux & Team Van Eaton & Romero - A Latter & Blum Company 2000 Kaliste Saloom Road, Ste 101 Lafayette, Louisiana 70508 www.RobbieBreaux.com info@robbiebreaux.com (337) 267-4099 Each Office Independently Owned & Operated Licensed in Louisiana
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REAL ESTATE MARKET REPORT
SINGLE FAMILY LAFAYETTE Sunday, May 1, 2016
Robbie Breaux & Team Van Eaton & Romero - A Latter & Blum Company 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 422 sales pending in the market overall, leaving 1038 listings still for sale. The resulting pending ratio is 28.9% (422 divided by 1,460). 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 224 listings. The median list price (or asking price) for all properties in this market is $237,650.
Number of Listings For Sale vs. Pending Contract
Properties For Sale Contracts Pending
Single Family Lafayette
250
Updated 5/1/2016, RealMarketReports.com Copyright Š Robbie Breaux & Team
200 150 100 50
Num Sold vs. Off-Market (Last 6 mos.)
Sold Off-Market
Single Family Lafayette
450
Updated 5/1/2016, RealMarketReports.com Copyright Š Robbie Breaux & Team
400 350 300 250 200 150 100 50
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$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 1279 contracts have closed in the last 6 months with a median sold price of $199,900. Breaking it down, we notice that the $150K - $200K price range contains the highest number of sold listings. Alternatively, a total of 632 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 139 properties.
Market Dashboard
REAL ESTATE MARKET REPORT
SINGLE FAMILY LAFAYETTE Sunday, May 1, 2016
Robbie Breaux & Team Van Eaton & Romero - A Latter & Blum Company 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 67 days.
Median Days on Market (DOM)
Sold For Sale
Single Family Lafayette
250
Updated 5/1/2016, RealMarketReports.com Copyright © Robbie Breaux & Team
200 150 100
Analysis of sold properties for the last six months reveals a median sold price of $199,900 and 97 days on market. Notice that properties in the $100K - $150K price range have sold quickest over the last six months.
50
The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $200,900 with a DOM of 98 days.
"The median list-to-sales ratio for this area is 99.5%."
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 4.9 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
$205K
110
$200K
105 100
$195K
95 $190K
90
$185K $180K Dec
85
Copyright © Robbie Breaux & Team Updated 5/1/2016, RealMarketReports.com
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Feb
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Mar
Apr
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Dec
Jan
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Market Dashboard
REAL ESTATE MARKET REPORT
SINGLE FAMILY LAFAYETTE Sunday, May 1, 2016
Robbie Breaux & Team Van Eaton & Romero - A Latter & Blum Company info@robbiebreaux.com (337) 267-4099
422
MARKET SUMMARY TABLE A = Average Value M = Median Value N/A = Not Available
Price Range
1038
Low
High
Num #
$0
$49,999
7
$50,000
$99,999
44
$100,000
$149,999
84
$150,000
$199,999
224
$200,000
$249,999
207
$250,000
$299,999
141
$300,000
$349,999
73
$350,000
$399,999
68
$400,000
$449,999
43
$450,000
$499,999
38
$500,000
$549,999
18
$550,000
$599,999
13
$600,000
$649,999
8
$650,000
$699,999
8
$700,000
+
62
Market Totals
632
PENDING [2]
1279
ACTIVE [1]
Days on Market
Current List Price
A
73
$
34,914
M
54
$
35,000
A
104
$
77,123
M
63
$
72,400
A
81
$ 132,711
M
60
$ 137,750
A
96
$ 179,534
M
58
$ 180,000
A
84
$ 224,594
M
60
$ 224,900
A
90
$ 273,502
M
71
$ 270,000
A
88
$ 324,465
M
65
$ 324,900
A
129
$ 377,223
M
87
$ 378,975
A
117
$ 425,076
M
90
$ 422,900
A
126
$ 475,354
M
81
$ 474,500
A
74
$ 526,782
M
61
$ 525,000
A
172
$ 581,317
M
108
$ 592,675
A
108
$ 633,563
M
83
$ 637,000
A
102
$ 679,965
M
90
$ 683,250
A
151
$ 1,186,000
M
109
$ 975,000
1,038
OFF-MARKET (last 6 mos) [3]
Num #
Pend Ratio
Num #
Num #
4
36%
9
26
20
31%
18
57
48
36%
37
169
131
37%
139
388
89
30%
113
266
65
32%
101
140
19
21%
50
70
8
11%
45
56
6
12%
28
31
9
19%
13
32
5
22%
18
9
3
19%
16
7
3
27%
4
8
2
20%
5
9
10
14%
36
11
422
29%
632
1279
ABSORPTION RATE (months of inventory)
SOLD/CLOSED (last 6 months) [4]
Days on Market
Original List Price
Final List Price
Sold/ Closed Price
ListSale Ratio
A
151
$
79,646
$
73,726
$
31,067
42%
M
119
$
45,000
$
41,000
$
31,750
77%
A
124
$
95,324
$
87,880
$
77,204
88%
M
80
$
89,500
$
86,500
$
81,000
94%
A
97
$ 137,204
$ 133,582
$ 128,791
96%
M
80
$ 135,000
$ 135,000
$ 129,900
96%
A
106
$ 185,457
$ 179,278
$ 176,293
98%
M
88
$ 180,000
$ 179,900
$ 176,450
98%
A
132
$ 229,375
$ 225,128
$ 222,271
99%
M
99
$ 229,250
$ 223,925
$ 220,000
98%
A
164
$ 282,103
$ 275,927
$ 272,421
99%
M
149
$ 279,000
$ 273,900
$ 271,000
99%
A
162
$ 331,593
$ 329,338
$ 320,180
97%
M
136
$ 333,416
$ 329,900
$ 316,003
96%
A
191
$ 395,009
$ 382,286
$ 373,481
98%
M
163
$ 389,900
$ 384,538
$ 375,000
98%
A
179
$ 446,073
$ 435,675
$ 428,157
98%
M
153
$ 445,000
$ 439,900
$ 432,000
98%
A
157
$ 498,496
$ 484,297
$ 473,103
98%
M
139
$ 493,813
$ 479,737
$ 472,750
99%
A
164
$ 592,122
$ 555,629
$ 524,095
94%
M
115
$ 549,000
$ 539,000
$ 523,260
97% 98%
A
159
$ 598,417
$ 587,560
$ 573,846
M
202
$ 589,000
$ 579,500
$ 579,420 100%
A
123
$ 611,634
$ 620,822
$ 618,584 100%
M
73
$ 615,000
$ 616,750
$ 617,750 100%
A
168
$ 715,922
$ 690,144
$ 669,389
97%
M
141
$ 697,500
$ 685,000
$ 660,000
96%
A
187
$ 902,162
$ 876,091
$ 837,909
96%
M
86
$ 799,999
$ 799,999
$ 750,000
94%
1.6 4.6 3 3.5 4.7 6 6.3 7.3 8.3 7.1 12 11.1 6 5.3 33.8 4.9
Market Averages
99
$ 314,850
130
$ 241,632
$ 235,316
$ 229,321 97%
Market Medians
67
$ 237,650
97
$ 204,040
$ 200,900
$ 199,900 100%
Date Range (Off-Market & Sold) = 11/01/2015 to 05/01/2016 Data believed to be accurate but not guaranteed.
Est. Mos.
Favors Sellers
Favors Buyers
Status = [1] Active; [2] Pending; [3] Expired, Cancelled; [4] Sold Area = B, C, D, E, F, G1, G2, G3, K, N, O, H, P Type = Detached Single Family
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Market Summary Table
REAL ESTATE MARKET REPORT
SINGLE FAMILY LAFAYETTE Sunday, May 1, 2016
Robbie Breaux & Team Van Eaton & Romero - A Latter & Blum Company 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.
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Glossary