REAL ESTATE MARKET REPORT
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Sunday, April 3
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, April 3, 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 401 sales pending in the market overall, leaving 1209 listings still for sale. The resulting pending ratio is 24.9% (401 divided by 1,610). 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 233 listings. The median list price (or asking price) for all properties in this market is $259,900.
Number of Listings For Sale vs. Pending Contract
Properties For Sale Contracts Pending
Single Family Lafayette
250
Updated 4/3/2016, 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
400
Updated 4/3/2016, RealMarketReports.com Copyright Š Robbie Breaux & Team
350 300 250 200 150 100 50
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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 1267 contracts have closed in the last 6 months with a median sold price of $200,000. Breaking it down, we notice that the $150K - $200K price range contains the highest number of sold listings. Alternatively, a total of 591 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 131 properties.
Market Dashboard
REAL ESTATE MARKET REPORT
SINGLE FAMILY LAFAYETTE Sunday, April 3, 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 82 days.
Median Days on Market (DOM)
Sold For Sale
Single Family Lafayette
160
Updated 4/3/2016, RealMarketReports.com Copyright © Robbie Breaux & Team
140 120 100 80 60
Analysis of sold properties for the last six months reveals a median sold price of $200,000 and 95 days on market. Notice that properties in the $600K - $650K 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 $203,000 with a DOM of 100 days.
"The median list-to-sales ratio for this area is 99.6%." 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.
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.
Median Sold Prices Single Family Lafayette $205K
100
$200K
80
$195K
60
$190K
40
Nov
20
Copyright © Robbie Breaux & Team Updated 4/3/2016, RealMarketReports.com
Dec
Jan
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Feb
Mar
$700K
$650K
$600K
$550K
$500K
$450K
$400K
Single Family Lafayette 120
$180K
Analysis of the absorption rate indicates an inventory of 5.7 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)
$210K
$185K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
0
Copyright © Robbie Breaux & Team Updated 4/3/2016, RealMarketReports.com
0
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Market Dashboard
REAL ESTATE MARKET REPORT
SINGLE FAMILY LAFAYETTE Sunday, April 3, 2016
Robbie Breaux & Team Van Eaton & Romero - A Latter & Blum Company info@robbiebreaux.com (337) 267-4099
401
MARKET SUMMARY TABLE A = Average Value M = Median Value N/A = Not Available
Price Range
1209
Low
High
Num #
$0
$49,999
6
$50,000
$99,999
40
$100,000
$149,999
84
$150,000
$199,999
233
$200,000
$249,999
208
$250,000
$299,999
190
$300,000
$349,999
97
$350,000
$399,999
94
$400,000
$449,999
55
$450,000
$499,999
57
$500,000
$549,999
23
$550,000
$599,999
21
$600,000
$649,999
10
$650,000
$699,999
13
$700,000
+
78
Market Totals
591
PENDING [2]
1267
ACTIVE [1]
Days on Market
Current List Price
A
42
$
31,267
M
39
$
29,800
A
127
$
75,244
M
112
$
72,000
A
94
$ 132,643
M
58
$ 136,250
A
106
$ 178,650
M
56
$ 179,900
A
106
$ 225,047
M
70
$ 225,000
A
134
$ 274,747
M
96
$ 274,548
A
137
$ 325,604
M
89
$ 325,000
A
177
$ 377,632
M
124
$ 377,838
A
161
$ 425,707
M
108
$ 425,000
A
147
$ 478,265
M
133
$ 476,000
A
149
$ 527,308
M
131
$ 529,000
A
214
$ 583,461
M
150
$ 595,000
A
140
$ 634,180
M
135
$ 637,000
A
148
$ 678,532
M
118
$ 680,000
A
175
$ 1,197,353
M
130
$ 989,500
1,209
OFF-MARKET (last 6 mos) [3]
Num #
Pend Ratio
Num #
Num #
3
33%
8
28
24
38%
21
55
52
38%
39
164
119
34%
131
380
82
28%
112
279
52
21%
91
133
20
17%
40
68
11
10%
33
51
6
10%
29
28
8
12%
13
32
6
21%
15
14
4
16%
14
7
3
23%
4
7
2
13%
4
8
9
10%
37
13
401
25%
591
1267
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
135
$
77,500
$
71,918
$
31,393
44%
M
92
$
46,000
$
41,950
$
33,250
79%
A
107
$
94,369
$
86,826
$
75,702
87%
M
75
$
87,900
$
85,000
$
80,000
94%
A
98
$ 136,319
$ 132,655
$ 127,494
96%
M
80
$ 135,000
$ 131,950
$ 127,000
96%
A
101
$ 185,198
$ 179,115
$ 176,124
98%
M
87
$ 180,000
$ 179,900
$ 176,015
98%
A
134
$ 227,972
$ 224,387
$ 221,684
99%
M
99
$ 225,000
$ 222,000
$ 219,900
99%
A
163
$ 284,803
$ 275,662
$ 272,237
99%
M
151
$ 278,900
$ 273,900
$ 272,000
99%
A
156
$ 332,554
$ 330,941
$ 322,951
98%
M
125
$ 335,000
$ 333,250
$ 324,500
97%
A
161
$ 392,832
$ 380,356
$ 372,327
98%
M
151
$ 389,900
$ 380,000
$ 372,000
98%
A
155
$ 449,447
$ 436,964
$ 424,586
97%
M
122
$ 445,620
$ 439,450
$ 425,000
97%
A
174
$ 501,141
$ 485,010
$ 473,316
98%
M
145
$ 496,750
$ 481,487
$ 473,250
98%
A
150
$ 581,693
$ 554,537
$ 526,914
95%
M
118
$ 557,950
$ 549,289
$ 527,460
96% 98%
A
171
$ 591,674
$ 579,960
$ 568,560
M
127
$ 579,500
$ 579,500
$ 579,420 100% 99%
A
87
$ 619,739
$ 625,954
$ 618,811
M
62
$ 615,000
$ 618,500
$ 618,500 100%
A
178
$ 716,738
$ 687,738
$ 670,000
97%
M
131
$ 697,500
$ 682,500
$ 667,500
98%
A
127
$ 904,000
$ 871,192
$ 831,038
95%
M
61
$ 799,999
$ 799,999
$ 745,000
93%
1.3 4.4 3.1 3.7 4.5 8.6 8.6 11.1 11.8 10.7 9.9 18 8.6 9.8 36 5.7
Market Averages
130
$ 335,541
126
$ 242,268
$ 235,647
$ 229,496 97%
Market Medians
82
$ 259,900
95
$ 205,000
$ 200,900
$ 200,000 100%
Date Range (Off-Market & Sold) = 10/04/2015 to 04/03/2016 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, April 3, 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