The real estate market in southern Louisiana continues to get better month after month! When comparing numbers from February of 2012 to last month (February 2013) it is obvious that our Acadiana market is shifting.
Monthly home sales are up from 269 to 310.
The average sales price is up from $153,314 to $176,459.
Average Days on Market is down from 134 to 97 days.
Current Inventory is down from 2370 to 2020.
Months of inventory is down from 8.81 to 6.51 which means at the current rate of sale it would only take a little over six months to sell all of the inventory on the market.
The numbers for Lafayette Parish reflect much of the same.
Monthly Home Sales are UP from 164 to 212
The Average Sales price is UP from $186,122 to $211,708.
Average Days on Market is DOWN from 120 to 88 days. Homes are going under contract faster!
Current Inventory is DOWN from 1286 to 1101. Less homes to choose from for buyers!
Months of Inventory is DOWN from 7.84 to 5.19 which means at the current rate of sale it would only take a little over five months to sell all of the inventory on the market.
If you’ve been thinking about selling your Lafayette home, now is the time to list as inventory will increase in the next couple of months and there will be more competition. Contact me today if I can help you buy or sell in 2013.
When determining the answer to the question, “how’s the market?” I like to compare data from year to year instead of month to month so that a true difference can be noted and realized.
The following statistics are compiled from the complete Multiple Listing Service (MLS) for the Lafayette, LA and surrounding cities.
In January 2013 we had 2145 homes on the market which is down from 2396 in January 2012. This decrease illustrates that inventory is down in the market and we need more listings!
In January 2013 there was 7.55 months of inventory available which is down from 10.89 months of inventory available in January 2012. Months of inventory reflects how many months it would take to sell all units at the current month’s rate of sale.
In January 2013 the average days on market was 99 which was also down from 106 in January 2012.
The average home sale in January 2013 was $177,731 while in January 2012 this number was $148,240. This clear depicts that home values are rising in Acadiana!
In January 2013 284 units were sold in comparison to 220 in January 2012 which is proof the market is up!
Realtors in our area continue to do a great job with pricing homes with a Sold/List ratio of over 96% for both January 2012 and 2013.
If you are looking to sell your Lafayette, LA home, feel free to use our Online Home Value Form to find out how much your home is worth at http://www.ForSaleByJamie.com.
Jamie Ransonet, Realtor ~ Keller Williams Realty Acadiana 900 S College Rd. Ste. 100 ~ Lafayette, LA 70503 Direct: 337-889-5751 ~ Office: 337-735-9300 Licensed in Louisiana ~ Independently Owned & Operated
As the market is shifting from a buyer’s market, it is important to know how to improve your chances of having the seller accept your offer. Once you decide on a home to buy, do not waste time. You should submit an offer as soon as possible. Competing with other buyers happens more often than typically expected. Multiply offers are a seller’s advantage but you can have a competitive advantage on the other buyer with these tips!
1. Make sure your offer is realistic – Do not give the impression that you are trying to get a “steal”. Have comparable sold properties to justify your offer.
2. Pre-Approval Letter – Seller’s want to see that you are not wasting their time and playing with their emotions. They want serious qualified buyers.
3. Larger Deposit – This shows you are serious and makes the seller feel like the contract will actually close.
4. Minimize Contingencies – This is huge. If your offer with contingencies goes up against an offer with no contingencies the chances of your offer getting excepted are slim.
5. Shorten Inspection Period – Your realtor can help with typical timelines and reasonable dates
6. Write a Personal Letter to the Seller – tell them why you want their home! This can be the emotional connection to the seller that makes the difference of you getting the home.
A seller wants to feel confident that the offer they accept will close so they can plan for their move. Following tips like these can definitely affect negotiations and help put together an offer that is more likely to be accepted.
Jamie Ransonet is a Licensed Realtor Specializing in Lafayette, LA Real Estate. Representing buyers and sellers in Lafayette and nearby areas for both Resale and New Construction homes. If you are looking to buy, feel free to use our Online Lafayette MLS search and Property Finder at http://www.RaginCajunAgent.com – It’s FREE and Online NOW. If you are looking to sell your Lafayette, LA home, feel free to use our Online Home Value Form to find out how much your home is worth at http://www.ForSaleByJamie.com.
Jamie Ransonet, Realtor ~ Keller Williams Realty Acadiana ~ 900 S College Rd. Ste. 100 Lafayette, LA 70503 ~ Direct: 337-366-1619 ~ Office: 337-735-9300 ~ Licensed in Louisiana ~ Each Office Independently Owned & Operated