June 2011 real estate market statistics find us in a state of synchronization rather than anomaly. In juxtaposition to 2010, when as a result of the Federal tax credit, home sales shot up from March through June and then cratered for most of the
remainder of the year, our local market has sustained a remarkable level of
normalcy during 2011. This is exemplified by the 219 closed residential sales totaling $41,057,718 in closed dollar volume reported for June 2011. While
underperforming June 2010’s numbers by 22%, June was the culminating month of last year’s tax credit surge. The number of pending residential sales best
reflects the “normalcy” of this year’s market. With 203 homes in contractual stages, June, as well as April, exemplify the steady momentum of pending sales that we we’ve enjoyed all year versus the “rollercoaster” effect that last year’s limited stimulus
created. June’s 21% increase in number of pending sales was complimented by a 28% increase in the corresponding dollar volume of those pending sales. This is reflective of the uptick in upper end buyers ($300,000 and up) that we have experienced during 2011.
In that same spirit of normalcy, the local market is experiencing near harmony in the listing/selling cycle. The ideal ratio of new listings to sold homes
is 1:1 — that means for every home listed, another one is sold. While many of the nation’s markets are seeing ratios that reach 6:1 and beyond, Lafayette
Parish has maintained a ratio below 2:1 with June 2011 at 1.65:1 ratio. Even though we are not experiencing a perfect equilibrium of listings to sales, we’re close enough to admit comfort. As we cross the halfway mark of 2011, the Lafayette
Parish housing market appears primed to retain the level of harmony we have come to expect.
To receive a copy of our latest Acadiana Residential Real
Estate Report, call Kisha Kana @ 337.255.5884 or email Kisha@KishaKana.com