Many people talk about the decline of the real estate market here in Acadiana. Fact of the matter is, we are actually stable. The problem lies from Hurricane Katrina, which caused an unnatural spike is real estate prices in 2005 that held until 2007. So when looking at the graph (for a visual, please email me @ Kisha@KishaKana.com) , it looks as though we are on a decline but we are still above 2004’s sales. If we wouldn’t had Katrina, the graph would look stable, growing steadily.
Here are the facts, from 2004-2007, the number of sold homes reported to MLS increased by 29.4%, with 22.6% of that happening in 2005, the year of Hurricane Katrina. From 2007-2010, sales have decreased by 15.3%. This still puts us at 14.1% increase compared to 2004. Hope that puts things in perspective for you. It’s not a decline of the market, it’s a correction of the unnatural bubble.
In Acadiana, the number of homes sold in July 2011 compared to June 2010, have increased by 9.05%, with a 19 day increase of days on the market. July 2011 has slowed down with sales compared to June 2011’s with a 21.36% decrease. The heat coupled with the impending school year approaching must’ve slowed down sales.
The average sales price for the 2011 year thus far is $168,018, a 2.26% increase from 2010 at this time of the year. Homes are currently selling for 95.71% of the list price, on average.
Information provided by Van Eaton & Romero, CEO Bill Bacque. Reviewed and summarized in this blog by Kisha Kana, REALTOR