This is Jim Keaty with Keaty Real Estate! And THIS is your 2018 Mid Year Market update.
I always get asked how the market is doing so here’s your 2018 market update. Keep in mind These numbers are just for Residential homes in Lafayette parish from Jan through May. So Let’s jump right in.
Number of sales is up 5%
Total Volume is up 12% or $33 million
That means we have already sold over 1300 homes this year with a combined value of over $310 Million
Average sale price is up 7% year over year. That puts the average sale price at $232,000
Lafayette parish is hovering around 6 months of inventory.
That means it’s a neutral and healthy market, Supply Equals Demand overall, prices are stable, and probably not going to increase or decrease much either way.
So what’s on the horizon, well, Lafayette Parish Pending contracts are up 10% and May was a record-breaking month for pendings! So we are expecting this positive trend to continue and close more deals in the 3rd quarter of 2018.
Also, Interest rates are expected to continue to rise. They are currently around 4.5% and could increase up to 5% by 2019. So if you are thinking about buying, lock in your rate now!
Overall Lafayette parish is strong and 2018 is shaping up to be a record year BUT Real Estate is local and every neighborhood is different.
I am Jim Keaty with Keaty Real Estate and if want a custom market update for your neighborhood reach out to me for a free no obligation market analysis of your home.