Months Of Inventory For Lafayette Parish

by | Oct 2, 2020 | Uncategorized

I’ve heard a lot of talk of inventory being low for the Acadiana Market Area lately. I was interested in finding out what the data is indicating the amount of inventory for our area. More specifically, I will focus on detached single-family housing for Lafayette Parish. Months of inventory indicates how long it should take to sell all of the properties that are currently listed for sale. We will look at the Parish as a whole as well as the different price ranges.

*The data spans over three years. It runs from September 2017 to the end of September 2020. The price ranges will be broken down based on the listing prices.

Currently there is 2.28 Months of Inventory for Lafayette Parish. This is a 24% decrease from September 2019. Currently, there are 850 active listings (as of the date of this analysis). For the month of September, there were 336 new listings with 373 sold properties. For the sold properties, the average days on market was 69 days for the month of September, 2020. This is down from 80 days on the market for September 2019.

Lower End Price Ranges:

This analysis is showing the months of inventory for properties that have a list price of less than $100,000. There is only 1.50 months of inventory, which is almost a full month less than the Parish as a whole. Compared to September 2019, there is a 39% decrease in the months of inventory. The average days on the market are over three months ( 101 days) for this price range in for September 2020.
We are also seeing lower months of inventory for this price range compared to all of Lafayette Parish. At the end of September 2020, there is 1.48 months of inventory for this price range, which is a 41% decrease from September 2019. As of the date of this analysis, there are 195 active listings in this price range, with 112 new listings in September 2020. There were 132 sold listings. In fact, the number of sold properties for this price range has been higher than the number of new listings for the past 4 months.

Mid Level Price Range:

For the $200,000 to $300,000 price range, the months of inventory is much more similar to the Parish numbers for all properties. There are 2.16 months of inventory for this price range, which is still down almost 12% from last year at this time. However, with this price range the average days on market is only 51 days. For the month September there were 121 new listings with 145 sold properties. This is the first time that the number of sold properties out gained the number of new listings in this price range since December 2019.
This price range also has a similar months of inventory as the entire Parish. Currently, there are 2.24 months of inventory. This is a 48% decrease from the months of inventory from September 2019. There are 101 active listings in this price range, with 30 new listings for the month of September. Also, there were 45 sold properties in September. This is the first time since April 2020 that sold properties have been higher than the number of new listings. Additionally, the average days on the market for homes in this price range is 65 days.

Higher End Price Ranges:

This is the price range where the months of inventory starts to increase. Currently there are 6.67 months of inventory, which is 17% higher than it was in September 2019. There are 80 active listings in this price range, 13 new listings and 12 sold properties in September. The average days on the market is much higher than other price ranges at 235 days. For this price range, it is also much higher than September 2019, which had and average days on the market of 157 days.
This price range has total months of inventory of4.06 Months. This is down by 48% compared to September 2019. While the number of sold listings (16) is less than the number of new listings (17), the past three months have seen a nearly identical number of new listings and sold listings in this price range. The average days on the market for homes in this price range is 91 days, which is similar to this time last year.

Luxury Homes Price Range:

The months of inventory in this price range is much higher than most of the lower price ranges. This is to be expected since there are a fewer amount of potential buyers in this price range. Currently, there are 7.50 months of inventory. While the current months of inventory are higher than the lower price ranges, it is significantly less than it was at this time last year. Last year there were 17 months of inventory, a 55% decrease. The past two months have contributed to this lower number for the months of inventory. In the last two months, there have been 3 new listings and 12 sold properties. However, prior to that, the number of new listings has been higher than the number of sold properties for the last seven months.
Its obvious to see in the chart that the months of inventory tends to be MUCH higher than the lower price ranges. The most recent month had 5 sold properties that have a list price of over $1,000,000. This is why the months of inventory are much lower currently. However, in August 2020 there were 38 months of inventory in this price range. Because of the limited number of properties in this price range, one month of slightly higher sales can dramatically affect the months of inventory. The thing to take away from this chart is that we have seen a steady increase in the number of active listings over the last two years. On average it is taking homes over 6 months, sometimes over 12 months, to sell in this price range. Sellers should be aware of the longer marketing times with the higher end price range.
I hope this is helpful to you. If you have a question please feel free to reach out to me by email, phone, or my website. Also, check out my Facebook page for additional information in the future.