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What's Happening with the Lafayette Real Estate Market?
Manage episode 154818506 series 1135468
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Today we're here with a quick market update on the third quarter in 2015.
Overall, September's numbers look pretty good. There was a little dip in the number of closed units from 2014 to 2015. Last year we had 289 closed units, and this year we had 266 closed units, which is about an 8% decrease.
On the other hand, the number of pending transactions is up 12% from October of 2014. Last year we had 277 pending transactions, and this October saw 308 pending transactions. This is a good barometer of what our market will look like for the rest of the year.
Listings are also up from 300 new listings in 2014 to 413 new listings this year, which means there are a lot of good options out there for buyers to look at right now.
The average sales price in Lafayette is also up from $221,400 in 2014 to $227,900 this year, which is a good increase in home value.
Overall, our market is very strong. We have 4.2 months of inventory on the market for buyers to look at, and interest rates are still strong at around 4%. Some lenders are even able to get a 3.8% rate on 30 year fixed loans, FHA, VA, and rural development loans. Our preferred partners are very aggressive on getting low interest rates and low closing costs.
If you have any questions, please do not hesitate to give us a call or send us an email. We would be happy to help you!
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