The Status of Our Housing Market
Our current market is looking great—here’s what you need to know.
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Recently, I appeared on KLFY 10 News to share the status of the Acadiana real estate market amid the pandemic. In case you missed it, here’s your latest market update:
Naturally, many people pushed pause on their real estate plans due to the health crisis, which is understandable. However, right now, people are looking at their options, and many are deciding to buy.
Pending sales have increased by 37%.
There are two figures to look at when trying to get the measure of the housing market. First is the new home sales that are coming onto the market. Right now, new listings have decreased by 10%. Second is the number of houses coming off the market. Surprisingly, pending sales have increased by 37%. These are good numbers to help you know what’s likely going to happen in the market 60 to 90 days from now.
With the way pending sales have been going, we’re probably going to see an increase in sales from July through September. When you have inventory decreasing and many properties coming off the market, that can cause a shortage in housing supply, meaning increased demand. The market is currently looking great. If you’re thinking about making a move, it’s an excellent time to buy because interest rates are down and there is still supply out there.
If you have questions about our market or anything concerning real estate, please reach out via phone or email. I would love to hear from you.