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Jul 11, 2014 12:00 PM by AP

Lafayette home sales dip in first half of 2014

LAFAYETTE, La. (AP) - Officials say homes sales for the first six months of this year were down 3 percent in Lafayette Parish. But strong sales in surrounding areas pushed the region as a whole about 1 percent over last year's numbers.

The Advocate reports (http://bit.ly/1qQc3Oc) homes sales in Lafayette Parish from January to June were at 1,555, down from the 1,606 sales reported for the first six months of 2013, which was a record year for the local real estate market.

But sales in parishes surrounding Lafayette were up nearly 12 percent, raising total sales for the Acadiana region to 2,349, just over the 2,316 sales reported for Acadiana in the first six months of 2013, according to the analysis by Van Eaton & Romero Chief Executive Officer Bill Bacqué.

"From my perspective, I'm still pretty darn bullish," Bacqué said.

He said the dip in Lafayette Parish might be explained by two forces in the market.

First, buyers this year could be holding out to get exactly what they want, Bacqué said.

For homes in the $150,000 to $300,000 range - the bulk of the market - there was a four-month available supply in Lafayette Parish as of June. That's generally considered a tight market.

A second factor is that sales last year in Lafayette Parish were likely driven to some degree by pent-up demand: buyers making their move after holding back a few years because of economic uncertainty.

"That pent-up demand came into the marketplace in a big way in 2013," Bacqué said.

Once that demand is satisfied, the market will naturally correct itself and cool down a bit, he said.

 

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