Currently, The Lake Charles real estate market is experiencing a “Buyer’s Market” which means there is a high inventory of homes for sale in Southwest Louisiana. Understanding how inventory of homes for sale affects the real estate market is key when purchasing or selling real estate in Southwest Louisiana.
What determines a Buyer’s market? Most economists state that if you have under four months of remaining inventory, then you’re in a sellers’ market. Five to seven months of inventory is a neutral market and seven to 12 months is a buyers’ market. Over 12 months of inventory and you’re in a poor market.
In 2005-2006 Southwest Louisiana experienced a Seller’s Market. Many Southwest Louisiana residents will remember this was the period after Hurricane Rita when housing was in short supply. During this time, homes for sale that were un-damaged were scarce. Buyers had a greater demand for housing than the number of homes for sale in inventory at the time. 2006-2007 Southwest Louisiana saw a peak in sales which boosted our housing economy, however many buyers during this period purchased at a high price, we were still experiencing a Seller’s market.
There are currently 841 homes for sale in Calcasieu Parish with 462 of these homes for sale in Lake Charles, LA Lake Charles Market trends show that the average days on the market for Lake Charles homes for sale is 90-120 days.* This is an optimistic figure and price and condition variables do apply. Realistically Lake Charles Homes for Sale stay on the market for 6 months before selling. This puts our market in Southwest Louisiana close to the 7-12 month market category creating a “Buyer’s market”. In other words our Lake Charles real estate supply exceeds demand. However, our market remains stable and IS NOT a POOR real estate market.
Buyers have a large selection of homes to choose from. Lake Charles home sellers have a lot of “market competition” when listing their home for sale.
So Southwest Louisiana Sellers if you have your Lake Charles, Westlake, Moss Bluff, Carlyss, Sulphur home for sale, where does your home fall in the real estate cycle?
For more information about Lake Charles real estate market trends, selling your current Southwest Louisiana home or looking to buying a home, call MARILYN BOUDREAUX 337-499-9592
*Figures are based on averaged monthly stats taken from the Southwest LA MLS for ONLY the Lake Charles area. (Southwest Louisiana real estate inventory includes Beauregard, Cameron, Allen and Jeff Davish parishs = inventory of 933)*