KPLC TV here in Lake Charles, LA recently aired a segment stating that the real estate market was in a slump and the numbers were declining compared to the worst year of real estate in 1963.
Are you kidding me? This news does not paint a true picture of the Lake Charles Real Estate market. All real estate is local and we here in Southwest Louisiana are fortunate to be in a healthy real estate market. All this TV news segment did was frighten local Lake Charles home buyers and sellers.
Take a look at the SOLD listings by month and you will see April-August 2011 there is steady activity with single family residences. Fall-Winter months October, November -December level off but still show stability . The only dip is in December-March which is typically a slow period after the holidays here in Southwest Louisiana. During that time consumers tend to focus more on Mardi Gras!
What the Lake Charles market is experiencing is more home inventory and a longer days on the market from years past.
There have been appraisal issues with current homes under contract and this can be attributed to some appraisers who are using foreclosures as comps which is not a true indication of our market. Some of the appraisal issues have caused the sold prices to drop.
In 2009 average price of a home sold in all areas of Calcasieu Parish was $154,000
In 2010 average price of a home sold in all areas of Calcasieu Parish was $141,000
In 2011 to date average price of a home sold in all areas of Calcasieu Parish is $137,000
The residential single family homes and vacant land show steady activity, the spikes and dips of this chart by sales are with multi family and commercial property in Calcasieu Parish.
Calcasieu Parish Home Sales are down 3% as compared to July 2010. 3% does not constitute a negative or declining real estate market.
*Figures cited and charts shown were taken from the SWLA Board of Realtors