Report: October home sales up

Advocate staff photo by BRYAN TUCK -- New homes are being constructed Thursday in a small subdivsion along Louisiana Avenue in Lafayette. October homes sale for Lafayette Parish are up 51 percent when compared with the same month last year, according a real estate market report.
Advocate staff photo by BRYAN TUCK -- New homes are being constructed Thursday in a small subdivsion along Louisiana Avenue in Lafayette. October homes sale for Lafayette Parish are up 51 percent when compared with the same month last year, according a real estate market report.

Lafayette Parish home sales in October were up 51 percent over October 2011, and total homes sales so far in 2012 have outpaced the past four years, according to a report based on figures from local real estate firms.

Home sales through October of this year are also just 3.5 percent below Lafayette’s record housing market of 2007, according to a market analysis by Van Eaton & Romero Chief Executive Officer Bill Bacqué.

Similar trends are seen in the region surrounding Lafayette Parish, according to the report, which is based on figures from Realtor Association of Acadiana.

“The facts tell the story and that story is that our local housing market has shed all traces of the slowdown we have experienced over the past three years,” Bacqué wrote in his monthly sales analysis.

October 2012 home sales for Lafayette Parish were at 247, compared with 164 in October 2011, according to the report.

Total Lafayette Parish homes sales for January through October of this year were up 23 percent compared with last year, rising from 1,810 to 2,232, the report says. That same period during the record year of 2007 saw 2,314 sales.

The average number of days a home has sat on the market also has dropped, from an average of 110 days for first 10 months of 2011 to 99 days for the first 10 months of this year, according to the report.

Bacqué forecast that the positive trend will continue because the number of pending home sales in October is up 49 percent compared with last year — 271 pending sales in October 2012 compared with 182 in 2011.

New construction accounts for 40 percent of the pending sales, according to the report.

The figures also indicate that October pending sales for new construction are more than double compared to the same month in 2011, rising from 50 to 108.

“We feel very confident with the market right now,” Acadian Home Builders Association President Mike Thompson said. “Everybody is busy.”

Lafayette’s real estate market never took a deep plunge as in some other regions, but sales had dipped before a rebound this year.

“It’s definitely an uptick in interest and confidence. ... I think we’ve been seeing that for the past six of seven months,” said Thompson, owner of Mike Thompson Homes.