Lafayette's 2012 Overall Market Report!

It has been a very good year for our area’s housing market. In fact, it is the second best year on record. Here are some of the highlights taken from our enclosed year-end market report.

• Lafayette Parish housing sales reported the REALTOR Association of Acadiana MLS actually dipped in December below December 2011’s total. The 178 housing sales reported to the MLS in December 2012 was 2.73% below the 183 sales reported for December 2011. This is the only month in 2012 where the number of sales reported was less than the same month of 2011.

• Despite the decline in December home sales, the number of pending sales reported in December 2012 versus December 2011 was up by over 28%. That should translate into higher closed sales in January 2013. 

• The cumulative 2012 home sales reported to the MLS from Lafayette Parish rose just under 22.5% over 2011. The highest number of annual home sales ever reported to the MLS from Lafayette Parish was in 2007 with 2,675. In 2012 the home sales were less than 2% below that historic total with 2,622 home sales reported for the year. Additionally, the 2622 home sales reported in 2012 increased over 2008, 2009 and 2010 by 14.7%, 15.6% and 15.8% respectively. 

• In Lafayette Parish newly constructed homes was the overwhelming winner with sales rising 30.56% over 2011. However, sales of existing homes also fared very well rising 19% over 2011. (Page 2).     

•  Home sales in the surrounding parishes also reported positive increases over 2011 although not as dramatic as in Lafayette Parish. For 2012 home sales reported from outside Lafayette Parish rose by 8.36%. 

• The dollar volume of home sales in Lafayette Parish also showed significant gains during 2012 rising nearly 23% above 2011 levels to $525,605,192. In terms of closed dollar volume that puts 2012 slightly less than 4.5% behind 2007’s record level and 16.4%, 18.9% and 20.4% over 2008, 2009 and 2010. 

• The average sale price of  2012 homes sold in Lafayette Parish was $200,459 up only slightly (0.35%) over the $199,750 average sale price in 2011. The median sale price rose by $7,500; from $170,000 to $179,500.

Overall the housing market performed remarkably well in 2012 and seems poised to do the same in 2013.  

This representation is based in whole or in part on data supplied by the REALTOR Association of Acadiana Multiple Listing Service. Neither the Board nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board may not reflect all real estate activity in the marketplace.