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St. Landry Parish Real Estate

2007 was a good year for SLP, and a sign it will be better during 2008!

The housing market is healthy to the point that it has taken the lead in the region in sales.

In an editorial published by the Daily World dated December 26, 2007, it was reported that according to Bill Bacque, CEO of Van Eaton and Romero, who has tracked real estate sales in the Acadiana area for a decade or more, St. Landry Parish is the leader in closed sales. There was almost a 49.8 percent increase of dollar volume from 2006.

According to Mr. Bacque’s report, there were 367 residential sales from January to November 2007 in St. Landry Parish as compared to 225 during the same time in 2006. This means there has been a 63 percent increase from 2006 to 2007.

From January to November 2007, the dollar volume of residential closed sales increased. Sales value in St. Landry Parish was $47,727,124, while in 2006 it was $31,855,342.

In SLP, the median sale price of residential property is $111,000, whereas in Lafayette Parish that average is $206,123. Therefore, Lafayette commuters are taking a second look at SLP.

In 2007, 65 percent of residential property in this parish was sold from the range of $19,000 to $149,999. This is breaking down the number of residential sales by the price range of the property sold. January through November, 240 sales were reported.

Residential property in the $150,000 to $299,000 price range was 32 percent of property sold or 116 sales. Only 11 sales were made on property worth more than $300,000 (by Baque).

Despite some relatively bad numbers in the real estate market nationwide, these numbers mean SLP will likely continue to have more real estate sales and at good prices. The greatest cause for optimism is in Bacque’s observation that a healthy overall economy is one reason for the good real estate numbers.

“The real estate market is not a national commodity,” Bacque says. “When things are good in the local economy, you have a good real estate market. When things are bad, you have the opposite.”

Adding these real estate numbers to an increased parish-wide sales tax collections, indications of a growing tourism industry, the prospect of continued growth as a medical center, overall job growth and a generally optimistic population, and the net sum could mean increased momentum for SLP in 2008.