Below is a graph showing home sales in Lafayette Parish since 2000. This is only for Detached Single Family homes and does not include attached dwellings (condos, townhomes) or mobile homes.
Home sales in Lafayette Parish reached their highest peak between 2005 and 2007 following hurricane Katrina and the housing boom it created in Acadiana. Since 2008, homes sales have fallen to levels slightly above what they were in 2004. Home sales are on pace this year to be near what they were in 2010.
The average price for homes in Lafayette parish increased at a faster paste between 2005 and 2008 following Katrina. The increased demand after the hurricane and the limited supply at the time cause this increased in prices. Since 2008, prices have fallen, but not below what they were pre-Katrina. So far this year, the average price for homes is higher than it was last year. Could this signal that we have hit bottom for our area? Only time will tell.
Leave a Reply