Every now and then, I look at the foreclosure inventory in Acadiana and Lafayette. For the past couple of years, the percentage of homes on the market that are bank owned has been pretty stable in our area.
The percentage of bank owned properties on the market in Lafayette parish has been 4% and 5% this year. In the past 6 months, foreclosures accounted for 8% of home sales in the parish. This means that 92% of home sales are regular sales between a buyer and a seller.
In Acadiana, foreclosure rates are not moving very much either. However, while the number of bank owned properties on the market is the same, the total inventory or homes for sale is slightly down since September and so our percentage of foreclosures is now 7% versus the 6% it had been earlier this year.
In Acadiana, foreclosures represent about 14% of all home sales right now.
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The number of foreclosures on the market in Lafayette parish increased 1% since July when I last pulled the numbers. In Lafayette parish, 5% of the homes on the market are labeled as REOs or bank owned right now, up from 4% in May and July. In Acadiana as a whole, 6% of active listings are REOs, which is what it was in May and July.
Since the beginning of the year, 17% of home sales have been foreclosures. When priced right, foreclosures listings represent great opportunities for home ownership and/or investments. Affordability is at an all time high.
Our real estate market in Lafayette parish and Acadiana is very healthy as a whole. There are still 741 home sales pending in Acadiana and 508 in Lafayette parish.
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While the percentage of foreclosures on the market has remained stable in Acadiana and went down a little in Lafayette parish, more of them are selling and at a faster rate.
Since the beginning of the year, REO sales account for 18.8% of residential sales in Acadiana and 11.9% in Lafayette parish. When I wrote about the foreclosure market in December, REOs represented 13% of sales in Acadiana and 8% in Lafayette parish.
Foreclosures also sell faster. The average days on the market for foreclosure since January is 72 days while that of the market as a whole is 105 days.
The inventory is stable, though. In Lafayette parish, REOs account for 3.6% of all listings, down from 4% in December . In Acadiana, it is 5.9%, down from 6%.
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Lafayette’s foreclosure listings have risen slightly in the past few months while the percentage of bank owned properties sold has remained pretty much the same. In April, I wrote that the percentage of active foreclosures on the market was 4.75% for Acadiana and 3.3% for Lafayette parish. It is now 6% for Acadiana and 4% for Lafayette parish (it is 4% also for the city of Lafayette).
Since April, the percentage of bank owned properties sold has remained stable. In Acadiana it is down 1% (from 14% to 13%) and in Lafayette parish it is the same at 8%. These graphs were produced using sold information in our MLS for all listings and REOs between June 1st and December 4th 2011.
If we compare to the same period last year, the percentage of sold foreclosures is up 2% in both Acadiana and in Lafayette parish. Not a large increase, but an increase nevertheless.
The average price for sold foreclosures in Lafayette parish in the past 6 months was $122,770 with a median price of $108,500. Only 10 of the 90 sold REOs were above $200,000.
As for currently active REO properties in Lafayette parish, the average price is $109,252 with a median price of $105,000. Only 4 properties are listed for more than $200,000 and none above $220,000. The foreclosure market in Lafayette and Acadiana is certainly great for investors and first-time home buyers at this point.
