Randy Ellis Realtor

***PRESS RELEASE***
LADOTD Announces Project Updates for LA 20 Widening and Bayou Chevreuil Bridge Replacement, in St. James and Lafourche Parishes

Hey Joe! How's the market?
Well I'm glad you asked!
In the past 30 days:

255 new listings
59 contracts fell through
1046 total listings
270 price changes
236 pending sales
141 sold
108 expired listings

First of all, happy Mardi Gras to everyone! Today marks the beginning of the Houma season with Hercules. The weather will be cold, but I'm sure everyone will have a great and safe time.
My analysis: The market is saturated with inventory...most of which is over priced. There are more price changes than new listings which tells me that most listings hit with high expectation.
We have eclipsed 1,000 properties for sale. With 141 sold and 236 pending, our inventory is rising to 8 months of inventory absorption. Wow!
Interest rates will continue to remain in the 6's for the foreseeable future. There is no economic data to indicate otherwise. Get used to it because we will be here for a long time.
Insurance seems to be leveling out but remains a high concern for affordability.

Patience pays off. The market will give you the feedback you need to make that sale or that purchase. Have a great weekend!