The average sale price of a home in Lafayette Parish this year is inching toward $300,000, data shows.
In August, 280 homes sold for an average of $300,799, the first month this year to top the $300,000 mark, according to data from analyst Bill Bacque with Market Scope Consulting.
It pushed the overall average sale price to $290,495, slightly ahead of last year’s average through eight months but a 27% spike from five years ago when the average home sold for $227,545.
A big reason for that continues to be the accelerate sales of newly constructed homes over existing ones. Of the 280 homes sold last month, 91 were new builds, a 23% increase from a year ago, while total resales were flat.
Total new builds for the year are up 12% from a year ago, and the average sale price so far is at $312,149. Total existing homes sales are down nearly 2%, and the average sale price is at $280,743.
New builds are selling on average 12 days quicker than they did a year ago, while existing homes are sitting on the market 13 days longer than a year ago.
Higher prices have not sparked an increase in sales outside Lafayette Parish, data shows. Sales in the neighboring parishes are up only 1.8% compared to 2% inside Lafayette Parish,
The average sale price in the neighboring parishes is at $192,201 through August, down 1.6% from a year ago.
New listings in Lafayette Parish through August are up nearly 10%, while new listings in the neighboring parishes are up 6.4%.