Lafayette Parish home sales for the first half of this year were up 4 percent compared with 2014, a sign of a healthy real estate market despite concerns of weak oil prices slowing the local economy.
From January to June, 1,616 homes were sold in the parish, up from 1,555 for the same period last year, according to an analysis released Wednesday by Van Eaton & Romero Chief Executive Officer Bill Bacqué, using figures from the Realtor Association of Acadiana.
“Despite economic concerns centered around the oil service segment of Lafayette’s economy due to the precipitous fall in oil prices that began last summer, the mid-year numbers indicate that our local housing market has not been negatively impacted by those concerns,” Bacqué wrote in his report.
Homes also sold faster — the average number of days on the market dropped from 90 for the first six months of 2014 down to 84 for the same period in 2015 — and the median sales price rose from $189,000 to $199,000, according to the analysis.
The market in neighboring parishes has not fared as well, though home sales in the surrounding area make up a smaller share of the regional real estate market.
In the Acadiana region outside of Lafayette Parish, home sales fell by 5 percent when comparing the first six months of 2014 with the first six months of 2015, from 797 down to 756.
“Lafayette Parish remains the driver of our positive housing performance,” Bacqué said.
In the Lafayette Parish market, homes in the $150,000 to $300,000 range made up 61.9 percent of sales in the first half of the year, according to Bacqué’s analysis.
Homes below $150,000 were 21.6 percent of sales, and homes in the $300,000-and-up range accounted for 16.5 percent of sales.