RE: Real Estate Podcast

Clint C. Galliano (00:15)
Welcome to another RE Real Estate Podcast Market Update. Today we're going to be covering Terrebonne Parish. We did ⁓ the last one on Lafourche Parish, so today we're going to cover Terrebonne Parish. Hey, Ben, how you doing?

Ben Harang (00:32)
Clint, I'm doing terrific, man. How you doing today?

Clint C. Galliano (00:35)
I'm doing wonderful.

Ben Harang (00:37)
Good, good. ⁓ Like you said, we did Lafourche and we're gonna hit some highlights in Terrebonne and kind of give you an idea of what's going on in the real estate market.

Clint C. Galliano (00:49)
good deal.

Ben Harang (00:51)
All right, and Clint's gonna share his screen and we'll go from there.

Clint C. Galliano (01:00)
All right. So, and we'll do a little comparison ⁓ to what we saw in Tibbido, or at least a little commentary on it. But market trends, we're squarely in a buyer's market in Terrebonne Parish. I've got 8.33 months of inventory. And in case you didn't see our last episode.

That means that everything that is listed in inventory right now, if we didn't take any new listings, it would take us 8.33 months to sell off everything that's in inventory now at the current rate that we're selling inventory or selling homes.

Ben Harang (01:44)
and we consider a six month inventory to be a balanced market between a seller's market and a buyer's market. It's neither. It's a balanced market. So LaFouche is 6.24, I think, months. So it's more of a balanced market. Terrebonne is two months longer than that. ⁓

And again, that's parish wide, like we talked about in Lafourche between North Terrebonne, South Terrebonne, with more activity going on in North Terrebonne.

Clint C. Galliano (02:16)
that's correct. another thing that's a big difference the median days in RPR is 92 so that means it's taking about three months for properties to sell in Terrebonne Parish. That's almost off actually it's a little bit more than 30 days more than Lafourche. Median sole price

Ben Harang (02:18)
All right.

Right. I think that number in

Lafourche was 59.

Clint C. Galliano (02:45)
Yeah, that was 59. Median sole price is 195,000. And I think it was a little bit over 220 or just under 220 in Lafourche.

Ben Harang (02:55)
Right.

Clint C. Galliano (02:59)
All right, property values. Again, this is estimated values. ⁓

based on RPR's value estimation. And for terrible and perish, RPR's data goes back to 2011. ⁓ Median estimated values, 218,000. Seems to be coming up a little bit. So that's a good thing. So one thing we wanted to cover too.

Ben Harang (03:29)
Mm-hmm.

Clint C. Galliano (03:33)
is the difference between median and average. Both median and average are, and I really love this term, are indicators of central tendency. Ben's getting the kick out of me saying that.

Ben Harang (03:51)
I'm

gonna give it to you in plain English when you finish.

Clint C. Galliano (03:56)
Yep, well, and it's if I don't give you a story away first.

Ben Harang (03:59)
Go

ahead.

Clint C. Galliano (04:02)
So average is if you've got.

Five houses worth varying amounts, you add up the values of those houses and divide it by five and that's your average. Okay, everybody knows what average is. The median is what the, if you've got them all arranged from high to low, what that middle value is. And like Ben likes to say, 50 % are higher and 50 % are lower.

Ben Harang (04:34)
that's the median you have as many low as you do above it and that's the median so it's not skewed by one outlier if you have a three million dollar listing it doesn't skew the the average doesn't skew the median as much as the average of a straight average would skew it so all right what's the next one

Clint C. Galliano (04:56)
Yeah.

All right, moving on.

The other thing to point out too, ⁓ like Lafourche, Terrebonne Parish's values ⁓ post 2016 or so pretty much follows the ⁓ Louisiana, for the most part, ⁓ values. We do have some dips that aren't necessarily reflected or I should say some rises.

around COVID. And I think that's mainly because people were going nuts buying houses during that COVID era.

Ben Harang (05:36)
between COVID, between being

home with nothing to do and 2 % money, the real estate market got crazy. And also it's more, they're getting more data points into RPR. So it's a more reliable figure where you can see it tracking pretty much with the rest of the state. The blue is terrible in Paris, the orange, if that's the right color, is the state and the yellow is nationwide.

Clint C. Galliano (05:42)
Yeah.

But the...

Yeah.

Ben Harang (06:09)
So the anomalies you see with Terrebonne Parish above everything I think is because there were fewer data points and not as much information and that got skewed. So, but since about 2017 it looks like middle of beginning of 2017 it seems to be on track.

Clint C. Galliano (06:23)
That's a good possibility.

Yeah, we didn't add, and we had similar, not quite the same, but data didn't go back. I think in Lafourche it started in 2016, so there's probably some partial data prior to 2016 for Terrebonne Parish that's giving us those skewed numbers. The thing I wanted to point out is while

would generally track with Louisiana median estimated property values. If you look from May of 22 coming forward, Terrebonne Parish is more static, whereas Louisiana property values tend to be a little bit more of a climb or increasing. So take that for what it's worth.

Ben Harang (07:29)
that

would be somewhat divergent.

Clint C. Galliano (07:33)
Yep. So I just wanted to point that out.

All right, new listings. In the month of April, Terrebonne Parish had 127 new listings. The median list price was $215,000 for a total volume of $36,199,652. So that's the number, the volume.

So that's the dollar amount that it was worth and the number of properties was between five and six percent. The size living area, median living area, is down almost 10 percent across the from March to April.

Ben Harang (08:20)
And just as a comparison, did Lafourche and I think, not I think, I know the Terrebonne market is a lot bigger than Lafourche. I think Lafourche had 66 new listings, Terrebonne had 127. So the market is bigger, the market is slower in Terrebonne, but the depth of it is bigger. So I'm not going to talk about pricing again, how important it is, but if you price it right, you'll sell it.

I had to get that in, Clint. I'm not gonna say it again.

Clint C. Galliano (08:51)
Yeah.

We'll probably say it at least two more times.

Ben Harang (08:58)
I won't say it again until I say it again.

Clint C. Galliano (09:01)
All right, so active listings in April. So this is total number of listings, not just the new ones that were taken in April. We had 508 properties listed in April. I'm wanting to say average again. The median list price is $245,000, so that's up. So that tells me that in there, it seems like the prices are coming up a little.

Ben Harang (09:18)
Mm-hmm.

Clint C. Galliano (09:31)
The median days in RPR is 101. So that also tells me that they're staying listed longer. And total volume that was on the market in April was $160,356,336. That's up 0.7 % month over month.

Ben Harang (09:57)
Yes.

Clint C. Galliano (09:57)
and

median living area is 1,809 square feet. That's up 1.6 % month over month.

Ben Harang (10:05)
And if you're looking at the chart, if you're looking at the video.

the there's a rise as far as active listings in April and I suspect the same thing's going to happen in May and if you go back to May of 22 and May of 23 you'll see a seasonal rise in listings as school is ending and people make it move during the summer so the kids can start school in August September.

So I think next month we'll see another rise in May that'll probably match ⁓ the previous year's Mays just to show the seasonal nature of real estate.

Clint C. Galliano (10:54)
Yeah, I think last year it was muted a little bit, but that was probably because of the crazy interest rates and sellers were less encouraged to sell just because they knew it was going to be tough to get it sold. So that's still an interesting observation. Yeah.

Ben Harang (11:10)
and then buyers were reluctant to the interest rates. Yeah.

Clint C. Galliano (11:18)
All right, new pending listings. So this is listings that someone liked and wrote an offer on and the offer was accepted. Or as I like to refer to it, under contract. There were 91 properties that were put under contract in Terrebonne Parish in April. The median list price was $199,900.

median days in RPO was 33 days. So that's basically roughly about a month after they were listed, they're under contract. And the total volume that was put under contract in April was $23,965,225. That's up 32.5 % over March.

Ben Harang (11:56)
Mm-hmm.

Clint C. Galliano (12:11)
The median living area is 1606 square feet. That's down 3.8 % month over month. As far as median list price, even though there's some peaks and valleys, that's actually fairly steady across the board. As far as a trend that's hovering right around that $200,000 mark since April of 2020.

Ben Harang (12:29)
and

Clint C. Galliano (12:40)
It started below that in April, but for the most part, it's been staying right around that $200,000 mark.

Ben Harang (12:49)
Right.

Clint C. Galliano (12:54)
All right, total pending listings. There are 126 total pending listings. So those are properties that were listed that are under contract or someone wrote an offer on it and the offer was accepted. The median list price is $199,450. That's a 0.2 % month over month. Median days in RPR is 84.

So that's up a little bit from the new listings. And the total, go ahead.

Ben Harang (13:28)
And I think that's,

well, think that's, ⁓ shows properties that have been on the market longer that tried to get more money for them than the market is willing to pay. They saw the light, reduced the price and their property went under contract once it got close to the market price. So there it is. I'm saying it again, Clint.

Clint C. Galliano (13:53)
Yeah, almost getting ready to say that.

Ben Harang (13:56)
Yeah.

Clint C. Galliano (13:59)
So total volume is $31,104,075. That's up 9.3 % month over month. So that's telling me that there's actually more volume and more number of units going under contract total month over month.

Ben Harang (14:24)
it shows the health of the real estate market.

Clint C. Galliano (14:26)
Yep, it's not just all sitting there, it's actually there are properties transacting.

Ben Harang (14:35)
This one's interesting.

Clint C. Galliano (14:35)
Okay, sold

listings. There were 75 homes sold in the month of April in Terrebonne Parish. Median sold price was $195,000. That's up over March 5.4%. The number of properties is up 44.2 % month over month. The sold to list price is 97.41%. So, and that is...

That is probably typical for our overall market. So that's not bad either. And that's up 1.1 % over March. Median days in RPO are for the listings that sold is 92, which that's about average, I would say.

Ben Harang (15:08)
Mm-hmm.

That's about a month longer than Lafourche, but it's still not bad.

Clint C. Galliano (15:30)
Yeah, and that's probably average for the whole market, the total market for all the areas we cover. And total volume sold was $18,084,410. I always scramble that up when I say it. Let me try it again. We'll take it out in post. $18,084,410.

Ben Harang (15:51)
That's $18 million.

I think you ought lead that in there.

Clint C. Galliano (16:00)
and that's up 70.5

% month over month. So that means that March was a really slow month for closings.

Ben Harang (16:08)
And like I said in the LaFouche video, it looks like March there was more listing activity and there were more closings in April. So.

Clint C. Galliano (16:22)
And last is months of supply of inventory. And this goes a little bit more into the details and gives you a chart showing what that inventory looks like since April of 2020. And you can see how post-IDA we kind of hit that trough, but that it's more or less been steadily climbing since then.

Ben Harang (16:46)
and which tells me that if you're in the market to buy, ⁓ now's the time to buy, although the interest rates are somewhat elevated. If the house is on the market for this long or there's that much inventory, you have a better selection of property that you can choose from to buy. ⁓

and if you can accept the interest rate and the insurance rate, hopefully, I don't know about insurance, but at some point the interest rates will take a dip again so there's a chance to refinance ⁓ it. If you go in at a high ⁓ price and a low interest rate, you can't refinance the principal. You can only refinance the...

interest rate. So I think it's a remarkable time in Terrebonne Parish to to buy a house and there's a lot of buying opportunity in Terrebonne.

Clint C. Galliano (17:47)
Yep. All right. So that's the market update for Terrebonne. If you got any questions, you'd like some more details, ⁓ you're interested in buying or selling, contact Ben or myself. ⁓ If you like the podcast and want to see more, go to rerealestatepodcast.com.

Ben Harang (17:53)
Yeah.

Clint C. Galliano (18:16)
like, subscribe, comment, share, ask your questions at the link at the top where it says ask a question. ⁓ You can watch us on YouTube, you can watch us on Spotify, you can listen to us on pretty much any podcast app. You can subscribe to us there. We hope you enjoy it, share it with your friends. ⁓

Anything else to add, Ben?

Ben Harang (18:44)
think that's it. think we covered it. ⁓ I think this was a little shorter than Lafourche we learned. We don't want to bore you with all the details, but we kind of want to hit the highlights of give you an idea of what's going on in the market. And ⁓ from everything I'm seeing, the market is still healthy. So it's a good time to buy, it's a good time to sell. If you have any questions, call us, contact us, text, email, ⁓ send us a...

A message on rerealestatepodcast.com and we'll talk about you on a future podcast.

Clint C. Galliano (19:22)
Alright then, I think that's a wrap.

Ben Harang (19:24)
All right, enjoyed it. Have a good one.

Clint C. Galliano (19:28)
YouTube in.

Ben Harang (19:29)
Thanks.