RE: Real Estate Podcast

Clint C. Galliano, REALTOR® (00:21)
Hey everybody. Welcome to another episode of the RE Real Estate Podcast. I'm one of your hosts, Clint Galliano, and I'm here with Ben Harang And today we're doing the final April market update and we're covering the city of Thibodaux How you doing, Ben?

Ben Harang, Realtor® (00:42)
Good afternoon, Clem. I'm doing terrific. How you doing?

Clint C. Galliano, REALTOR® (00:46)
I'm doing wonderful, So we already know what we talking about. ⁓ Why don't we just dig into it? why don't you fill some airtime while I get the screen shared.

Ben Harang, Realtor® (00:48)
Good. Good.

We do.

Okay.

Well, one thing people talk about the, know, they ask me, how's the market, you know, just, you know, my, my pat answer is it's always good. We always have something to do with busy. and until you look at the numbers, you can feel it. But then when you look at the numbers that we're about to look at, you can see it. ⁓ so it's, it's real. ⁓ tibetal, the market trends in tibetal.

We are squarely in a seller's market. Believe it or not. we only have just over four months of inventory. A balanced market is six months of inventory. ⁓ Lafourche is in a, ⁓ in, in almost a buyer's market and with a little over six months of inventory. Terrebonne Houma are in buyers markets.

Thibodaux by itself. ⁓ and when, when we say Thibodaux, Clint, we, we talking about, ⁓ municipal addresses of Thibodaux. So it's essentially North Lafourche. ⁓ so it's a, it's a big deal with, with the interest rate, with the insurance, with all the, the issues that everybody says we have, and we're squarely in a seller's market. So it's, it's interesting and Clint and I are going to go through the, the rest of the.

⁓ the slides and they have a quarter of a billion dollars in, I'm sorry, wrong. That's Clint can Cut that out or not. I misread the slide. I'm looking at $250,000 median sold price. My bad, my bad. ⁓ but we were talking about the, yeah. The, the, yeah. All right. Clint's Clint's could do me a favor. I think it lead that in there.

Clint C. Galliano, REALTOR® (02:44)
Okay.

I wish we had a quarter of a billion dollars.

Ben Harang, Realtor® (02:56)
Um, in the, um, list to sold price is 99.3%. So there's not a lot of negotiating being done with the current listings and then 51 days, um, on the market from list to close is very short, less than as a month in three weeks or a little over a month and a half actually. Um, so things happen quickly.

Clint C. Galliano, REALTOR® (02:57)
Or to know.

And that

99.3 % sold to list price, that's indicative of the seller's market also. That sellers have a little bit more control over, you know, it's like, well, if you don't buy it, somebody else will.

Ben Harang, Realtor® (03:40)
And I'm not sure how concessions are treated in these slides from RPR. But I know the new construction still has some incentives on it with some seller paid closing costs for the buyer and preferred interest rates and maybe some gutters and blinds if you, if yeah. So if you're interested in that contact Clint or myself and we'd be happy to.

Clint C. Galliano, REALTOR® (04:04)
refrigerators blinds and...

Ben Harang, Realtor® (04:11)
talk about the details of that because that's a lot of what's driving these numbers.

Clint C. Galliano, REALTOR® (04:16)
Yeah, the new construction stuff and I tell this to clients all the time. ⁓ If you're looking at the best bang for your buck right now, the new construction stuff in and around Thibodaux is where it's at because it's got the cheapest insurance and the best deals. And I hate for it to be a commercial for it, but I mean, ultimately from a financial perspective, it seems to be the better route to go.

Ben Harang, Realtor® (04:35)
⁓ I'll.

Well, you know, if you, if you're looking for a house, ⁓ you'll never buy the perfect house. You'll never build the perfect house, but there's some deals out there with some seller incentives that just go in and buy the house, ⁓ and make it your home and sit there for three to five to seven years while you make it your home and raise your family or live there, do whatever you want to do. And the market may level out and may not, you may stay there for an extended period of time.

You may decide you want to move out of down up. ⁓ but in the meantime, you're not paying somebody else's mortgage by renting and. Clinton, I can get you into a house for a lot less cash than. Renting an apartment or house, ⁓ with the first month's deposit and the, ⁓ the first month's rent and the deposit. ⁓ so financially, like Clint said, there's some deals out there that it's a no brainer.

just to go by the house and make it your home knowing it's not going to be perfect, but it sure will be comfortable. Okay, Clint, next.

Clint C. Galliano, REALTOR® (05:54)
Alright, man.

All right, so median estimated property value, again, this is ⁓ RPR data and this is automated valuation. But the key thing we want to look at is how the current market for Thibodaux which is the blue line here, compares to the rest of the state, which is yellow and is tracking fairly close.

and then Lafourche Parish, which is the orange line, which is a little bit lower, and then the national estimated values, which is way up here. So from a valuation point of view, know, this is commensurate with everything else that we've looked at from the market updates. We're sitting well below the national median values.

Ben Harang, Realtor® (06:38)
and... oi

Right.

Which means we're more, more affordable. Um, but about December of 16 is where the, the data really started becoming more accurate before that RPR really didn't have it. So the last nine years, eight or nine years, um, then you can see the, city, the parish and the, and the state kind of move, move along with each other. So those in my mind are more reliable numbers.

Okay, next up.

No new listings. Let's see if I can get, get my, get rid of the quarter of a billion dollars mistake. Uh, the median price on a new listings is just less than $236,000 new properties listed. A property is listed in April was $44,149 per square foot. Uh, and that's for living area.

a total of $2.6 million and not quite 1600 square feet of living area. the 44 is why we have the buyers, I'm sorry, the seller's market because we're selling them almost faster than we put them on the market.

Clint C. Galliano, REALTOR® (08:21)
And that total volume was 12.6 million.

Ben Harang, Realtor® (08:26)
what did I say?

Clint C. Galliano, REALTOR® (08:28)
2.0 million.

Ben Harang, Realtor® (08:29)
two point two point me okay that's close and you in my head it was twelve point six million i don't know what came out of my mouth ⁓ tend to do that on occasion

Clint C. Galliano, REALTOR® (08:38)
I do that all the time.

Hey, just ask my wife and kids. They look at me funny all the time.

All right, active listings. All right, so we just talked about new listings. So total active listings. So these are properties for sale. Whereas the new listings are the ones in the month of April that came on the market. This is the ones that total of what came on the market in April in addition to what was on the market prior to the month of April. Median list prices, 255,000.

which is fairly close to the new properties that came on the market. There's 154 total on the market. Median days is 66 days that they've been on the market. Median dollars per square foot based on living area is 152. And it was a total of just over $50 million of volume. So that's a total of the list price of all the properties listed.

And what's interesting about this chart is that it seems like the median price for the listings has been fairly steady since October of 22. It's dropped down a little bit, but it's been really kind of getting into 23, say about June or July. It's been sticking right around $250,000.

Ben Harang, Realtor® (10:00)
Mm-hmm.

Yeah, and the ⁓ we talked about median values versus average values. And the median is that the typical bell curve that you may or may not have learned about in school. And it's the peak of the bell curve where there's as many to the left and it's many to the right to develop the median price. So that's enough education, enough statistics.

Clint C. Galliano, REALTOR® (10:41)
Yep, we're not your math teachers.

Ben Harang, Realtor® (10:43)
Yeah

All right. The new pending listings. we, have 38 new pendings, new properties that went under properties that went under and went pending in April at just under $247,000. I said that right. think Clint, they were on the market for 31 days. ⁓ so they, those 38 properties were on the market for a median of 31 days before they went under contract. There's that $149.

per square foot again, and just under $11 million in total volume. And the price is kind of go up and down, but they kind of flatten out over time.

Clint C. Galliano, REALTOR® (11:31)
Yeah, thing about the pending listings, that means that somebody made an offer and the seller accepted the offer. And that happened in the month of April.

Ben Harang, Realtor® (11:42)
Mm-hmm.

Clint C. Galliano, REALTOR® (11:45)
All right, and total pending listings. So median list price for the total pending listings is $248,900. And so that's still really close to that $250,000 median list price. Total of 71 properties that are pending. So that includes the

Ben Harang, Realtor® (12:01)
Hmm.

Clint C. Galliano, REALTOR® (12:11)
number of new listings that went pending in April with the ones that were pending already going into April. Median days in RPR was 38 and again that $150 per square foot. That seems to be the median price for properties, price per square foot. And there's a total of just slightly over $21 million of pending volume.

And again, and I probably said this at least three or four times, that dollar volume is the total of the list price of all the properties.

Ben Harang, Realtor® (12:53)
That's the list price, not the price that they'll ultimately close.

Clint C. Galliano, REALTOR® (12:57)
Correct. Because we don't find that out unless we're involved in the deal. Just like we're not your real estate agents unless you have paperwork saying that we are.

Ben Harang, Realtor® (13:08)
We are real estate agents, but we're not your real estate agents unless you have paperwork to the contrary.

Clint C. Galliano, REALTOR® (13:16)
Yes indeed. Alright, sold listings. Take it away, Ben.

Ben Harang, Realtor® (13:22)
All right. The sold price is $251,000. So there's the 250 number again, 40 properties closed. The list to, so the list ratio is 99.25%. So not a lot of negotiating room. They want to market for only 51 days, which is just over a month and a half at $148 a square foot at 10.

$9 million. So just if you, if you remember, we listed 44 properties in April and we sold 40 properties in April. So that's only four more properties than we closed came on the market. So we're not increasing the inventory much at all. We're selling them as fast as the inventory's coming on the market, which another reason we're in a, in a sellers.

in a seller's market.

And I think let's go take.

Clint C. Galliano, REALTOR® (14:28)
Oh, that's,

yeah, take the last one. Last one is just a different way of looking at what we saw at the very beginning of the report, month supply of inventory. So you can see over time how the supply went down and then it came up and then it dipped again. then, and that's right around when the interest rates went nuts.

Ben Harang, Realtor® (14:55)
Mm-hmm.

Clint C. Galliano, REALTOR® (14:56)
Then it climbed back up had a slight dip and then came back up again as we had a little bit interest rate relief and then kind of calm down and For the moment it seems to be kind of leveling out but I For a couple of months ⁓ Actually a little bit more than a couple of months, but it's I think it's probably well, I can't say 100 % but I'd say

Ben Harang, Realtor® (15:10)
at about four months.

Clint C. Galliano, REALTOR® (15:26)
We're probably in a little bit more of a normal market right now. And this segment right here, the very end of the chart is probably indicative of that.

Ben Harang, Realtor® (15:36)
Yeah, and that brings the average of a month's supply of inventory to four for the last three or four months. So it kind of has leveled out at that four months of inventory.

Clint C. Galliano, REALTOR® (15:57)
So that's typical. ⁓ So we talk, well, you see in the news about the market, the real estate market, and they hype up all kinds of stuff. And a lot of what they're talking about is the national market, and that's influenced by major cities that have nothing to do with our market.

So we're talking about our markets and we started out talking with the parishes on a couple of episodes. We talked about Lafourche and Terrebonnes markets and then the major cities ⁓ in talking Houma and today Thibodaux on what's going on in those markets. So hopefully that gives you a better insight for.

an area that you're interested in, if you'd like to see a different area in our market because we do cover Lafourche, Terrebonne, Assumption, St. Mary, and parts of St. James Parish, and a slight part of Jefferson Parish if you'd like to see information on that.

let us know and we'll see about putting something together. But this is the majority of our market is the Lafourche Terrebonne market, Houma and Thibodaux So hopefully this gives you better insight. And if you like what you're seeing, know, give us a like, drop us a comment, share it with your friends, subscribe to the podcast, whether it's through a podcast app or on YouTube, any way you like.

You can get to all of that through or your real estate podcast.com. That's what's that been? Where is it at?

Ben Harang, Realtor® (17:44)
re

real estate podcast.com. That's twice.

Clint C. Galliano, REALTOR® (17:48)
That's right. That's RERealStatePodcast.com. All right.

Ben Harang, Realtor® (17:52)
Bingo.

All right. And one thing I want to mention, Clint, the, ⁓ the numbers in Thibodaux being a, being a seller's market, the numbers in Houma being a buyer's market. Don't forget that the numbers in Houma are larger than the numbers in Thibodaux because of the population. So we're still selling houses in Houma. we might be selling as many houses in Houma, but there are more houses that are sitting on a market in Houma. So just cause we're in a

In a buyer's market in Houma does not mean we are not selling properties in Houma because we are absolutely selling properties in Houma and Lafourche in Thibodaux in Terrebonne. they're, selling everywhere. So if you have something you need to listing and sell, don't be afraid to put it on the market. We'd like for you to call one of us, but whoever you, you call it's a, it's always a good time to buy and sell.

Clint C. Galliano, REALTOR® (18:49)
Yes indeed.

Ben Harang, Realtor® (18:51)
All right, commercial over Clint.

Clint C. Galliano, REALTOR® (18:55)
backslash rant. All right, thank you all for listening. ⁓ We'll have some more of you regularly scheduled programming coming out and we're gonna try and do these market updates. We do about four a month, ⁓ get them out. They're gonna be off of the normal cycle so they'll come out on a different day than the Friday. So keep an eye out for them.

We'll do the next one once, ⁓ probably not until after the first week of June, once May's numbers are compiled.

Ben Harang, Realtor® (19:34)
All right. Well, I appreciate it. Clint enjoyed it as always. Congratulations again. And I hope everybody has a great day.

Clint C. Galliano, REALTOR® (19:43)
Yes indeed. Another one in the can, Ben. See you later.

Ben Harang, Realtor® (19:47)
That is.

See ya.

Clint C. Galliano, REALTOR® (19:51)
Bye bye.