RE: Real Estate Podcast

Clint C. Galliano, REALTOR® (00:14)
Hey everybody, welcome to another episode of the RE Real Estate Podcast. We're doing the September market update. Hey Ben, how you doing?

Ben Harang, REALTOR® (00:25)
Clint, good afternoon, man. I'm doing terrific. How you doing?

Clint C. Galliano, REALTOR® (00:28)
I'm doing wonderful man had a closing yesterday missed team meeting. Unfortunately, I heard the population was scarce.

Ben Harang, REALTOR® (00:38)
Good reason as any to miss team meeting. Go to our closing.

Clint C. Galliano, REALTOR® (00:41)
That's right,

indeed. And speaking of closings, let's talk some numbers. I'm going to go ahead and share these.

these numbers for the Bayou Board for September.

Ben Harang, REALTOR® (00:53)
Alright things look like they looking up Clint. know we've been talking about this and things seem to be dragging and hopefully things have bottomed out. September and this is the Bayou Board of Realtors through September of 2025 new listings are up 32 % pending sales are up 32%.

Closings up 20 % which is a good thing. Days on the market are down 10%. Median sale price is down $2,000 to $222,000. The average sales price is down 4 % from $241,000 to $230,000.

The affordability, housing affordability index is about the same. And months of inventory, which is how we kind of gauge the market, is pretty flat. It went from 7.5 to 7.6 months, with six months being an equilibrium, which we consider a balanced market. So we're still about a month and a half.

of inventory towards a buyer's market overall as the buy board. New listings through September of 1782 versus 1665 through September of 2024. That's a 7 % increase which is good. We had a 32 % increase in listings.

in the month of September over last year from 131 to 173. So that's a good sign. In closed sales, we closed

20 % more, 139 versus 116 last year for the month of September and we are up 7.7 % for the year at 1124 versus 1044 in 2024 through September. So that is the highlights of the Bayou Board of Realtors.

and it just there's no guarantee yet like Clint said two of them don't determine a trend but we certainly headed in the in right direction.

Clint C. Galliano, REALTOR® (03:21)
Yeah, so and to kind of, I guess, flesh that out a little bit more, ⁓ we're definitely in a better market than we were last year. The year to date and ⁓ year over year numbers for the month ⁓ definitely indicate that. ⁓

Year over year numbers, ⁓ can't really say on days on market. ⁓ Year to date, ⁓ days on market is higher. But year over year for the month of September, days on market is down. So not quite sure what that's telling us. ⁓ Median and average sales prices are down, ⁓ which

that goes with just the market being slower overall.

There's no, there's nothing or no pressure pushing up pricing on anything. I would say that would be the main thing that's driving that. ⁓ Though the average sales price year to date is up by a couple of thousand dollars. mean, that's kind of a minuscule change. So you could probably say that's steady and ultimately that's going to depend on what those sales was actually made of. There could have been a big sale that kind of

canceled out a whole bunch of small sales.

⁓ Overall, I like that ⁓ the inventory is holding steady across the board area. ⁓ That's all four parishes plus parts of a couple of other parishes. ⁓ The market is looking good. ⁓ If it continues in this direction, we've got

sellers wanting to sell and I think think one of the bigger things impacting it is that with interest rates moderating down from where they were last year that's probably the biggest thing impacting what we're seeing here in these numbers for year over year.

Ben Harang, REALTOR® (05:43)
Yeah, and as the interest rates go down, more buyers get into the market. And as more buyers get into the market, there's more pressure on the listings that are available. So as we get into a better market, the market gets better, and then we get into a better market, and then it gets better. So it's kind of a self-fulfilling prophecy.

Clint C. Galliano, REALTOR® (06:06)
All right. Next, we're going to do check on Houma inventory.

I'll just let you talk while I'm pulling it up.

Ben Harang, REALTOR® (06:15)
I'm to

talk about the weather. The weather's been cool and crisp in my walks in the morning. ⁓ It's not raining. It's sun shining. What else do want me to talk about, It is. The air conditioning inside is working so it's not too warm.

Clint C. Galliano, REALTOR® (06:19)
you

It's nice. It's nice.

All right, so main things we want to look at ⁓ is the inventory for Houma. And this is sales or the market for the city of Houma.

Inventory is down 6.5%. It's ⁓

⁓

Last month it was 7.7 and that was down a little bit from the month before, about a percent down from ⁓ July. we like, you know, it caused me to say two points don't a trend make, but we've got two months of declining inventory for Houma So that's a good sign. ⁓ Sold to list prices up just about a percent.

95.6. Median days is up. looks like across the board, pretty much everything is taking a little longer to get sold. And we had a decent size jump in the median sold price. And again, that's, you know, like we said on on the overall board numbers that can be impacted by what the sales were composed of.

but we're at 236,750 and that's 15.5 % increase month over month. We're at 205,000 last month for Houma. So overall, we're at the, I guess you could say at the bottom end of a buyer's market and not the bottom meaning it's the end of a buyer's market, but just on the lower end of a buyer's market. And seems to be trending towards a

Ben Harang, REALTOR® (08:14)
And it should be.

Clint C. Galliano, REALTOR® (08:18)
more of a balanced market.

Ben Harang, REALTOR® (08:19)
Yeah, it should be. If the trend continues, we should get back to a balanced market ⁓ by board wide within those four parishes of Lafourche, Terrebonne, Assumption, St. Mary and pieces of St. James and Jefferson.

Clint C. Galliano, REALTOR® (08:39)
Yeah. Something else I wanted to add to this. ⁓ yeah. So these are what's going on in the local market. So our market is not what you see in the news. The news focuses on California, New York, Florida, real estate. ⁓

they don't necessarily focus on our market. And so things that are going on in markets that make the national news, for the most part, doesn't reflect what our local market is. ⁓ I was listening to a podcast this morning and they were talking about how ⁓ inventory is dropping. That seems to be the trend. Well, inventory is dropping a little bit, but it's not.

in the way that they were talking about. ⁓ that's why we bring you the local numbers. All right, next we're going to talk about Thibodaux and now I'm going to let Ben talk.

Ben Harang, REALTOR® (09:43)
now can talk about some numbers clint you can let me talk about some numbers this time alright alright we gotta have fun doing this right? ⁓ okay well i'm looking at it on my screen i understand i understand the weather's still nice clint ⁓ alright looks like you got it up ⁓ alright ⁓

Clint C. Galliano, REALTOR® (09:47)
You

Yeah, let me get it up on the screen first before you... I understand, but we've got to let everybody else see it.

⁓ yeah. ⁓

Ben Harang, REALTOR® (10:13)
The months of inventory, Thibodaux is in it squarely ⁓ in a seller's market ⁓ at 4.09 months of inventory. And we keep saying that and I'm gonna repeat what that is. That's taken the number of active listings we have. ⁓

at the end of the month and divided by the number of units we sold during that month and that's how many months we have to sell out the current inventory. ⁓ So that went up a little bit. Six, if you look, the balance market is six months of inventory. We're ⁓ almost two months less than that.

the 96.6 % sold to list price is down a little over a percent that fluctuates in that 96 to 97 percent range. The median days on the market

64 which is pretty quick and This is saying it went up 30 % Clint. might have a an idea what that is, but that'd be a 15 % increase 15 day increase Okay So again, that's that's a couple of houses so right when they will put on the market

Clint C. Galliano, REALTOR® (11:24)
Yeah, I was at 49 last month.

Ben Harang, REALTOR® (11:36)
and the median sold price is $235k, which is down 17%. But again, that doesn't mean everything went down. We probably had some higher price houses sell last year in September.

Clint C. Galliano, REALTOR® (11:55)
Yeah, and

we had discussed, and this is actually month over month, so then we had discussed about how the median sole price last month was almost $288,000, and that there must have been a high-priced property that sold, that accommodated or accounted for that number, because that was almost 20 % up on the median sole price. So this is dropping back to baseline, because this is the more consistent number, right?

Ben Harang, REALTOR® (12:18)
Right. Back to 230, 235 is kind of where we

sit. So it's interesting from when we look at the board wide numbers, we're in a.

a buyer's market. then when we look at different pockets within the board, some are very similar to the board, some have a more into a seller's market, places like Thibodaux are more into a Seller's market because of the demand. And like Clint and I have been saying, it's in our mind, it has everything to do with the cost of insurance, both.

homeowners and flood insurance. ⁓ Terrebonne adopted the new maps, the new flood maps, risk rating 2.0. had ⁓ property that would not in special flood hazard zones.

⁓ in in Thibodaux just seems to be in a bubble because we have some elevation we have fewer properties in special flood hazard zones that require flood insurance i think is a direct reflection of the difference in the numbers and that 70301 zip code then the rest of the Bayou Board

Clint C. Galliano, REALTOR® (13:38)
Yeah, I agree. It's, it's where everybody wants to move to, you know. After Hurricane Katrina, ⁓ everybody from Lower Terrebonne Parish was moving to my neighborhood because they wanted to move up the bayou as I, ⁓ my grandparents used to say to save themselves from the storms. and so, you know, we're just...

seeing that happen again since Ida except now instead of moving to Houma everybody's wanting to move to Thibodaux

Ben Harang, REALTOR® (14:11)
Yeah, and you know, talking about Katrina, I remember things had slowed down right before Katrina in the real estate business. And I remember sitting on a Jackson Street Bridge in Thibodaux I just had a conversation with a good friend of mine who's passed away since. And she used to say she's gonna get a job at Piccadilly. ⁓

and get out of this crazy business and I'm crossing the bridge sitting at the traffic light thinking, know, it's been a good run. I've been doing this for 11 years at that point. You know, it might be time to go do something else. about a month and a half later, Katrina came and rocked everybody's world, changed everybody's world. And things have been...

rolling ever since. So the ebb and flow of the market, the real estate market absolutely goes up and down, but over time it goes up. So you need to make a move when the time's right for you. And with that Clint, I think we wrapped up the numbers.

Clint C. Galliano, REALTOR® (15:21)
That is the numbers. right. Appreciate it if you'd like, comment, share, and subscribe. Go to RE Real Estate Podcast. You can go there, watch videos, listen to the episodes in the browser, subscribe in your favorite podcast app. You can also go to RERealEstatePodcast.com slash ask a question.

and you can ask us a question and we'll answer it on a future episode. All right, Ben.

Ben Harang, REALTOR® (15:50)
Absolutely. right.

Have a good one, Clint. See you.

Clint C. Galliano, REALTOR® (15:55)
You too, ⁓