RE: Real Estate Podcast

Clint C. Galliano, REALTOR® (00:14)
Hey everybody, welcome to another episode of the R.E. Real Estate Podcast. We're back here with you for another market update for the month of August. Hey Ben, how you doing?

Ben Harang, REALTOR® (00:27)
Clint I'm doing terrific today, man. How you doing?

Clint C. Galliano, REALTOR® (00:30)
I'm doing wonderful, Ben.

Ben Harang, REALTOR® (00:32)
Good, good. got a, you got a purple shirt on today instead of your typical black.

Clint C. Galliano, REALTOR® (00:37)
Yep.

I'm repping the spirit of Northwestern Band

Ben Harang, REALTOR® (00:42)
There you

go. There you go. Where your daughters go to school. That's good. That's good. What were we talking about today?

Clint C. Galliano, REALTOR® (00:47)
Yep.

We are going to be talking about our market update. We're going to be covering the market update for the Bayou Border realtors that we get from Louisiana realtors. Then we're going to be talking about individual markets for Houma and Thibodaux as far as what the inventory looks like.

Ben Harang, REALTOR® (01:11)
Okay. That sounds like a plan. The market in general is still strong, depending on where in the market you are, ⁓ depends on how strong it is. here are ⁓ the numbers for the entire buyer board of realtors. The new listings are about the same for August of 25 versus 24. ⁓ The pending sales are up a little bit.

140 versus 127 last year the closed sales are up at 136 versus 120 for August and the days on the market until the sale are also up by almost 30 days 101 to 74 the median sale price has come down from 226 to 212 the average sales price it also also came down from 242 to 236

The percent of list price received is about the same at about 96.5. The Housing Affordability Index went up a little bit.

Inventory of houses for sale went from 863 last year to 911 this year. And inventory on the market, if we don't list anything else, is 7.7 months to sell it out versus 7.7 versus 7.6 last year. So that's about the same. So generally, the market is significantly similar to last year. The values have come down somewhat.

⁓ And those could be real numbers, those could be just ⁓ the price of the different houses that we've sold. So I wouldn't read a whole lot into that right now. If we see the trend continue, then it's probably real. So.

Clint C. Galliano, REALTOR® (03:07)
Yeah. And so we'll be checking in every month with the update and let you know how it's looking. But overall, kind of, it kind of tracks. The majority of the sale is made up by Houma and Thibodaux, could say the majority of the numbers for the area. While we do cover St. Mary Parish, Assumption Parish, Lafourche, Terrebonne, and parts of

⁓ St. James and Jefferson Parish for Grand Isle & Vacherie ⁓ The most part, Houma and Thibodaux make up the majority of the numbers you see here. ⁓ everything else is kind of what balances out those numbers.

Ben Harang, REALTOR® (03:50)
Right.

Yeah, there shouldn't be a spike if we have a big house that sells maybe. If we have a million dollar type house that sells, it'll skew the numbers a little bit one month and then they'll come back down the next month. It looks like the market's changing, but not necessarily. So we just look at it over time. And I just hit the August versus August. I did not hit the year over year. We had it up there on screen for a minute and it's significantly the same to month over month.

Clint C. Galliano, REALTOR® (04:25)
All right, next we're going to look at Houma and I'll cover that. All right, so for August, Houma is still squarely in a buyer's market, though it did drop almost a percent from last month, where it's 7.7 months of inventory.

And again, the months of inventory is if no new listings hit the market, it would take seven months at the rate that it's homes are selling right now to get rid of all the inventory in the market. ⁓ The sold to list price is 94.7%. That's a little drop. So that means that

the discount has increased a little bit in Houma. ⁓ It was a little higher, it's dropped a little bit over almost a one and a quarter percent. ⁓ So that gives you an indication that sellers are ready to sell in Houma ⁓ Median days is 68 % and that's up almost 75%. So that's taking a little bit longer to get those sold. And the median sold price is $205,000.

Ben Harang, REALTOR® (05:14)
Mm-hmm.

Clint C. Galliano, REALTOR® (05:40)
And that's almost 8 and 1 percent. So squarely a buyer's market, ⁓ lots of opportunity in the Houma area. So something to check out if you're looking for Houma.

Ben Harang, REALTOR® (05:55)
And as interest rates continue to decline, there'll be more competition among buyers. So they're talking about a rate cut in the near future with maybe two more this year. And every time they reduce it a quarter point, there are more and more buyers that get into the market. So if you're thinking about it, the sooner you get into the market, the better off you're to be.

Clint C. Galliano, REALTOR® (06:20)
And we just had a rate cut last week on the Fed funds, right? So, but we already had those mortgage rates kind of priced in. So They're predicting

Ben Harang, REALTOR® (06:28)
right this

Clint C. Galliano, REALTOR® (06:31)
50 basis points cuts on by the end of the year that they're planning on doing so.

Ben Harang, REALTOR® (06:38)
That's

what they're now. see if that actually happens.

Clint C. Galliano, REALTOR® (06:41)
Yeah, they started out the year saying they were doing six, two years in a row and we didn't see nothing.

Ben Harang, REALTOR® (06:44)
Right.

Date the rate didn't age well. I was never a fan of that. But next up.

Clint C. Galliano, REALTOR® (06:52)
by the house date, the rate. Yeah.

All right, I'm gonna set

you up for Thibodaux ⁓

Ben Harang, REALTOR® (07:06)
Okay.

⁓ it's crazy that Houma & Thibodaux or, ⁓ 12 miles apart and, ⁓ you know, they, people, people that know me understand my world is, is Thibodaux and surrounding areas. and it's not that I'm biased, although I probably am. ⁓ the market in Thibodaux is significantly stronger right now than in, in Houma.

And that has everything to do with flood insurance, not necessarily the location or the quality of life or anything else. It's ⁓ a lot more of Terrebonne Parish is in a special flood hazard risk area where flood insurance is required than Lafourche. What Lafourche has the advantage of is the new maps have not been accepted. ⁓ Now what happens when new maps are accepted is anybody's guess. But just some

Key details about the Thibodaux market, the months of inventory is 4.03, just over four months to sell it out. Whereas, as Houma is 7.7 months, almost half as much inventory in Thibodaux as Houma. Anything below six in that number is considered to be a seller's market.

The sold to list price is 98 % versus 94 % in Houma. Another indication, median days on the market is about 20 days shorter from 68 to 49 days. And the median sold price, I'm not sure where this one comes from, but $287,000 is not where we are in the market. There had to be a couple of big houses sold in the last month to...

to skew it that much. went up almost 20 % in August over July, and we never get a 20 % increase from one month to the next. So that was just a matter of the market is a lot smaller in Thibodaux than it is in Houma So one sale either way will skew the numbers. So, but at the end of the day, Thibodaux's real estate market is strong. ⁓

Interest rates affect everybody regardless where you are nationwide. The insurance affects everybody. It affects us more here in South Louisiana than most. Insurance affects Thibodaux less than it affects Houma. Insurance companies rather write policies in Thibodaux than some places in Houma-Tarabon Parish. So it's just two different markets even though we are

literally 12 miles apart.

Clint C. Galliano, REALTOR® (10:00)
Yeah, it's a crazy thing.

Ben Harang, REALTOR® (10:02)
It is.

Clint C. Galliano, REALTOR® (10:03)
All right. Well, that's it for your August market update. That's what the markets look like. If you've got any questions, don't hesitate to reach out to us. ⁓ You can find all of our contact info at RERealEstatePodcast.com. You can ask a question directly on the website that will hopefully answer on the podcast. You can watch YouTube videos. You can subscribe with your favorite podcast app or just

watch or listen to the podcast directly on the website. All right, Ben, another one in the can.

Ben Harang, REALTOR® (10:39)
All right, Clint, good seeing you today, man. We'll do it again.

Clint C. Galliano, REALTOR® (10:42)
Yes, indeed. Peace out, man.

Ben Harang, REALTOR® (10:43)
Have a good one.