Gayle's Blog

People ask me that all the time. When you watch TV, you're sure to think that the housing market sucks, and that is true for some areas of the US. But, not all parts of the country are experiencing plunging real estate values. Certainly not here in Ouachita Parish.

Home sales in Ouachita Parish for May, 2009 were slightly down from May, 2008, but the local market is still very stable.   

For the first 5 months of 2009, local Realtors listed 733 homes and sold 443 at an average price of $148,052.  Buyers paid an average of 96% of list price for homes in the Parish. Homes stayed on the market for an average of 128 days. 

To compare the same period of Jan.-May, 2008, local Realtors listed 957 homes, sold 497.  The average selling price was $143,350 with homes staying on the market for an average 124 days. Sold prices were 96% of list price for this period of time as well. 

The figures for list vs. sold price are really important. People watch TV and think they can make a low offer on properties in the hopes that they will be able to get a good deal.  When you look at the average of 96%, buyers should be realistic and make a reasonable offer if they really want to buy the house. For instance, a house listed at $100,000 will not sell for $75,000 in Ouachita Parish. These statistics show that it will probably sell for more than $95,000.  

Let me remind you that the old adage "Real estate is LOCAL" applies here, too. Not only is the market in Ouachita Parish different from, say Clark County, Nevada, but parts of the Parish make up their own market. Each side of the river has its own hot market as well as less sellable areas.  

The best advice is to trust a real estate professional to interpret the market for you before you sell or buy your next home.

Gayle Causey
318-614-5615
http://GayleCausey.com or http://WestMonroeRealEstate.com
Keller Williams Realty
Monroe, LA USA