St Tammany Real Estate Market Update August 2016

Turner Real Estate Group

Transcript: Hey, Wayne Turner here. I hope you're having a wonderful day. It's, the weather's out, it's hot, but it's really nice out. So having a lot of rain, we all know that. But just want to give you a quick update on the real estate market here on the North Shore.

Um, St. Tammany specific is what I'm talking about right now. The average time that a house is selling is 13 days faster than it was last year. Last year it was 76 days, year-to-date, this time last year. Now it's 63 days. So if you put a home on the market, the average time that it's going to take to sell it right now in St. Tammany Parish is 63 days. Now the average sales price right now is 241,300. Last year at this same time it was 237,200. So, a few thousand dollars increase, which is good. That equates to 2 percent. So if somebody says, "Wayne, how is the real estate market, is it up?", it is up. It's up 2 percent. So if you own a 200,000 dollar home, your home value is up 2 percent, you're looking at 4000 dollars.

As far as the number of homes that have closed this year as opposed to last year, there's been 216 more homes closed this year as opposed to this same time last year, year-to-date, so that's around 5 percent. So there's the home sale rate is up 5 percent, the home values are up 2 percent. And to kind of give you an idea, inventory is down about 3 1/2 percent. So it kind of gives you an idea. More people buying houses. There's a, there's a little lack of inventory. We're shifting towards a sellers' market. So just to kind of give you an idea if, if you're looking to sell, or you just want an idea of what your home is worth, you can go to nolahomevalues.com. Once again, that's nolahomevalues.com. It's a free service that I provide, some really cool new technology where you can just simply put in your property address and your information and it will literally within about 60 seconds it's going to give you everything that's in your community, what's sold, what's active for sale, what's been on the market that didn't sell, which is a new feature. So you can actually see what they were trying to sell a home for and then didn't sell, so those what they call expired listings.

So anyway, hope this helps you. Hope you're having a wonderful day. Call us if you will need us. Once again, nolahomevalues.com. I'm Wayne Turner. You can reach us at 985-626-1313, and you can always find us on Facebook at Turner Real Estate. Hope you're having a good day. We'll see you. Enjoy your weekend.