In his latest housing report, Steven Hebert says existing and new home sales are robust and predicts a market shift is under way. Coldwell Banker Pelican Real Estate Chief Operating Officer Steven Hebert says for the first time since the fall of 2007, "there is wind at the back of the local real estate market."
Through the end of May, the number of homes sold in Lafayette Parish is up by 18 percent, 1,017 for this year compared to only 861 for the same period last year, Hebert notes in his May report. "We have had a ton of new listings come on the market to greet this new activity, so while active inventory is down a bit, it's not down as much as you'd expect - 1,150 homes on the market now compared to 1,220 this time last year."
Hebert says new home construction is also on the upswing. Through May, there were 518 permits pulled for the construction of new homes in Lafayette Parish, compared to 366 last year.
Read Hebert's May market report and view his video here.