Lake Charles Louisiana Real Estate Information
According to an industry report released in January, existing home sales have jumped 12% and rose sharply in December. This marks the fifth month of gains in the past six months and points to signs that the housing market truly is on the road to recovery.
According to the National Association of Realtors, previously owned homes climbed to an annual rate of 5.28 million from the 4.70 million recorded in November. The National Association of Realtors?, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. The December rate came in much higher than expected because of the home-buyer tax credit that had expired in June.
Lake Charles Homes and Real Estate in Louisiana has also seen an increase in sales even after the tax credit expired. With lower interest rates and more affordable housing consumers have and continue to take advantage of this affordability over renting.
The median price of all existing homes sold in December was $168,800, which was down 1% from a year ago. The inventory of homes currently on the market fell 4.2% in December to 3.56 million units available. In other words that is still enough inventory on the market for 8.1 months and is down from a 9.5 month supply recorded in November. Foreclosures, which accounted for two-thirds of the distressed sales share nationally, sold at a median discount of 15 percent in November, while short sales were discounted 10 percent in comparison with traditional home sales.
Since job growth will start to support many home-buyers this year in 2011, it is believed that there will be more home sales in 2011, this will reduce inventory and leave less choices for the home-buyer. Lake Charles, which is a friendly community located in the southwest corner of Louisiana and near the Texas line holds steady in both buyers, sellers and prices. Townhouses and condominiums can be found for sale starting at around $50,000 and ending at roughly $150,000. Single family homes with minimum of 1500 square feet start around $60,000 and run up to around $500,000 and more for estates with waterfront views.
The renewed vitality in Lake Charles real estate means diversity and affordability. Homes for sale in Lake Charles range from smaller homes in well established neighborhoods to both single family and new construction homes.
Because of the challenged Real Estate market, it is important to hire a Professional Real Estate Agent familiar with the process of short sales as well as foreclosures. Many good, affordable homes are being sold in this capacity and it is crucial to the success of your real estate transaction to have a knowledgeable and trustworthy Agent who will work hard for you. Even the smallest mistake in our current market can be the difference of owning the home of your dreams or losing that opportunity.
Real Estate in Lake Charles offers endless possibilities and can turn your dream of home ownership into a reality.
To help a friend save time and money when buying or selling a home…call my DEDICATED REFERRAL
HOTLINE 24 hour at (800) 660-5539 ext.4011 or visit http://www.HomesInLakeCharles.net
Smith Washington
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Coldwell Banker Gallery Real Estate
Lake Charles, Louisiana 70605
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