The actual property market in St. Charles Parish remained favorable for each patrons and sellers within the face of the coronavirus pandemic in 2020, and now the numbers are in on how the market fared in 2021 and outlooks are optimistic on what 2022 will ship.
There have been 438 parish houses offered by realtors in 2021. Costs ranged from $40,000 – $735,000, with the common gross sales worth at $250,000. The typical worth per sq. foot of residing space was $140.
Regina Allemand, a realtor with Latter & Blum, stated final 12 months houses offered inside 1% of the listing worth and there have been 31 listed new constructions that offered with costs starting from $224,000 to $525,000. They averaged $180 per sq. ft.
“The St. Charles Parish actual property market has continued to be regular contemplating our obstacles of COVID and Hurricane Ida,” Allemand stated. “Restoration has been slower than anticipated by many householders who hope to have had their houses in the marketplace by the beginning of 2022. Houses have come in the marketplace with repairs nonetheless pending – a number of approaching gutted and diminished pricing.”
Allemand stated pricing has come to a plateau from the aggressive rise in house pricing within the spring and summer time months of 2021.
“This was reflective of the low rates of interest and lack of stock pushing the costs for houses greater,” Allemand stated. “Hurricane Ida blew in and blew this unprecedented market uptick away. Most of the pent-up patrons who have been not noted pre-Ida had a distinct market to have a look at.”
Allemand stated patrons who used reserved house shopping for funds for evacuation and for repairs on their private properties and belongings now have much less cash for down funds and shutting prices.
“Coupled with a rise of COVID circumstances and job safety from the damages of Ida has left the market in an uncharted territory of gross sales costs,” Allemand stated. “Properties are coming in the marketplace and promoting many with a number of provides. As soon as once more patrons are experiencing a sellers market, as was in pre-Ida. With the forecast of rates of interest rising – it turns into extra aggressive to seek out simply the appropriate house now.”
Wendy Benedetto, one other Latter & Blum realtor, agreed.
“Rates of interest are transferring up,” Benedetto stated. “Whereas I simply closed a sale at a 2.75% charge, we have been additionally simply quoted a 3.25% and will proceed to rise … (however) houses are promoting sooner than ever because of the quantity of houses on the market being low in stock and patrons prepared to purchase.”
She stated present market points contain residents making an attempt to place their houses again collectively following Hurricane Ida, combating with insurance coverage adjusters and ready on solutions.
“One other challenge we may face is … those that lived in a non-flood zone and didn’t have flood insurance coverage … it may value patrons an exorbitant amount of cash to acquire (flood insurance coverage), inflicting houses to not promote rapidly,” Benedetto stated. “Nevertheless, these houses do nonetheless promote. Houses that have been hit with IDA could come in the marketplace … most shall be redone and be extra engaging to patrons, however I really feel patrons are going to be very aware to how repairs have been carried out and anticipate to see receipts. Endurance will have to be current when constructing or buying a house.”
Benedetto remained optimistic in regards to the long-term outlook of the native actual property market.
“All in all we’re going to be wonderful,” she stated. “We nonetheless have top-rated colleges and low crime. St. Charles Parish has heaps to supply. We’ve the very best actual property brokers regionally that know tips on how to characterize our group. We have been hit arduous from Ida, however I do see a comeback.”