The graph above, (feel free to click to enlarge) illustrates a 3 year review of real estate activity for the City of Madisonville, South of I-12 and West of the Tchefuncta River. Major subdivisions in this area include; Arbor Walk, Black River Estates, Dominion, Tchefuncta Trace, Windermere, and many more. This graph tracks the number of new, active, and sold homes, as well the average sales price, on a month to month basis, from March 2007 to February 2010.
The first thing I notice is the number of active homes for sale, (green track), has steadily declined for almost 3 years. I would have to pull the numbers to be accurate, but from looking at this I would say the numbers are down almost 100 homes. A full 1/3 of the current market 2.5 years ago. Significant changes.
Looking further we see the average sales price of a home, (yellow track), in Madisonville is down almost 200K from 3 years ago. Yes the number has fluctuated greatly over the last 3 years, however the chart still reflects a steady decline in home values.
Lastly we are going to look at the number of new home listings, (red track), versus the number of sold homes, (blue track), at the same time. We see the number of new homes coming onto the market is higher than the number of sold homes, almost double early on in this timeline, (2007 and some of 2008). While the number of sold homes is mainly constant with a few small peaks. However as we follow the line closer to our present time, we see the tracks begin to merge, even juxtapose December of 2009. What scares me a little is the number of sold homes so far for 2010. Not to chide, but the track looks just above zero. A sharp decline, and the lowest 2 months in 3 years. A little foreboding if you ask me.
Well… please do not shoot the messenger. Madisonville is a beautiful place to live and the market will return in due time.
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Thank You
Marc Pellettiere
Mauti Meredith Scoggin
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