I trust you are all now in full Mardi Gras / Super Bowl spirit after festive Holidays in New Orleans
I haven't reported the statistics lately so thought I would start out the year with the Market Snapshot for the last 3 months and all of 2012.
Data is taken directly from the MLS. For our purposes we are looking at 3 bedroom 2 bath homes in the Historic areas of New Orleans and comparing to all of New Orleans.
I would like to digress for a moment first...I would like to make it clear that I work out of the uptown office of Keller Williams and so generally focus my reports on the Uptown/Garden District. areas.
I work all over New Orleans, Metairie, Lakeview (a lot), Lakeshore, Kenner, The Warehouse District (where I live) and the French Quarter. I am very familiar with all of these areas and can give you information about these areas as well sell your current home or find you a new one. So don't think that just because I send out the historic district information that I do not work in other areas.
So now for the Market Snapshot....
PAST 3 MONTHS PAST 12 MONTHS
Historic Areas All New Orleans Historic Areas All New Orleans
Median Price Sold $345,000 $256,500 $357,000 $262,750
Average Days on Market 39.56 68.29 54.53 76.95
Homes Sold 41 108 281 664
Absorption Rate 4 months 6.3 months 3.1 months 6.3 months
%Homes expected to sell in 3 months 75% 48% 96% 48%
% Homes expected to sell in the Avg. DOM 33% 36% 58% 41%
Folks this is a pretty strong sellers market!
We think that the prices have dropped slightly in this 3 bed 2 bath market as a reflection of the number of homes that are being bought at lower prices and renovated. We are seeing a ton of renovation in the Irish Channel and lower Garden District. This is really turning neighborhoods around and we believe will be making properties in those areas more valuable in the years to come.
Still if you want to live right by Audubon Park you are going to pay top dollar;).
As always, if you have questions or would like more information if you do not live in New Orleans or the Historic areas please be in touch.
Keller Williams Realty New Orleans
8601 Leake Ave.
New Orleans, La. 70118 USA
Each Office Independently Owned & Operated
Broker & Associate Licensed by the State of Louisiana