Choices in New Orleans homes decreasing
After hitting a high of over 6,000 properties for sale in mid-2000, inventory in New Orleans has dropped to just over 3,000 homes for sale as of March 2015.
Days on Market
Not only are there fewer choices in NOLA real estate, the homes that are available are selling faster. The average days on market in 2010 was 90. As of March 2015, that had dropped to 79.
While it would seem that 79 days gives buyers plenty of time to find the right home, the reality is that in some micro-neighborhoods, days on market is extremely low and buyers that don’t make an offer right away on a home that fits their needs often find themselves left out when the house goes under contract right away.
Over the last couple of weeks, we’ve seen multiple properties sell within days of listing. Not only are they moving fast, but owners are getting multiple offers to choose from, making it even harder for a buyer to know what to offer for a home in today’s market.
2014 average days to sell by Neighborhood
We expect that these numbers will be lower this year for select neighborhoods, since multiple offers are becoming the norm in some of them.
- Marigny/Bywater: 48 days
- Uptown New Orleans: 51 days
- Garden District: 51 days
- Lakeview: 57 days
- Mid City: 58 days
- Broadmoor: 59 days
- CBD/Warehouse District: 60 days
- Lakefront: 63 days
- French Quarter: 71 days
- Gentilly and UNO area: 86 days
- Algiers: 91 days
Need help buying or selling a New Orleans home? Give us a call at 504-327-5303 and we’ll help you create a plan to get it done quickly.