Broadmoor New Orleans Real Estate
Things are changing in the Broadmoor New Orleans real estate market.
The number of single family homes sold was up 10% in 2016, with a total of 70 homes sold last year. But that didn’t translate into higher sales prices. The median sold price in 2016 was $285,000, down from $299,000 in 2015. Those prices have held steady through February of this year.
The inventory story
After spending most of 2016 in a seller’s market, Broadmoor inventory shifted upward in the 4th quarter. At the end of February 2017, there was an 11 month supply of homes for sale. It may be the traditional slow start to our year, but it’s worth keeping an eye on through spring.
The multi-family market is a bit different
Not only are the number of units sold up, but median sales prices are on the rise. As of December 2016, the median price was $245,550 – up substantially from the 2015 median of $171,000. Watch for changes though, as multi-family inventory has been on the rise in the 1st quarter of 2017.