New Orleans Condo Sales Update
It’s been a wild ride for condos in the heart of New Orleans. The CBD, Warehouse District, and French Quarter are the most active areas for New Orleans condo sales, so we’re taking a look at the sales trends in each of them.
Central Business District (CBD)
Prices peaked in in the CBD in 2014, and have been steadily declining over the last 3 years as more and more buyers showed up to grab the relatively affordably priced units. The luxury rental market has definitely put a dent in the number of buyers flocking to Canal Street and the surrounding area.
Things got crazy in 2015, when median sales prices for Warehouse District condos shot up significantly, but they’ve been sliding down for the last 2 years. 2017 is likely to end with not just lower prices, but about 30% fewer units sold.
PRO TIP FOR OWNERS: The rental market is still steady in the Warehouse District. If selling would put you upside down, you might consider using your unit as an investment until you can recoup some of your equity. We’re happy to offer leasing services to tide you over.
The French Quarter is the only one of these 3 neighborhoods that continues to see increasing median sales prices. The downside is that fewer units are being sold and inventory is hovering around 9-12 months, a definite buyers market, despite the rising cost to purchase.
Insider tip: Why is inventory so high? The gossip on the street is that some of the condos on the market now were previously being used for short term rentals. The city’s enforcement crackdown has led some out of state owners to decide that selling is in their best interest now. Take the money and run, just not quickly with all of the competition.