One of the best ways to track sales trends in real estate is to keep an eye on the number of pending sales in an area.
Looking back over the last 3 years (2011 through 2014), pending sales of single family homes and condos in New Orleans have risen by over 32%.
In 2014, under contract homes and condos increased by 5.9%, so while some people are speculating that there is a bubble that is going to burst in the New Orleans area, 6% growth is not an indicator that we’re on our way to an imminent downturn.
Are we seeing higher prices? Absolutely. Median prices for the same 2011-2014 time frame rose by 18.1%. But an average 6% per year increase shouldn’t lead to bubble talk.
Is there more competition for some properties? Definitely. When you see “The One”, hesitation can cost you. It’s a firm seller’s market in multiple neighborhoods, so being prepared to make an offer is crucial to winning the home of your dreams or the right investment property.
Do you need information on what’s happening in your New Orleans neighborhood? Get a free online report of sales here or contact us at 504-327-5303 for a customized report based on the details of your home.