The number of sales in Orleans Parish in May was the lowest in five years. We expected a rebound in June and we got one. Closed sales almost doubled from May to a number only 5% off where we were last year. Considering the current circumstances, that’s pretty amazing.
We know buyers are out there doing their thing, but they have 10% fewer homes to choose from. That’s been the case the last three months, since the COVID-19 restrictions kicked in. Normally, when we have strong demand and low supply, sale prices increase. Overall, we’re seeing prices remain pretty steady, down only slightly from last year. However, condos continue to be the part of the market that has suffered the most from the pandemic. In June of last year, the median price of a condo sold was $305,000. This June, it was $258,000. Ouch. Out-of-town buyers are a big part of the condo market. People aren’t traveling, so condo sales are suffering.
One last thing stuck out in this month’s stats — the average asking price per square foot. It set a record at $236/s.f.. It seems like an odd time for sellers to start reaching for the stars, but we in the market are seeing a lot of activity right now. The good properties are getting snatched up quickly and inventory is low, so asking prices are reflecting this short-term trend. We’ll start seeing next month if sale prices follow suit.