I was pulling up some charts for a conversation with a buyer who’s been talking about “waiting for prices to go down” when I came upon this one. This is the median sales price for all residential properties in Orleans Parish since January 2010: There are brief, small dips — they look more dramatic...
I spent some time with the November stats (I’m pretty crazy like that), and while the lack of inventory is getting all of the attention, the story of our real estate market is demand. Buyers are continuing to take advantage of these ridiculous interest rates and absorbing the new listings soon after they hit the...
“Your home is the biggest investment you’ll ever make.” Next to, “Location, location, location…” it’s the most overplayed, old-school real estate cliche there is. It’s also true for most of us, but it’s treated so differently than your other investments. If you have a 401K or any other investment account, you can log into your portal...
The October numbers were finally made available, and this seller’s market is getting even more so. The median sold price in Orleans Parish hit an all-time high of $325,000. Here’s a look at prices over the last 5 years. While the median sold price hit a new high, the median days on market hit...
Covid, shmovid. Thanks to historically low interest rates, there are lots of buyers in the New Orleans market. Thanks to a historically low number of homes for sale, the competition is fierce, especially at the lower price points. Escalation clauses, rarely seen here, are now showing up in offers. Once again, this movement is taking...
*exaggeration, but not much of one This month’s numbers tell a tale of two markets in New Orleans. The market for detached homes in the city is on fire. August ended with the lowest number of single family homes for sale in New Orleans since June 2006. At the same time, demand is...
My apologies in advance if it sounds like this post was written by the love child of Debbie Downer and The Prince of Darkness. I’m normally a glass-half-full kind of guy, but there’s not enough lipstick to put on this pig. The New Orleans rental market is about to take a big hit for everybody...
Remember vacations? Pleasure trips? Traveling for fun? That was cool. Good times. I just wanted to remind you. That’s it. Seacrest out. I kid, but the trickle of tourists making their way back to the Quarter got me thinking. At some point in your life, you must have been on vacation and thought to...
In July, the median sales price for a home in New Orleans was $315,000. That beats the previous record set only 3 months ago, so this is no fluke. So far this year, prices are up 6.3% compared to the first 7 months of 2019. It took 24 days to get a home under contract...
That’s a question I always ask my buyers during our first meeting. It’s an awkward word but a great way to find out where the center of our search circle will be. About 90% of the time, that answer is work-related, and the radius of that search circle depends on the buyer’s definition of an...
