Somebody get Wolf Blitzer. We have breaking news. Buyer demand in March spiked to record levels, with more pending sales in Orleans Parish than we’ve seen in any prior month. Here’s how March pending sales numbers look compared to the last ten years. If you throw 2020 out as a COVID outlier, April sees the...
In January, the median price of a home in Orleans Parish dropped for the third month in a row. I’d posted that it looked like the market might be catching its breath. Well, it took off running again in February. The median price bounced all the way up to $324,000, wiping out the previous months’...
When I walked in the front door to talk with the owner about listing this incredible property in the 7th Ward, I just about passed out. Just press the play button and you’ll understand. The Bernard Villa, as it’s called, began in the 1860s as a citrus plantation. It’s a classic, double-parlored center hall with...
These stats reports have sounded like a broken record. Inventory is historically low, demand is high and prices keep going up. In January, the record keeps on skipping when it comes to inventory and demand. But when it comes to prices, it looks like the market is finally catching its breath. Once again, the number...
The biggest real estate story of 2020 was the lack of inventory all over the country. New Orleans certainly played its part, with new listings off only slightly from 2019, and a surge of buyer demand gobbling them all up. But as challenging as things are for buyers in Orleans Parish, they’re exponentially more difficult...
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...
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...
I love that searching for homes in New Orleans leads to so many, “What the…?” moments. For instance, I was looking through Algiers Point and saw a $750,000 listing close to Opelousas Avenue. I clicked on it, and…wow! Wait. What?!?!? From the property description: “Warehouse houses a vintage Rolls Royce & Bentley collection that is...
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...
