Monthly Updates on the New Orleans Condo Market
A Month by Month Update
We are seeing a leveling off in prices but still have fewer buyers looking than we did last year. We have less units for sale at the same time. We are also seeing sellers go right at the numbers as they need to sell. There are several great prices and units where the sellers have reduced or put on the market right at the correct value prices.
There are also a lot of new construction in the works. Almost all are in the 500 k plus prices. We are beginning to see adjacent areas to the Warehouse District and French Quarter begin to pick up as you get more for your money in these areas. Most Buyers now know these areas unlike years ago. It is always great as a buyer to check out all areas near where you want to be so you can get more for your money.
We are also seeing buyers like smaller condo associations in neighborhoods with historic feel. This is the Lower Garden District, Garden District, Uptown, Marigny, Bywater and the Lakefront. The Lakefront has been on an upward trend lately as things are more affordable in that area.
I expect business to pick up once school starts and Summer ends. Having people come to football games and conventions brings more buyers to town. I expect sellers to drop their prices to be more competitive. No sense being overpriced in a slower market.
One of the most interesting things in the New Orleans Condo market is the number of new complexes under construction and those that have been just completed. There are more for sale in new consturction than I have ever seen in the market. There are more on the drawing board and planning stages. The new places are in many areas of town. The one negative is see is that most are high end units costing more than 400K and a few less. The lesser ones will go quicker as there are just more buyers for those units.
June and July 2017
The Summer months have been slower than past Summers. There are fewer buyers out in the market looking in the various price ranges. Still not a lot of resales on the market. Some sellers have decided to rent their units so they have come off the market.
There are some sellers that are still too pricey and have not adjusted their prices so they can get sales and looks.
We are beginning to see units priced right on the money and are real bargains since the sellers need to sell. Many of these units have had a lot of recent updates. The agent may not be letting people know how much the owner has done. They are lower prices for better units. I have have shown several of these this past month.
Knowing the price reductions and time on the market can help the buyer get a good deal. As an agent we can review the history and let the buyer know so we can get a better deal.
The prices on HO6 policies have gone down since last year and condo fees have been steady in most cases.
The New Orleans Condo market did see a gradual pick up in sales. Prices are tending to move down across the board. What is really unusual is that there are much fewer listing for sale and fewer buyers looking to buy right now. We are seeing a lot of reductions in prices. Many sellers were just asking too much so they have had to reduce the prices.
The rental market was also soft. That is primarily due to the large number of rentals units that were built in the Warehouse District that have come on the market in the last two years.
One thing that I noticed is less medical students, law students, residents looking in the Warehouse District. It has a lot to do with the prices. You can find a like unit Uptown, Garden District, Lower Garden District for about 100k in price. Many buyers are now aware that other neighborhoods have some good buys.
I sold a condo at 3201 St. Charles 2/2 with parking for 246k. Many people are buying here because of the price and ease to get to school. The parents bought it for their child and will keep it as a second home when she graduates. I saw this same trend last year. I kept the parents upated for about a year so they were aware of the choices in many neighborhoods.
New Hand Out This Month....