Monthly Updates on the New Orleans Condo Market
A Month by Month Update
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....