Welcome to your Monthy Market Snapshot! On the second Thursday of each month, we’ll post a snapshot of essential stats of the New Orleans Metro Real Estate Market for Single-Family Detached Homes. Drop us a line here if you wish to see stats specific to other areas around Nola!
Below you’ll find graphs for each stat in the graphic above. The charts are over a year to see the difference between 2023 & 2022. Metric definitions can be found at end of the post!
Questions? Reach out to one of our advisors for a chat!
The average Sales Price is down 2.3% from February of 2022.
New Listings are down 8.3% from the previous year.
Pending Sales are down 23% from last year. Last February, there were 1,166 pending sales, while this Feb, we only 896. This follows the same trend that we see in closed sales.
Average Days on Market, DOM, is up to 54 days, a 50% increase from February 2022. Sellers, be ready to stay in your homes a bit longer before selling.
The Average Price per SqFt is $164, which is the same as last year. Remember, this is the average number in the New Orleans Metro for all Single Family Detached homes. This doesn’t mean that your home has the same Price/SqFt since it depends on your location, home condition, home type, and more. Still, we can see that though real estate values have been appreciating quite quickly, we’re now seeing it slow down.
Homes for Sale are up 101.5% from 2022. With more homes for sale, we’re seeing fewer people buying in the current market.
Closed Sales are down 33% from 2022.
We use this metric to aid in the determination of the type of market we’re in:
- If MSI<4 then we’re in a Seller’s Market.
- If 4<msi<6 then we’re in a balanced market.
- If MSI>6 then we’re in a Buyer’s Market
Based on the active homes in January, if no new listings are added and the buying pace stays the same, the market would only have 3.2 months’ worth of inventory. That’s up 146.2% from last year.
The average number of showing a house gets before pending or under contract is 12, which is the first jump since it was 11 in August 2022.
Definitions:
- Sales Price: Calculations are based on sold data. Prices do not account for seller concessions. Average is the mean sales price for all closed sales in a given month.*
- New Listings: A count of the properties that have been newly listed on the market in a given month.
- Homes for Sale: The number of properties available for sale in active status at the end of a given month. Also known as inventory. For this metric, the “12/6/3 months” calculation is the average of the most recent 12/6/3 months of data.
- Pending Sales: A count of the properties on which contracts have been accepted in a given month.
- Closed Sales- A count of the actual sales that have closed in a given month. Calculations are based on sold data.
- Average Days on Market: Number of days between when a property is listed and when an offer is accepted in a given month.*
- Months Supply: The inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. Also known as absorption rate.
- Price Per SqFt: Calculations are based on sold data. Prices do not account for seller concessions. Average is the mean sales price for homes sold in a given month divided by the number of finished square feet*
- Shows to Pending: The number of showings scheduled per listing before it was pending, under contract, during the selected reporting period.**
- * Sales with a Days on Market of less than 0, or a Percent of Original Price that is less than 50 percent or more than 200 percent, are added to the sales count but are not factored into price, price per square foot or days on market.
- ** In order to be included in the calculation of this metric, a listing must be enabled for ShowingTime services and must have a showing in its first 28 days on the market.
Questions? Reach out to one of our advisors for a chat!