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 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 the end of the post!
Questions? Reach out to one of our advisors for a chat!
The average Sales Price is up 2.5% from July of 2022.
New Listings are down 8.6% from the previous year. It’s easy to understand why fewer people are selling their homes when they can’t get the same mortgage rates they were getting a couple of years ago. This contrast from 2022 is telling for June seeing as May, June and July are typically the busiest months with people trying to get into their new homes before school starts.
Pending Sales are down 1.4% from July of last year. This is another big indicator of the market slowing down when you consider May’s Pendings were down over 7% from 2022.
Average Days on Market, DOM, is 45 days, a 73.1% increase from 2022.
The Average Price per SqFt is $170, down .6% from last year. Remember, this is the average number in the New Orleans Metro for all Single Family Detached homes. This doesn’t mean 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 over the last couple of years, they’re now slowing down.
Homes for Sale are up 23.3% from 2022, meaning homes are sitting on the market longer, especially considering the drop in New Listings over the last few months.
Closed Sales are down 18.7% from 2022. The first quarter is usually quiet due to the holidays, especially Mardi Gras. That’s why the Closed and Pending sales pick up after February. The second and third quarters will be the real indicator of how our real estate market is doing.
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 July, if no new listings are added, and the buying pace stays the same, the market would only have 4.2 months of inventory. That’s up 50% from last year. We are in a balanced market.
The average number of showing a house gets before pending or under contract is 11, an 10% increase from July 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!