Here’s a quick breakdown of what happened in New Orleans real estate over the past year.
Starting with home sales, the average sales price of residential properties increased by 9.4% from 2017 to 2018, bringing it up to $361,120. The number of residential properties that sold is also up. The total units sold for 2018 is 3,746 properties, which is a 4.3% increase over 2017. However, the average days on market for sold properties essentially stayed the same, only changing from 67 days in 2017 to 66 days in 2018. The biggest change in the market between the two years was in the $400,000 – $499,999 price range, which grew 11.4% year over year. Currently, the absorption rate is at 8.6 months, which is typically indicative of a balanced market.
Inhab finished out the year with 98 sales totaling $32,186,461.00 in volume. Additionally, Inhab’s list to sold price was 13.2% higher than the market average. This means that Inhab Sales Associates are selling homes for more money. The days on market average for Inhab was 54.9% less than the market average. This means that Inhab Sales Associates are selling homes in less time.
Overall, 2018 was a great year and the tends are indicating that 2019 is going to be even better for Inhab Real Estate. Contact us today to discover how our agents sell properties in less time and for more money than other brokerages.