Current Quarter (Nov – Jan), Year-Over-Year
Nestled along parade routes and rambling streetcars, beneath a live oak canopy lies one of the most unique neighborhoods in New Orleans. Uptown offers a juxtaposition of modernity and tradition and is home to three universities whose students give this historic neighborhood a young vibe. Some of the city’s best boutique shopping and restaurants are here − a storied locale where intrigue lies around every corner.
Good news for those interested in buying in this neighborhood: inventory has been steadily increasing. Uptown experienced a 42% increase in available properties in the current quarter (Nov – Jan), compared to the same quarter the year prior. At 6.8 months supply, inventory in January 2017 was the highest it had been since 2012.
Average sold price was 3% lower in the current quarter, compared to the same period in 2016, and down 1.6% in the current 12 month period, compared to the same period the year prior. The number of days properties remained on the market increased 42% in the current quarter compared to the same quarter one year ago, although the number of sales (demand) remained flat. At the current level of demand, the growing inventory is placing downward pressure on prices.
Early indicators point to a market correction in Uptown, with slightly decreasing average selling prices, increasing inventories, and growing average number of days on market. If these trends sustain, buyers can expect to see a gradual shift from a strong seller’s market (less than 3 months supply) towards a more balanced supply and demand marketplace (between 3 and 6 months supply).