October 15, 2016 – Leave a Comment
Good news for buyers interested in the Warehouse District: inventory for residential properties has more than doubled in the past year. There hasn’t been a greater selection of available properties in this market since 2012, many equipped with in-demand amenities such as concierge service, fitness center, clubhouse, pool deck, and other amenities.
The Warehouse District shows signs of transitioning from a seller’s market to a buyer’s market. Demand in recent years left inventory hovering around 3 months’ supply in September 2015, compared to 12 month’s supply today. That excess inventory is beginning to place downward pressure on prices. Average price per square foot was down 2% in the current quarter, compared to the same period in 2015. Properties sold for less than 95% of original asking price in September.
The “walkability” of this neighborhood and its proximity to retail, dining, arts & cultural events and the Central Business District continue to attract buyers seeking an urban lifestyle. The Warehouse District’s residential market is second only to the ultra-competitive French Quarter in terms of real estate prices, but there hasn’t been a greater opportunity for buyers eager to enter this market in quite some time.
Average residential sold price was up 8.9% in September 2016, compared to one year ago. Homes sold for 93% of the original list price.
The average number of days on market for listings was 119.7% greater in September 2016 than one year ago.
Housing inventory stood at 12 months versus 3.3 months one year ago – more than twice the number of properties are available in today’s market.
The average price per square foot was down 14.1% in September 2016, year over year. However, the decline in the current quarter was less than 2% when compared to the same quarter in 2015.