Tuesday, July 30, 2013
Sellers Market? NorthWest Carrollton still had deals
"The real estate market across the New Orleans area has strengthened over the past year or so, with an uptick in sales and prices region-wide. Buyers around the city are reporting that it's difficult to find a home in the right price range, the right location, and right condition."
"In June, there were 132 single-family houses for sale in the neighborhoods of the Garden District, Uptown and Carrollton, which amounted to a two-month supply, according to statistics from the New Orleans Metropolitan Association of Realtors' Multiple Listing Service.
Months of supply means the time it would take for all houses on the market to be sold at the current sales pace. Those figures include houses at all prices and state of repair.
In general, a six-month supply of housing is considered to be a balanced market. Any more, it's a buyers' market. Much less and it's a sellers' market.
By comparison, in late 2008 and early 2009, as the housing crisis rippled through the national economy, months of supply in those neighborhoods hovered between 10 months and two years before beginning a long decline."