If there was any doubt that the French Quarter Condo market was doing well, the data is now providing all the evidence to back up what we see on the streets. Those of us with boots on the ground in the French Quarter real estate market know that the buyers are back and inventory is dropping. Here?s a breakdown of the data courtesy of our friend Geoffrey Lutz, owner of Property Valuation Services of New Orleans.
- Annualized 3Q 2012 data indicate continued recovery in all measures of the French Quarter condo market. Sales volume by unit is up 37% and dollar volume is up by more than 72%, on pace to almost $30 million for the year.
- Annualized unit sales are at the highest level since before Katrina with the largest average unit size since the storm.
- The average price per unit is up more than 25% to pre-recession levels while the price per square foot is largely stable.
- The sales to list fell slightly to 93.2% from 94.6% and average days on the market rose to 192 days from 154 days, so that older inventory has been absorbed at some discount to above-market pricing.
- MLS data showed 86 active listings, down 25% from 116 at the end of 2011. This is just over 10 months of inventory at current levels, continuing the decline in inventory from recession levels.
- The average asking price is $392,760, or more than 31% above market at $383.30 / SF, or just under 6% above market. This is a reflection of the average size of these listings at 1,023 SF, well above even the historically large average size of units sold.
If you?re thinking of buying a French Quarter Condominium, or listing your Condo for Sale, please call us today!
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Source: http://nolarelo.com/uncategorized/french-quarter-condominiums-2012-ytd-data-shows-strong-market/
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