USA Today says the higher end of the N.O. real estate market is weak. It’s hard to say, from my reading anyway, whether this is really a professionals-are-fleeing-New Orleans thing, a the piece implies, or just part of a national trend. There was a pretty similar piece about the Savannah market in our local paper the other day. (And yes, of course, we bought at the top). Anyway, USA Today says:
In a healthy real estate environment here, an average supply of homes for sale might be five months’ worth — basically how long it would take to clear that inventory — says Arthur Sterbcow, president of Latter & Blum, a major real estate agency on the Gulf Coast. Now, the New Orleans metro area contains nearly twice that supply of homes for sale.
The costlier the homes, the thicker the glut. The area includes a 10-month inventory of homes priced from $300,000 to $325,000. That compares with a 23-month supply of homes priced from $750,000 to $1 million.
“There are more homes on the market now than when there was an oil bust,” Sterbcow says.