March 2023 Market Update
With Mardi Gras in the rearview, buyers are expected to reenter the market.
New Orleans is a different animal regarding the busy season in real estate. In many places across the country, buyers enter the market right after the "New Year Celebrations". This is when life changes are about to happen such as weddings, graduations, new jobs, etc. However, New Orleans still has one big holiday (Mardi Gras) to celebrate before buyers can turn their attention to house shopping.
The attitudes of sellers are changing.
Remember, we are NOT in a buyer's market. However, sellers receive fewer offers and even fewer at the asking prices. Motivated buyers should consider making their first offers strong (in addition to presenting an insurance quote) to avoid the pending competition in the market. Right now is an advantageous time to buy for this reason.
Days on Market has been increasing to near pre-pandemic levels. That number could drop in the coming months with the "busy season" kicking into high gear. Historically these months have seen lots of activity.
Chuck Stall is a licensed REALTOR® WITH GNO REALTY
Broker: David Claus - Licensed in Louisiana
3225 Danny Park, Suite 202
Metairie, LA 70002 (504) 338-1144
www.GNORealty.com