November Market Update
Average Sales Price
Despite increases in interest rates and challenges in insurance, home prices in the metro area were on the rise compared to the previous two years. Once again, limited inventory seems to be driving the market.
Price Per Square Foot
Though we are seeing an increase in overall average sales price, the price per square foot seems to have peaked from the COVID-19 pandemic, and the feeding frenzy it created among buyers.
Days on Market
Due to fewer buyers in the marketplace, days on market have seen an increase to nearly pre-pandemic levels. This can be attributed to fewer "bidding wars" and a decreased sense of urgency.
What's in Store for Sellers?
It's important for sellers to realize that they still have a tremendous amount of leverage in today's market. Though we've recently come out of unprecedented times, the months supply of homes for sale is still very low.
As stated in last month's market update it is still a strong seller's market and a great time to sell a home. Make sure to consult a REALTOR® on strategies for a smooth and profitable transaction.
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