Social channels were flooded. The end of 2019 marked the rise of a challenge; a ten-year challenge. It seemed everyone and their mothers (literally) shared:
Their most recent, most flattering picture.
A picture from ten years back (some also flattering, some not at all).
It got me thinking. What did the New Orleans real estate market look like in 2010 compared to the final days of 2019.
After all, in order to ensure a fabulous 2020 should we not understand what we're working with, and where we came from too?
So here goes. A quick look at how far we've come since 2010.
1. Number of Active Listings
2010 saw just about 160,000 listings according to recent MLS data. Ten years later that number has dropped by 57% (at close of 2019).
If this were pounds we were shedding we'd be thrilled! Unfortunately, however, it means half the options are now available to buyers as there were at any given time just ten years ago. For sellers this may be good news, there's less competition as supply is indeed trending down year over - almost every - year this past decade.
2. Cost Per Square Foot
If dollars were po' boys you'd need about 50% more po'boys to afford today's market. In 2010 the average cost per square foot of a home in the New Orleans Metro Area was around $112. Over the last decade, this number (almost) steadily rose to $164/sqft.
Homes are valued by more than the cost per square foot. That said, dollars to square feet is the most important metric used in sales comps or CMA's.
3. Average Sales Price
Housing stock and dollars to square feet are important. But, dollars to doughnuts you most likely are interested in the average sales price of homes. Yes?
Good. The average sales price of a home this past December was $285,629. That number started at $185,560 in January of 2010. That's a 54% increase between January 2010 and December 2019. Or about $10,000 average increase each year. Sort of.
Sales prices have risen steadily year over year (Dec to Dec) since 2015 but, seem to have steadied from 2018 to 2019 with increases in the hundreds vs thousands. This is great news for those who were worried that the market had dipped, and a good reason to consider buying or selling today.
BONUS: Elisa Cool Murphy's 10 Year Challenge
It wouldn't be fair to call out the market in quite this manner without sharing a little about my own journey...
Here is November-2010-Elisa. She's living in New York City's West Village. She's establishing a content marketing department at The Wall Street Journal. Her friend found these balloons abandoned at a bike rack and a photoshoot ensued.
2010-Elisa has visited New Orleans many times while visiting Grandma Cool. She enjoys its architecture, food, music, and old cigar shops. She has no idea what's in store.
So there you have it. New Orleans is looking better in many ways than it did in 2010. Supply is down, values are up, and demand would seem to be stabilizing the market, not tanking it. Elisa seems to be doing just fine too. Thanks for taking a minute to understand where we've come from. I look forward to making 2020 fabulous together.
*All stats were sourced from MLS Data on residential + multi-family units Jan 1, 2010 to Dec 31, 2019 for the entire New Orleans Metro Area. Sad little sketch art is from yours truly.
Voted Neighborhood Favorite by Nextdoor, Team Cool Murphy is a top-producing, licensed real estate team based in New Orleans, brokered by Cool Murphy, LLC.
Celebrated for her next-level creative approach to real estate, Elisa Cool Murphy is an award-winning, top-performing agent in New Orleans and the founder and leader of Cool Murphy, LLC.
Contact Her -
email: cool@coolmurphy.com
Facebook: @homeinneworleans
IG: @coolmurphynola
YouTube: @coolmurphynola
phone: 504-321-3194
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