NEW ORLEANS – Keller Williams New Orleans said its August 2020 Market Update shows record low inventory levels in the New Orleans real estate market despite the COVID-19 pandemic.
“Buyers are excited by record low interest rates and are often frustrated by very little available inventory,” said Keller Williams team leader Jeffrey R. Doussan Jr. “Sellers in the New Orleans market should realize a high single digit increase in value over this time last year and be under contract in about 60 days. Almost 29% more homes were sold in July 2020 than July 2019 while there were 10% less homes put on the market. The result is just over two months of inventory on the market and a lot of ready, willing and able buyers unable to find a new home.”
The report shares statistics comparing activity in July of 2019 to July of 2020, as it is customary to compare real estate statistics to the same period in prior years due to seasonality.
“Consumer search apps are having profound effects on how we strategically price a home.” said Adam Stahura, productivity coach for Keller Williams. “Even though inventory is at record lows, there are still homes sitting on the market because they are priced improperly.”
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