New Orleans Marigny and Bywater Real Estate and Home Prices :: April 2017

Marigny and Bywater Real Estate

The New Orleans MLS divides areas in a funny way, with Marigny and Bywater real estate sales being lumped into one single area. Additionally, it’s divided into above and below St. Claude Ave., resulting in what agents have come to call the “New Marigny” or “New Bywater”. We won’t even get into the fact that Holy Cross gets lumped into yet a third MLS area that references both Marigny and Bywater. 

Putting aside the fact that we’re just making up neighborhood names for marketing, let’s take a look at the trends in real estate prices on each side of St. Claude.

Marigny and Bywater Real Estate Trends

Average sale prices are starting the year significantly down from 2016 averages. While the 2016 average sold price was $421,704, the 2017 average as of 4/17/17 is $375,632.

New listings have been hitting the market hard since the beginning of the year, with 81 homes (both single family and multi-family) listed since January 1. On average, there are around 85 active listings at any time in the neighborhood, in varying conditions, and it’s taking about 56 days to go from listing to contract.

There were 131 properties sold in 2016, and 33 have sold so far this year. Of the 94 homes on the market today, 21 are under contract or pending sale.

NEED TO SELL YOUR PROPERTY? CALL US AT 504-327-5303

Marigny and Bywater Real Estate

New Marigny and Bywater Real Estate Trends

Cross over St. Claude, and the trends are slightly different.

Sale prices are historically much more affordable, mostly because of the condition of properties being sold in the area. At the end of 2016, the average sale price was $149,515. As of 4/17/17, the average sale price stands at $142,126.

After hitting a peak of 263 sales in 2015, activity dropped down to 220 sales in 2016 and is at 69 sales so far this year. The good news for sellers in the area is that the days to sell continues to drop. From a high of 120 average days to sell in 2013, it’s taking less than half that time this year.

Inventory is leaning towards a buyers market over most of the last 12 months, so sellers should be hypersensitive to overpricing their real estate.

Of the 159 properties on the market today, 50 are under contract or pending sale.

NEED TO SELL YOUR PROPERTY? CALL US AT 504-327-5303

marigny and bywater real estate

 

 

 

Marigny and Bywater Homes for Sale

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