Real Estate Report: Sales Are Down but Prices Are Up
NEW ORLEANS – Keller Williams New Orleans released its May 2020 Market Update showing the effects of COVID-19 on the New Orleans real estate market. The key takeaway is that despite a precipitous drop in sales activity due to social distancing, prices are staying high or, in some cases, increasing compared to this time last year.
“The number of buyers has decreased and so has the available inventory,” said Jeffrey R. Doussan Jr., one of the authors of the report. “Though there are fewer buyers, we have witnessed a level or seriousness and desire to purchase immediately that has resulted in higher prices and even bidding wars. While most brokerages are seeing year-over year decrease of over 50% in activity, Keller Williams New Orleans is down less than 15% in April.”
The report shares statistics comparing activity in April of 2019 to April of 2020. It is customary to compare real estate statistics to the same period in prior years due to seasonality.
“Many of our agents are finding success in social media advertising.” said Adam Stahura, a productivity coach at Keller Williams. “Those same agents are also noticing that they end up working both sides of the transactions, which effectively doubles their productivity instantly.”
See the complete report.