Darryl Glade ~ New Orleans Real Estate

Have you ever heard the term "Absorption Rate?" It is actually a pretty helpful bit of information when analyzing the real estate market.

Absorption Rate = The rate at which properties are sold in a specific area.

New Orleans Absorption Rate

If you take a look at the graph, you can see that over the past year or so, the absorption rate (months of inventory) typically hovers around 7.8 to 9.5. This tells us that if no new houses came on the market, it would take around 7.8 to 9.5 months to sell the remaining inventory of homes. As a New Orleans Realtor, this statistic can be very helpful when discussing the market with clients. However, like all statistics, absorption rate cannot be taken simply at face value...we need to analyze the numbers that make up absorption rate to fully understand.

To find the monthly absorption rate, you would take the number of active properties for sale in a given area at a given time and divide that number by the number of sold houses in the same area at the same time. For example, in May 2010 there were 1813 houses for sale in Orleans Parish and there were 232 sales. 1813 divided by 232 equals an absorption rate of 7.8.

Please continue reading: NOLA real estate

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This New Orleans real estate blog post was provided by Darryl Glade, New Orleans Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Great use of space! Take a look at the video below.

There are all sizes and shapes of homes in New Orleans. NOLA real estate offers so many unique housing opportunities to live in a historic home. Often, we change older floor plans to accommodate our more modern conveniences. This can result in a beautiful transformation. Sometimes, the renovation can result in a space that an owner calls "wasted space." They just do not know how to use the space. Well, if you happen to have a room in your house or a certain space in your condo that you just don't know what to do with, take a look at this video. Hong Kong Architect Gary Chang has devised a very creative way to turn his 344 square foot apartment into a luxurious living space.

Curious about the Real Estate market in New Orleans?

Here is the May 2010 market report for New Orleans.

This NOLA market report focuses on single family homes.

May 2010 - 1813 houses for sale. -2.4%

May 2009 - 1858 houses for sale.

232 houses sold in New Orleans in May 2010. 26.1%

184 houses sold in New Orleans in May 2009.

The average price for sold houses was $272,000 in May 2010. 36.7%

The average price for sold houses was $199,000 in May 2009.

The average days on market for sold houses was 93 in May 2010. -1.1%

The average days on market for sold houses was 94 in May 2009.

This New Orleans real estate market report was provided by Darryl Glade, New Orleans Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Curious about the New Orleans condo market?

Here is the May 2010 condo market report for New Orleans.

This New Orleans Real Estate Market report focuses on condos.

May 2010 - 619 condos for sale. -13.8%

May 2009 - 718 condos for sale.

48 condos sold in New Orleans in May 2010. 29.7%

37 condos sold in New Orleans in May 2009.

The average price for sold condos was $265,000 in May 2010. 7.7%

The average price for sold condos was $246,000 in May 2009.

The average days on market for sold condos was 127 in May 2010. -0.8%

The average days on market for sold condos was 128 in May 2009.

This New Orleans real estate market report was provided by Darryl Glade, New Orleans Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

This New Orleans Real Estate Blog post is about homeowner equity. I just read an interesting article from the National Association of Realtors on the subject. The article outlined the average amount of equity that homeowners in New Orleans, Metairie, and Kenner Louisiana have.

First of all...What is homeowner equity? Most simply it is the difference between the fair market value and the amount of liens held on the property.

According to NAR, if you:

• Purchased the property in 1989: $113,492 in equity
• Purchased the property in 1994: $100,941 in equity
• Purchased the property in 1999: $66,068 in equity
• Purchased the property in 2004: $32,744 in equity

This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.