Weekly Real Estate Recap 4.19.2020

Weekly Real Estate Recap 4.19.2020

I hope you and your loved ones are well. In New Orleans, our Stay at Home Order has been extended until May 16, 2020. Louisiana’s Stay at Home Order is expected to end on April 30, 2020. Alas, New Orleans always has its own path.

This week, I would like to compare our local real estate market between March 15, 2019- April 15, 2019 to the same time frame in 2020. I looked at single and multi-family homes that were pending for sale

between $250,000-$500,000 from Algiers Point to Uptown, from Mid-City to Bywater, and Gentilly. There were 196 homes under contract this time last year and as of this Wednesday, there are 35 homes pending during the same time frame in 2020. That equates to 5.6 times more pending homes last year in comparison to this year due to the COVID-19 pandemic. I also did some primary research in Gentilly and Gentilly Terrace. Homes in Gentilly are listed at $6 per sq. ft. less than what homes sold for over the last 6 months. Homes in Gentilly Terrace are listed at $20 per sq. ft. less than what homes sold for over the last 6 months.

We know that during this time, we will have a stalled or delayed market, and sales will pick up once the economy reopens. Home prices nationally remain stable, but we are already starting to see a shift to a buyer’s market in New Orleans. The last 10 years have favored sellers and now sellers will need to be really smart about their listing prices. On average nationally, pre-pandemic buyers were looking at 9 homes before making an offer. During the pandemic, buyers are looking at 3 homes before making an offer. Locally, first-time buyers were looking at 21 homes on average before writing an offer. We are still tracking the data for current buyers. However, in general, buyers who are looking for a home right now are serious. They have high employment confidence and are most likely employed in these industries: healthcare, education, tech, delivery services, groceries, and pharmacies. 1/3 of Realtors report closings are happening and they are not experiencing any delays. Interest rates have stabilized since mid-to-late March and they are still at historic lows. Stimulus checks have arrived and, hopefully, will help keep families afloat.

Witry Collective is meeting virtually on Mondays and Thursdays and have adapted to new showing techniques and using technology to our clients’ advantage.

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Katie Witry

Katie co-founded the Witry Collective with the inherent understanding that collaboration is the key to being stronger, wiser and more efficient. She believes that building business relationships across industries and within the many layers of real estate is essential to supporting the residents of New Orleans and preserving the historic neighborhoods they call home. Katie worked under Gardner Realtors® in the Garden District for twelve years before opening the Witry Collective. She has been an active participant in local networks for more than twenty years; reaffirming for her that the resilience of a community comes from its inhabitants. Her clients include neighborhood associations, church groups, sellers moving out of the city, buyers moving to the city, renovators, investors and first-time homebuyers. All of her clients are looking for a professional to guide them through every step of making a smart decision in the local market. Katie is a member of an all women Mardi Gras dance group and she marches in Krewe du Vieux. She is a devoted wife, sister and mother of two. She is a practiced yogi and dedicated vegan. Katie supports National Public Radio and her alma maters, Westover School and Loyola University. Accolades: -Accredited Buyer Representative (ABR®) -Seller Representative Specialist (SRS®) -Affordable Homebuyer Specialist (New Orleans Metropolitan Association of Realtors) -Historic House Specialist (Preservation Resource Center) -Vice President of Membership for the Women’s Council of Realtors® 2014-2016 -Women’s Council of Realtors® Advocacy and Education Committee 2014-2016 -Preservation Resource Center Board Member 2016-Present -Louisiana Real Estate Commission certified to teach three classes with original curriculum for 12 hours of CE credit to Realtors® -Graduate, City of New Orleans Civic Leadership Academy 2015 -Quoted in the 2017 Wall Street Journal article “New Orleans Gets a Crop of New Condos” by Leigh Kamping-Carder -Editor’s Spotlight in the Preservation Resource Center’s April issue of Preservation in Print 2017 -Named one of 30 Greater New Orleans Business People on the Move by The Times-Picayune 2017 -Voted by Gambit readers as one of the top 3 Best Realtors® in the Metro Area 2011-2018 -Women’s Council of Realtors® New Orleans Metropolitan Chapter Member of the Year 2016 -Named one of the 20 Top Real Estate Producers by CityBusiness Magazine 2016-2017 -Named one of the 25 Top Real Estate Producers by CityBusiness Magazine 2013-2015 -Named one of the 100 Top Real Estate Producers by CityBusiness Magazine 2007-2012 -New Orleans City Business Award for Excellence in Construction and Real Estate 2018 -Executive Mentor Loyola University College of Business 2018 -Women’s Council of Realtors® New Orleans Metropolitan Chapter Entrepreneur of the Year 2018

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