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Real Estate Market Report April 2023: Orleans & Jefferson

Let's take a look

at the real estate market. Currently there are 727 sales pending in the market overall, leaving

1898 listings still for sale. The resulting pending ratio is 27.7% (727 divided by 2,625). So you

might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio

means that listings are in demand and quickly going to contract. Alternatively, a low ratio

means there are not enough qualified buyers for the existing supply.

"Current inventory is described as mildly active."

Taking a closer look, we notice that the $200K - $300K price range has a relatively large

number of contracts pending sale.

We also notice that the $200K - $300K price range has a relatively large inventory of

properties for sale at 521 listings. The median list price (or asking price) for all

properties in this market is $345,000.

A total of 2371 contracts have closed in the last 6 months with a median sold price of

$283,550. Breaking it down, we notice that the $200K - $300K price range contains the

highest number of sold listings.

Alternatively, a total of 1256 listings have failed to sell in that same period of time.

Listings may fail to sell for many reasons such as being priced too high, having been

inadequately marketed, the property was in poor condition, or perhaps the owner had

second thoughts about selling at this particular time. The $200K - $300K price range has

the highest number of off-market listings at 323 properties.

Looking at the chart below, you might be wondering why average days on market

(DOM) is important. This is a useful measurement because it can help us to determine

whether we are in a buyer's market (indicated by high DOM), or a seller's market

(indicated by low DOM). Active listings (properties for sale) have been on the market

for a median time of 52 days.

Analysis of sold properties for the last six months reveals a median sold price of

$283,550 and 26 days on market. Notice that properties in the $1.3M - $1.4M price

range have sold quickest over the last six months.

The recent history of sales can be seen in the two charts below. The median sold price

for the last 30 days was $275,000 with a DOM of 28 days.

Since the recent DOM is greater than the median DOM for the last 6 months, it is a

negative indicator for demand. It is always important to realize that real estate

markets can fluctuate due to many factors, including shifting interest rates, the

economy, or seasonal changes.

"The median list-to-sales ratio for this area is 97.8%."

Ratios are simple ways to express the difference between two values such as list

price and sold price. In our case, we typically use the list-to-sale ratio to determine

the percentage of the final list price that the buyer ultimately paid. It is a very common

method to help buyers decide how much to offer on a property.

Analysis of the absorption rate indicates an inventory of 4.8 months based on the last

6 months of sales. This estimate is often used to determine how long it would take to

sell off the current inventory of properties if all conditions remained the same. It is

significant to mention that this estimate does not take into consideration any

additional properties that will come onto the market in the future.

If you are in the market to buy, sell, or invest please reach out to

me so that I can help with any real estate need that you might have.

Call 504-376-7650 or send us a message.


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