Yes, it’s a straight up buyer’s market. Saved ya some time!
In actuality, something interesting from the data: Condos that closed in September took 41 days to find a buyer while in August it took 63. There are still 11.8 months of inventory. Faster sales and a glut do not usually show up together. I think its likely seasonality showing its head as our Fall Market begins.
Let’s get into it!
Quick definitions for anyone new:
DOM is days on market, the time from listing to an accepted offer.
MOI is months of inventory, how long today’s listings would take to sell at the current closing pace. Under 6 months favors sellers. Over 6 favors buyers.
Pending means an offer is accepted and the sale has not closed. I use medians, the middle number, so a few big sales do not skew the data.
I pulled Orleans Parish condos from the MLS. Closed sales use a 30-day window ending September 20th.
Condos that sold took 41 days, down from 63 in August, while the ones still listed have sat 116 days. Closed price is up 12.8%, but that is a different mix of sales, I wouldn’t call that appreciation. MOI is 11.8 months making it a clear buyer’s market for condos.
Against a year ago:
(Note: I don’t have September 2025 numbers so I’m using August 2025)
From these numbers it looks at though the condo improved but its important to remember that inflation ran 3.4 percent for the 12 months, so asking prices lost ground in real terms.
Let’s go hyperlocal:
French Quarter
The six sales ran from $180,000 to $2,800,000, so that $795,000 median does not tell you much. The Fannie Mae investor-ownership change I flagged in August still has not shown up in the numbers.
CBD/Warehouse
Ten closings, the most of any neighborhood. Pending fell by half to 7 from 14. The pipeline behind those closings is thinner.
Uptown
Most pending of any neighborhood at 13. That 7-day median close DOM sits on a range of 1 to 474 days. A few fast sales set the tone.
St. Charles Corridor
Still the lowest asking price of the six neighborhoods. Visitors looking for a spot on the parade route have negotiation room.
Marigny/Bywater
Two closings don’t tell us much about the pace of these neighborhoods. Active units fell to 36 from 50 with only 2 closings and 3 pending. So most of that drop are listings coming off the market without selling.
Lakefront
One closing but pendings are up to 4 from 1 as it was last month.
So the condos that sell are selling faster. The rest are sitting longer. Inventory is 449 deep, one in ten is under contract, and asking prices are flat against last year. Uptown and CBD/Warehouse are where the closings are. The French Quarter has 118 active against 6 closings.
Are you selling a condo that has sat past 100 days, or watching one?
Philip Ewbank | Realtor Keller Williams Realty New Orleans | 504.335.7481