Single family home sales in the five-parish Northshore region rose 6% in the January to September 2010 period compared to the same period in 2009, according to the Third Annual Northshore Real Estate Market Analysis released by the University of New Orleans Institute for Economic Development and Real Estate Research.
Institute director Ivan Miestchovich said the trends through the first three quarters of 2010 signal upward momentum in the single family housing market and a slowdown in the rate at which home prices in the region are falling.
From January to September 2010, 3,019 single family units were sold in the Northshore region compared to 2,845 units sold during the January to September 2009 period. Average prices fell by just under 3.5% or from $200,426 to $193,435 during the same January to September period when comparing 2009 to 2010.
The report provides an overview of the economy, population and construction as well as a detailed treatment of commercial and residential real estate trends in the emerging region of the I-12 corridor, which includes the parishes of St. Tammany, Tangipahoa, Livingston, Washington and St. Helena.
Some of the other highlights of the report include:
· Single family home prices have edged down by an average of just under 1.0% in St. Tammany Parish (from $228,412 to $226,206) when compared to three quarters of sales activity in 2009 to 2010.
· The uptick in sales in St. Tammany Parish and continued moderation of prices has helped to reduce the amount of time it takes to sell listed property. Through the first three quarters of 2010, the days on the market averaged 93, down from 103 in 2009.
· Through the first three quarters of 2010, average home prices in Tangipahoa Parish fell by 7.8% (from $158,683 to $146,222) when compared to the same period in 2009.
· Through the first quarters of 2010, average home prices in Washington Parish declined by 13.8% (from $112,610 to $97,076).
· The Northshore region lost 3,430 jobs (or 2.3%) between the first quarter of 2009 and the first quarter of 2010. Tangipahoa Parish accounted for the largest share of those declines by losing 1,395 jobs (or 3.4%) followed by St. Tammany with a loss of 1,170 jobs (or 1.6%).
· 15 of the region’s 20 major business sectors lost jobs between the first quarter of 2009 and the first quarter of 2010. Those with the largest jobs losses were construction (down 1,051 jobs or 11.6%) retail trade (down 997 jobs or 4.3%) and manufacturing (down 986 jobs or 11.6%).
· Among the region’s five sectors with employment gains during that same period were health care and social assistance which added 594 jobs (up 2.1%) and professional, scientific and technical services which grew by 154 jobs or by 2.8%.
To purchase a copy of the report, visit www.realestate.uno.edu or call (504) 280-1408.