Real estate experts from across the region gathered at the University of New Orleans to share the latest economic projections and current trends in the metro New Orleans commercial and residential real estate markets.
The 2017 Dr. Ivan Miestchovich UNO/Latter & Blum Economic Outlook & Real Estate Forecast Seminar drew roughly 400 participants to the campus on May 5. Hosted by the UNO Institute for Economic Development & Real Estate Research, the event marked the 28th year UNO has partnered with Latter & Blum to share valuable market research and insight with the New Orleans community.
What: Economic Outlook & Real Estate Forecast Seminar for the Northshore Region with focus on 2016 flood impact and recovery.
When: June 9, 8:30 a.m. to 12:30 p.m.
Click here to register.
The Institute, under the leadership of Interim Director Robert Penick, released a 138-page New Orleans & Northshore Region Real Estate Market Analysis that details trends in employment, population and construction as well as residential and commercial sales and rental rates.
Employment growth in the metro continued to expand through 2016, according to the report, with retail, healthcare and accommodation and food service sectors leading the way in job creation. While regional population growth appears to be slowing, experts are watching how Washington D.C. policy debates and changes may impact local economies.
Home prices continued to rise across the region through 2016 with the average price of a single family home up about 4 percent to $236,245 from $227,032 in 2015. The number of houses sold also rose by nearly 250 to 13,750 in 2016, with gross sales volume reaching $3.3 billion and the average number of days on the market to 57, a faster turn-around than the year prior.
In central New Orleans, the largest average price increases occurred in Bywater, Lakefront, the Ninth Ward and St. Bernard neighborhoods, according to the report, which details growth patterns in Jefferson, Orleans, St. Bernard, Plaquemines, St. Tammany, Tangiapahoa and Washington parishes as well as the River Parishes of St. Charles, St. John and St. James.
Cullen Maumas, director of development for the New Orleans Redevelopment Fund, Chris Ross, director of NAI/Latter & Blum’s hospitality division, and Kurt Weigle, president and CEO of the Downtown Development District, gave presentations on New Orleans’ redevelopment activity.
Following a catered break sponsored by the UNO International Alumni Association, participants broke into two panels. Stephanie Hilferty, sales and leasing associate at SRSA Commercial Real Estate, and Cres Gardner, vice president of Beau Box of New Orleans, discussed trends in commercial real estate. Richard Haase, president of Latter & Blum, and Larry Schedler, president of Larry G. Schedler & Associates, gave an overview of the residential real estate.
University of New Orleans President John Nicklow said the annual seminar is the result of a great partnership between industry practitioners and University research.“This event highlights how this university is able to bring people together for the purpose of providing meaningful information, offering critical analysis and sharing knowledge that can benefit practitioners and policy makers,” he said.
UNO and Latter & Blum will hold the Economic Outlook & Real Estate Forecast Seminar for the Northshore Region on June 9, 8:30 a.m. to 12:30 p.m., when experts will give updates on recovery efforts and economic impact of the 2016 floods.
To register, click here.