Have you ever heard the term "Absorption Rate?" It is actually a pretty helpful bit of information when analyzing the real estate market.

Absorption Rate = The rate at which properties are sold in a specific area.

New Orleans Absorption Rate

If you take a look at the graph, you can see that over the past year or so, the absorption rate (months of inventory) typically hovers around 7.8 to 9.5.  This tells us that if no new houses came on the market, it would take around 7.8 to 9.5 months to sell the remaining inventory of homes.  As a New Orleans Realtor, this statistic can be very helpful when discussing the market with clients.  However, like all statistics, absorption rate cannot be taken simply at face value...we need to analyze the numbers that make up absorption rate to fully understand.

To find the monthly absorption rate, you would take the number of active properties for sale in a given area at a given time and divide that number by the number of sold houses in the same area at the same time.  For example, in May 2010 there were 1813 houses for sale in Orleans Parish and there were 232 sales.  1813 divided by 232 equals an absorption rate of 7.8.

Please continue reading: NOLA real estate

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This New Orleans real estate blog post was provided by Darryl Glade, New Orleans Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Great use of space! Take a look at the video below.

There are all sizes and shapes of homes in New Orleans.  NOLA real estate offers so many unique housing opportunities to live in a historic home.  Often, we change older floor plans to accommodate our more modern conveniences.  This can result in a beautiful transformation.  Sometimes, the renovation can result in a space that an owner calls "wasted space." They just do not know how to use the space.  Well, if you happen to have a room in your house or a certain space in your condo that you just don't know what to do with, take a look at this video.  Hong Kong Architect Gary Chang has devised a very creative way to turn his 344 square foot apartment into a luxurious living space.

Curious about the Real Estate market in New Orleans?

Here is the May 2010 market report for New Orleans.

This NOLA market report focuses on single family homes.

May 2010 - 1813 houses for sale. -2.4%

May 2009 - 1858 houses for sale.

232 houses sold in New Orleans in May 2010. 26.1%

184 houses sold in New Orleans in May 2009.

The average price for sold houses was $272,000 in May 2010. 36.7%

The average price for sold houses was $199,000 in May 2009.

The average days on market for sold houses was 93 in May 2010. -1.1%

The average days on market for sold houses was 94 in May 2009.

This New Orleans real estate market report was provided by Darryl Glade, New Orleans Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Curious about the New Orleans condo market?

Here is the May 2010 condo market report for New Orleans.

This New Orleans Real Estate Market report focuses on condos.

May 2010 - 619 condos for sale. -13.8%

May 2009 - 718 condos for sale.

48 condos sold in New Orleans in May 2010. 29.7%

37 condos sold in New Orleans in May 2009.

The average price for sold condos was $265,000 in May 2010. 7.7%

The average price for sold condos was $246,000 in May 2009.

The average days on market for sold condos was 127 in May 2010. -0.8%

The average days on market for sold condos was 128 in May 2009.

This New Orleans real estate market report was provided by Darryl Glade, New Orleans Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

This New Orleans Real Estate Blog post is about homeowner equity.  I just read an interesting article from the National Association of Realtors on the subject.  The article outlined the average amount of equity that homeowners in New Orleans, Metairie, and Kenner Louisiana have.

First of all...What is homeowner equity?  Most simply it is the difference between the fair market value and the amount of liens held on the property.

According to NAR, if you:

• Purchased the property in 1989: $113,492 in equity
• Purchased the property in 1994: $100,941 in equity
• Purchased the property in 1999: $66,068 in equity
• Purchased the property in 2004: $32,744 in equity

This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

Today's New Orleans Real Estate blog post is about leaning houses.  I'm sure that you have driven around New Orleans and have seen houses that seem like they are about to fall over.  Well, they are not as bad as the new tower that was recently completed in the United Arab Emirates.  Ok, so the new building was intentionally built to lean, but it is cool nonetheless.  Read the article at cnn.com.

Photo from cnn.com

This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see NOLA Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

This New Orleans Real Estate Blog post will cover the 5 most important questions that you should ask of every contractor that you interview.  There is a lot of work in New Orleans right now.  In fact, you might be considering renovating your own home.  So, what are the questions that you should ask?

1. Is your bid an estimate or fixed price? Most people assume that the bid is a fixed price...but it actually may be simply an estimate.  If you want a fixed price but the contractor says there are too many unknowns to create a bid, you should ask him to list the unknowns and try to make them "known."
2. Would you please itemize your bid? Do not simply accept a bottom line bid.  An itemized bid allows you to see each line item and compare those items to the other contractors that you have received bids from.  The contractor should not object to this request.  They are going to have to figure each item out eventually to complete the job so this is not additional work.  If they refuse, this may be a signal.
3. How long have you been working in New Orleans? A number of contractors have been moving to New Orleans post-Katrina.  Is it important to you to have a contractor with a long-list of references dating back many years?  Another important reason to hire a local contractor is the fact that they will be better equipped to understand the local zoning laws, building codes, historic laws, etc.  We all know that it can be difficult to navigate New Orleans City Hall!

Please keep Reading: New Orleans Real Estate - Top 5 questions...

Of course, these are not the only questions that you should ask when interviewing potential contractors, but they are 5 questions that you should ask.  This post is based on this article from Houselogic.com

This New Orleans Real Estate Blog post focuses on odor's preventing the sale of your home.

Is it possible that the smell of your home is preventing you from selling?  I've been in a number of homes for sale here in New Orleans that have very strong odors.  Every time there is strange or bad smell it is the first thing I notice.  According to The Sense of Smell Institute, smell can affect a person's mood.

Here are a few simple tips (from Realtor Magazine):

• Take the trash out - Never leave a full trash can during a showing.  In fact, you should consider taking out the trash every night.
• Stop Smoking Inside - Make sure that your home is ventilated and that you do everything that you can to remove the smoke smell.  Try an ionizer.
• Eat out for Dinner - Certain foods can stick around the house for a long time. If you know that you have a showing, think about supporting one of New Orleans' great local restaurants.
• Clean your pets - Pet odor can prevent a buyer from really considering your house.  Clean your pet regularly, vacuum daily, and make sure you clean your pet's bedding.   Consider limiting the pet to a certain area.

You may be interested in: New Orleans Real Estate Market

Today's New Orleans Real Estate Blog post is about easy ways to "Green" your home.

So here's the deal, I am not interested in starting a global warming or climate change discussion.  What I want to do is give home owners 5 easy ways to help them reduce their utility bills.  Basically, helping you save money is the priority and a great side benefit is that you will also be helping the environment.  Everyone wins!

Here are my 5 easy suggestions:

1.  Try to adjust your thermostat - Nearly half of your home's energy consumption is from cooling and heating.  Try lowering your thermostat a bit during the winter and raising it during the summer.  Fans are a very big help as well.

2.  Save some water - I am all for saving money by using less water...but I like high pressure and tons of hot water for my showers! So how about this compromise: turn off the water while you brush your teeth.  This can save nearly 4.5 gallons of water each time.  Also, look into buying a dual flush toilet.  This allows you to choose between more or less water for each flush.  I just saw one online for $140!

Keep Reading: New Orleans Real Estate GREEN

Today's New Orleans Real Estate Blog post is about 5 interesting condo developments in New Orleans

There are a number of very interesting condo complexes in the New Orleans area. I thought that I would highlight 5 of them on this New Orleans real estate blog post. I do not necessarily have any listings in any of the complexes, but I thought listing them could be very helpful.  If any of them catch your eye just let me know and I can find out if there are any units that meet your criteria.

1.  Exposition Blvd Condominiums - Created 2 years ago, this 4-unit condo complex is located right on Audubon Park.  Each unit has 2 deeded parking spaces.  1 and 2 bedroom units.  Walk out of your front door and step into the park.  Minutes from Magazine street shopping and dining.

2.  Cotton Mill Condos - One of better condo deals in the city located in the Warehouse district.  Large complex developed from old warehouses.  High ceilings, brick walls, unique floor plans.  There is a great courtyard that includes sitting areas and a pool.  Don't miss the large gym.  Private entrance with a guard.

3.  St. Elizabeth Condos - Located on Napoleon Avenue in the Garden District of New Orleans.  28 luxury condo units in this complex.  Previously an orphanage and also owned by author Anne Rice at one time, this complex has many different floor plans and that all feature high-end upgrades.

4.  One River Place Condos - Located at the foot of Poydras Street right on Mississippi River.  80 units.  You will find sweeping views of the river and of New Orleans.  Higher condo dues, but you get a number of amenities in return...24 hour security, covered valet parking, elevator, pool,  and exercise room for example.

5.  Lengsfield Lofts - Located in the Warehouse District.  29 units.  Covered parking garage.  Contemporary floor plans. High end fixtures.  Great design by architect Wayne Troyer.  Penthouse units feature large outside decks with great city views.

You may also be interested in New Orleans Real Estate Market