Belle Chasse LA Real Estate Market Report - November 2007

Belle Chasse Louisiana Real Estate Market as of 11/29/2007

As 2007 winds down, I have spent some time researching and analyzing sales trends for the last 15 years on the West Bank.

Here are the current real estate market conditions for Belle Chasse, Louisiana:

Single family home sales in Belle Chasse have dropped dramatically from 135 homes sold in 2006 to 68 homes sold so far in 2007, a decrease of over 49%.  While 2006 was a banner year for home sales and would be hard to match, this is the lowest number of homes sold in Belle Chasse since 1998.

What do decreasing home sales mean?  Lower numbers of home sales result in a longer marketing time for properties for sale and downward pressure on home prices.  While the average home price in Belle Chasse has continued to rise (see chart below) the number of people investing in Belle Chasse real estate continues to drop each month.  Proper pricing is crucial in the current market to make your home stand out above the competition.

The average home price in Belle Chasse has continued upward, from the 2006 average of $277,226 to the current 2007 average of $294,466, an increase of more than 6%.  As the number of sales continues to decrease, prices will more than likely follow.

Tightened mortgage lending guidelines and increased insurance costs are making it more difficult for borrowers to qualify at the same levels as in years past.  Home sellers in Belle Chasse should keep a close eye on the absorption rates to be sure that their homes are priced to sell, rather than priced to sit.

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®.

Copyright 2007. Lisa Heindel, All rights reserved.