Algiers LA (70114) Home Sales 2007

As we close the calendar on 2007 and enter a new year, take a look back at the historical trends for home sales in Algiers, zip code 70114.  A more detailed report for the historic area of Algiers Point is available here.

Some highlights worthy of mention:

• 99 homes were sold in 2007, a decrease of 33% from the number of homes sold in 2006.   This marks the smallest number of home sales in the area in 9 years. 
• 71 (72%) of the homes sold in 2007 had a list price of less than $200,000.
• Days on market climbed to an average of 102 days, up 59% from 2006.
• As of 1/1/2008, there are 98 active listings and 18 homes with accepted offers that have not closed yet.  Based on 2007 sales, this amounts to a 12 month inventory in the 70114 zip code if no more homes are listed.

             

• Average home sale prices increased slightly from the 2006 average of $157,378 to $160,994, a 2.3% increase.  While the average price increase is encouraging, the dramatic reduction in the number of sales more than likely signal the end of the post Katrina housing boom on the West Bank.  

              

 

What do these numbers mean for home sellers?

My advice to anyone considering selling their Algiers home is to consider your motivation.  Why are you selling?

If you are selling due to a job transfer or relocation, you more than likely don’t have time to sit on an overpriced home.  Hire a professional Realtor® who can assist you with guidance to the preparation of your home for sale, aggressive pricing and getting the most exposure for your home in our current market.

If you are selling for any other reason, this may not be the best time to enter the market.  You will be competing with a large number of other homes for sale in the same area and likely within your own neighborhood or subdivision.  Additionally, changes in mortgage lending guidelines have reduced the number of qualified first time home buyers and the criteria for qualifying for a mortgage is expected to become even stricter in March, 2008.

 

What do these numbers mean for home buyers?

You have an unprecedented number of homes to choose from, in a wide variety of price ranges.  Sellers are becoming more flexible in their prices and terms the longer their homes are on the market.  However, you must be prepared before you begin your home search.  A reputable lender can guide you through the process of pre-qualification and assist you in determining the correct price range to begin your home search in.  I have a team of local, professional lenders that I routinely work with and would be happy to provide referrals if you need them.

The West Bank real estate market is as unique as the New Orleans area.  If you need assistance in determining if now is the right time to buy or sell your West Bank home, please give me a call.  I’ll be happy to answer any of your questions.

 

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 Copyright 2008. Lisa Heindel, All rights reserved.