New Orleans West Bank Home Sales - What’s Selling in Algiers, LA

Recently, I posted the 2006 and 2007 home sales reports for Algiers, LA, outlining the change in sales volume from year to year.  You can review these reports at:

Algiers LA (70114) Home Sales 2007

Algiers LA (70131) Home Sales 2007

While these reports provide an overview of the changing real estate market in Algiers, LA, it is also important to take a look at what price ranges are the most active and which have an overabundance of listings.  A healthy real estate  market has, on average, a 5 to 6 month supply of homes for sale.  As you can see in the Algiers, LA absorption reports below, there is an over supply of homes for sale in many price ranges, with some price ranges showing no sales activity for the last 90 days.  The most striking numbers are for those homes priced over $250,000 in zip code 70114.  The majority of these homes are located in Algiers Point, which has not had a single sale over $250,000 in the last 90 days.  Given that the average list price in the Point is above that price, sellers need to either rethink their prices or be prepared to be on the market for an extended period of time.

What does this mean for home sellers in Algiers, LA?  You must be realistic in your pricing of your home and, in most cases, it will require time and patience to get your Algiers home sold.

What does this mean for home buyers in Algiers, LA?  There are more home choices available to you than there have been in many years, making this a good time to begin your home search.  As lending guidelines become stricter in 2008, it will become more difficult to obtain mortgage financing.  Don’t miss out on YOUR opportunity to become a home owner this year!

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ALGIERS, LA  Home Sales in Zip Code 70114

(as of 1/5/2008)

                   

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Algiers, LA  Home Sales in Zip Code 70131

(as of 1/5/2008)

                   

 

These reports can also be prepared on an individual subdivision basis.  If you would like more information on home sales in your Algiers, LA neighborhood, please contact Lisa Heindel, REALTOR®.  I’ll be happy to put together a more personalized report of home sales for you.

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Copyright 2008. Lisa Heindel, All rights reserved.