New Orleans, LA West Bank: Algiers Market Update, January 2008

It’s a new year and it looks like the market is picking up in Algiers!  While the national news continues to report doom and gloom, remember that home sales differ from state to state, region to region, and even neighborhood to neighborhood.  Here’s a review of the January 2008 home sales in Algiers, LA compared to January 2007.

Home Sales in Zip Code 70114

While the numbers above are not very encouraging, the good news is that there are 22 homes pending sale in the area, with list prices from $28,000 to $260,000.  It appears that 2008 activity is definitely on the rise.  It should also be noted that the extreme reduction in average sale price can be explained by the slow sales rate in Algiers Point, which historically commands the highest prices in the zip code.

Home Sales in Zip Code 70131

Although the number of home sales dropped from January 2007 to January 2008, average sale prices were dramatically higher.  Also, the number of pending sales at the end of the month was 47, with list prices from $63,000 to $959,000.  If all of these contracts make it to closing in February, it will be the largest number of sales in one month since August, 2006.

Historic Algiers Point Home Sales

Only 1 sale was recorded in Algiers Point for January 2008, a property selling for $120,000.  Currently, there are 4 homes pending sale, with list prices ranging from $70,000 to $185,000.  Homes in the Point are, unfortunately, continuing to languish on the market, with 38 active listings priced from $125,000 to $475,000.

English Turn Home Sales

January, 2008 saw 1 sale in English Turn - a 4 bedroom, 3 1/2 bath home originally listed for $535,000 that sold for $460,000.  Currently, 3 homes are pending sale and 34 homes are for sale at prices ranging from $379,900 to $959,000.

Home sellers in Algiers should consider the competition in the market and be aggressive in pricing their homes for sale.  As always, the homes that are perceived to be the best values will be the first to sell.

Related reading:

• 5 Dos and Don’ts for Home Sellers
• New Years Resolutions for Home Sellers
• Getting Ready to Sell - Home Staging Tips Part I
• Getting Ready to Sell - Home Staging Tips Part II
• Getting Ready to Sell - Home Staging Tips Part III