Westwego, Avondale and Bridge City, LA: January 2008 Home Sale Market Update

So, what’s happening in the real estate market for zip code 70094? Take a look at the January 2008 home sales vs. the January 2007 sales:

	January 2008	January 2007
# Homes sold	13	13
High sale price	$312,000	$297,200
Low sale price	$34,900	$65,000
Average sale price	$105,915	$123,885
Average days on market	60	58
Total sales volume	$1,376,900	$1,610,500

There are current 123 active listings in zip code 70094 which covers Westwego, Avondale, Waggaman and Bridge City, LA.

High list price: $430,000
Low list price: $44,900
Available homes have from 1-4 bedrooms and 1-4+ bathroom
Sizes range from 504 square feet to over 3,600 square feet

Based on the January sales information, it appears that the area has about a 9.5 month supply of homes for sale. (A balanced real estate market has on average a 5-6 month supply of homes.) However, there is hope on the horizon!

Currently, there are 27 homes under contract and moving towards a closing, priced from $59,900 to $230,000. Although not all of these homes will close in February, it shows an increase in home sale activity in Westwego (8 pending sales), Avondale (8 pending sales), Waggaman (8 pending sales) and Bridge City (3 pending sales).

What does this mean for home sellers in zip code 70094? There is reason to believe that 2008 is starting out, if not like a firecracker, at least like a sparkler! Remember though, that the best priced homes in the best condition will be the first to sell. Resist the temptation to “test the market” with a high listing price or you may be left behind while homes surrounding yours sell.

What does this mean for West Bank home buyers? The time to sit back and see what happens with the market is fading. As more buyers enter the market, there will be more competition for the best choices in homes. Don’t miss out on your dream home by waiting – call your mortgage lender today and get pre-approved before beginning your house hunt. If you need a referral to a local mortgage professional, feel free to call me at (504) 616-6262 or send me an email at lisa@lisaheindelsells.com.