I’ve seen a lot of interest in the end of year market reports for Algiers, so I decided to compile the sales information for the English Turn subdivision separately for interested home owners and potential buyers in the area.
Number of English Turn Home Sales
Sales for the last year in English Turn have been very sporadic, with the number of closed sales each month ranging from 1 to 9. The average number of closed sales for the last year is 3.42 per month. With 34 active listings at this time, it equates to a 10 month supply of homes on the market in the community. There are 4 homes pending sale as of 2/12/2008.
Average Days on Market in English Turn
The average days on market for English Turn has ranged from a low of 51 in February 2007 to a high of 262 in November 2007. It should be noted, however, that with such a small number of homes selling each month, the average days on market cannot be used as a true indicator of market time.
Average Sale Price in English Turn
Average sale prices in English Turn have ranged from a low of $460,000 in January 2008 to a high of $870,000 in November 2007. Again, the small number of sales make determining a true average sale price difficult. For example, the high average in November was due to the fact that the only sale recorded for the month was for a higher end home that sold at $870,000. The same can be said for the low average in January 2008 – it was the only recorded sale for the month. The average sale price for the last 12 months was $595,027.
Absorption Rates in English Turn
Reviewing absorption rates for English Turn shows the following statistics. What do they mean? The most glaring information is that there is a 90 month or 7.5 YEAR supply of homes in the $500,001-750,000 price range. Home sales will have to increase dramatically to absorb this large number of homes in the community. If sellers are just “testing the market”, my advice is DON’T. An out of balance market puts downward pressure on home prices which is probably not what any seller is looking for. However, home buyers interested in homes in this range have an increased amount of negotiation power due to the vast selection of competing homes in the neighborhood.
|
Low Price |
High Price |
# Active Listings |
# Sold Last 90 Days |
Listings sold per month |
# Months Supply |
Odds Selling in 90 Days |
|
$350,001 |
$400,000 |
1 |
1 |
0.3 |
3.3 |
90% |
|
$400,001 |
$500,000 |
4 |
2 |
0.7 |
5.7 |
50% |
|
$500,001 |
$750,000 |
27 |
1 |
0.3 |
90 |
0% |
|
$750,001 |
$1,000,000 |
2 |
2 |
0.7 |
2.9 |
99% |
|
|
Totals |
34 |
6 |
2 |
17 |
20% |
Have questions? If you need more information about buying or selling a home in English Turn, please feel free to contact Lisa Heindel by phone at (504) 616-6262 or by email at lisa@lisaheindelsells.com.
Copyright 2008. Lisa Heindel, All rights reserved.
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