New Orleans, LA: West Bank Real Estate Absorption Report, February 2008

The phone is ringing, the phone is ringing! Since the first of the year, I have seen a gradual increase in the number of calls from potential West Bank buyers and from other agents making appointments to show my West Bank listings. With the passing of Mardi Gras, it seems like activity is REALLY picking up, which is great news for some (but not all) West Bank home sellers. Let’s take a look back at the last 90 days to see what price ranges are selling on the West Bank.

All information is from the Gulf South Real Estate Information network and is deemed reliable, but not guaranteed.

Algiers Home Sales – zip code 70114

With a 20 month supply of homes for sale, Algiers Point and the rest of zip code 70114 is still languishing. Properties priced over $250,000 are continuing to remain the market for an extended period of time, with only 1 home in this range pending sale at this time.

Algiers Home Sales – zip code 70131

While there are pockets of over supply in the Algiers market, several price ranges are returning to a normal balance of 5 to 6 months supply. I can’t remember the last time we had such a large number of homes in the $100,000-$150,000 price range for sale. First time home buyers: here is your chance to get a great home at a great price! There are 53 homes pending sale in zip code 70131, almost as many as have sold in the last 3 months combined, bolstering my perception of increased market activity in the area.

Belle Chasse Home Sales – zip code 70037

Although the inventory is still high, upper end homes in Belle Chasse are continuing to sell better than most areas of the West Bank, while mid range homes are moving at a slower pace. This slow down in the mid range is most likely due to the increased cost of home owner’s insurance in Plaquemines Parish. There are currently 11 homes pending sale in Belle Chasse at this time, almost as many as have sold in the last 90 days combined.

City of Gretna Home Sales – zip code 70053

The City of Gretna is forecasting a high probability of a sale in the next 90 days for home owners in several categories. The 8.2 month supply of homes for sale is an increase over the beginning of year, which showed a 7 month supply. Homeowners in the $180,001-$200,000 price range have the most competition in the market. Surprisingly, homes in the low $100,000 range are not selling very quickly and this may be a direct reflection of the condition of properties in this price range. 15 homes are currently pending sale in the City of Gretna.

Terrytown and unincorporated Gretna home sales – zip code 70056

The most startling figure for Terrytown and Gretna is the $180,001-$200,000 price range, with a more than 5 year supply of homes for sale in this range. There are 35 homes pending sale in the area, compared to the 53 sold in the last 90 days, a definite increase in sales volume for the community.

Harvey Home Sales – zip code 70058

Homes in the over $250,000 range in Harvey have been selling very slowly in the last 3 months and the $160,001-$180,000 range has a 3.6 year supply of property on the market. Hope is on the horizon, though, with 70 homes pending sale in the area, a marked increase in sales activity for the city.

Marrero Home Sales – zip code 70072

Marrero is also showing a increased activity trend, with 72 homes pending sale at this time, almost as many as have sold in the last 3 month. While the over $350,000 market remains slow, entry level homes are still selling well.

Westwego, Avondale, Waggaman and Bridge City Home Sales (70094)

Showing the greatest potential for a spring time recovery, Westwego and the surrounding areas have 28 homes pending sale, more than double the number sold in the last 90 days.

Need more information on your subdivision or neighborhood?

These same city reports can be prepared on an individual neighborhood basis. If you would like a report for your area, please send an email request to lisa@lisaheindelsells.com. The information will be sent to you within 24 hours of your request.

Related West Bank Home Sale Reports

The January 2008 vs January 2007 market reports for individual areas of the West Bank are now available through the following links:

If you would like more information on buying or selling a home on the West Bank of New Orleans, feel free to contact me by phone at (504) 616-6262 or by email at lisa@lisaheindelsells.com. I’d be happy to help you achieve your real estate goals.