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

February did not turn out to be the great month for Algiers home sales that I hoped it would be.  Of the 47 pending sales noted at the end of January, only 11 of them made it to a successful closing.  Some of these may be part of the 46 currently pending sales, but others are back on the market due to what I call the IFs.  Failed Inspections and inability to obtain Financing are the most common reasons for a pending sale to be canceled.

• Currently active listings:  199
• Currently pending sale listings:  46
• Sold listings, February 2008:  11

Home Sales in Zip Code 70131

• Average list price of active listings:  $211,755
• Average list price of pending sales:  $150,371
• Average sales price, February 2008:  $141,225

 

Home Sales in Zip Code 70114

The 70114 portion of Algiers, including Algiers Point, continues to suffer from lagging sales.  However, at the end of January there were 4 pending contracts and 6 ended up closing in the month of February, which means that a couple of quick cash sales occurred during the the month.

• Currently active listings:  98
• Currently pending sale listings:  22
• Sold listings, February 2008:  6

Although the number of pending sales is up substantially from 30 days ago, the average list price of the properties under contract shows that homes on the higher end of the price spectrum (mostly Algiers Point) are continuing to take longer to sell.

• Average active listing price:  $250,255
• Average pending sale listing price:  $136,089
• Average sold price, February 2008:  $142,667

Sales information taken from the Gulf Coast Real Estate Information Network, and is deemed reliable but not guaranteed.

For a more in-depth report of sales in your Algiers neighborhood, please feel free to contact me at lisa@lisaheindelsells.com to request your detailed report.

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Copyright 2008. Lisa Heindel, All rights reserved.