Algiers, LA: Absorption Reports for March, 2008

Since we are heading into spring, with the usual increase in real estate activity, sellers are continuing to ask “But when will MY house sell?”. As always, the answer comes down to the right price, the right condition and the right advertisement or marketing of your property.

One important fact home sellers should remain aware of is the amount of competition in the market. Most areas of the West Bank remain a buyer’s market, with more than a 6 month supply of homes for sale. I highly recommend that you visit some of your competition to determine how your house stacks up against the others in the same price range.

What’s your competition like? Let’s take a look at some Algiers statistics:

Algiers – zip code 70114

All of zip code 70114

Overall, there is an 18.9 month (1.58 year) supply of homes for sale in zip code 70114, based on sales for the last 90 days. The good news is that this is down from the 20 month supply in February, 2008. The not so good news is that the area is still carrying more than 3 times the inventory of a balanced market.

Historic Algiers Point

Algiers Point continues to suffer with only 2 sales recorded in the last 90 days. Homes priced under $200,000 in this area are usually snapped up by investors or do-it-yourself renovators, but the slowing market has even impacted this group since it is hard to forecast how long a property will stay on the market or how easy a potential resale will be in the future.

Algiers – zip code 70131

All of zip code 70131

The supply of homes for sale in 70131 has actually increased from February’s 11.5 months to the current 13.5 months. Competition will only get tougher as people put more homes on the market in hopes of a spring or summer sale before the kids go back to school in the fall.

Many of the accepted offers on homes are not making it to closing due to either financing (the guidelines are changed quickly and are much stricter now) or inspections (buyers are looking for the cream of the crop in their price range).

Park Timbers Subdivision

At first glance, Park Timbers appears to be the bright spot in Algiers home sales with an overall 4.7 month supply of homes for sale. A closer look shows that the over $250,000 price range is not moving very quickly. Sellers in the area need to take a step back and review their pricing strategy. If you are testing the market with a high price, I recommend that you rethink that approach and consider whether a reduction in your listing price could move you towards a faster sale.

English Turn Subdivision

English Turn continues to carry a large selection of homes for sale in the $500,000-$750,000 price range, with a 3.76 year supply of available property based on the last 90 days of sales. Since homes in English Turn are on the upper end of the price range for West Bank properties, I’m not surprised that they are taking much longer to sell.

English Turn: February 2008 Real Estate Market Update

If you would like an absorption report for your Algiers neighborhood, please feel free to drop me a line at lisa@lisaheindelsells.com. I’ll be happy to post the results here for you and your neighbors to share.