The first quarter of 2008 is complete, and it’s a good time to take a look back at how the real estate market in Algiers, LA is performing. These reports are for zip code 70114 only.
Some handy current (as of 4/2/2008) numbers to have when reviewing the sales history are:
- 90 active listings, priced from $39,900 to $3,750,000
- 5 pending listings (accepted offers that are waiting on inspections), priced from $149,900 to $270,000
- 2 open predication listings (accepted offers waiting on the purchaser’s home to sell) priced from $185,000 to $300,000
- 19 under contract listings, priced from $28,000 to $337,500
- This is a total of 26 listings that have an accepted offer and are working their way to closing.
Algiers – 70114
Number of Homes Sold, March 2008
- The number of homes sold in March, 2008 remained flat, with 6 properties closing and transferring to new owners.
- As you can see below, the number of closings in the first quarter of 2008 was the lowest we have seen in the area in over a year.
Algiers – 70114
Average Sale Price of Homes Sold, March 2008
- Average sale prices in the 70114 zip code continue to fluctuate from month to month, but clearly indicating that the higher end homes are remaining on the market, while investment and first time home buyer price ranges are slowly selling.
- The first quarter of 2008 indicates a continued soft market in the 70114 zip code, with the average quarterly sales prices continuing to drop.
So, what does all of this mean to sellers in Algiers? For those in the upper price ranges, especially Algiers Point, patience is key. While homes in the lower price ranges are slowly moving, the higher ranges have basically stagnated. Provided you are continuing to keep your home in “ready to show” condition and making it easy for prospective buyers to view, there is not a whole lot more you can do at this time than to wait for the buyers to realize what a bargain many of the homes could be.
What does this mean for buyers interested in Algiers? Buyers in the over $250,000 range have a wide selection of homes to choose from. With the market as slow as it is, it is an excellent time to work on negotiating a reduced price to get the home of your dreams.
If you are interested in buying or selling your Algiers home, please feel free to contact Lisa Heindel, REALTOR®. Whether buying or selling, you deserve dedicated, professional representation from a local expert.
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