Algiers Point: March 2008 Home Sales Market Update

Home sales in Algiers Point continued to be slow through the first quarter of 2008, with 3 homes selling in March.  These sales are actually a bright spot, since only 4 have sold in the previous 5 months.

Some current (as of 4/5/2008) statistics to keep in mind while reviewing these reports are:

• 35 active listings in the Point, priced from $159,500 to $650,000
• 3 pending listings (contract accepted, but continuing to show), priced from $234,000 to $270,000 with an average days on market of 147
• 3 under contract listings, priced from $179,000 to $337,500

• The average days on market for homes sold in Algiers Point in March 2008 was 19.  This short days on market can be directly attributed to the lower end sales prices as homes in the under $170,000 range in the Point continue to sell quickly.

The March 2008 average sale prices in Algiers Point were the highest yet for the year.  This number is statistically not that relevant given the small number of recorded sales for the time period.

Reviewing the average sales price by quarter for all of 2007 and the first quarter of 2008 paints a dramatic picture of how far sales have fallen in the Point.

What does this mean for Algiers Point home sellers?  Remember that old saying, ” patience is a virtue” ?  Well, home sellers in the Point need a good supply of patience in our current market.  It is encouraging to see homes in the over $250,000 range going under contract, even if it just a handful.  But, there are many homes on the market than there are buyers at this time.  The best advice I can give to a seller is to keep your home in ” ready to show” condition, make it easy for prospective buyers to see and continue to enjoy all that Algiers Point has to offer while you are still a resident.

What does this mean for Algiers Point home buyers?  With so many homes on the market to choose from, you are in a great bargaining position to purchase the home of your dreams.

If you are interested in buying or selling a home in Algiers Point, please contact Lisa Heindel, REALTOR.  Whether you are buying or selling, you deserve your own professional representation by a local expert.  Feel free to call me or drop me an email with any real estate questions you may have.