Algiers, LA: April 2008 Real Estate Market Absorption Rates
April 21, 2008 by lisa
Filed under Algiers, Algiers Point, Blog, English Turn, Market Updates
An absorption report is a tool used to determine trends in your local real estate market.
- How many homes are for sale in the area? Note: Homes listed with an agent only - For Sale by Owners are not included in these reports.
- How long is it taking them to sell?
- How many have sold in the last 90 days?
- What price ranges are selling fastest?
It is basically a bird’s eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions.
Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.
When reviewing these reports, keep in mind that a balanced real estate market has a 5-6 month supply of homes for sale. Less than that creates a sellers market, while more creates a buyers market.
Algiers, LA absorption rates as of 4/13/2008
Algiers - 70131
With a 14.9 month supply of homes on the market, Algiers zip code 70131 is still firmly in a buyers market. The bright spots are in the $140,000-$180,000 price range which is showing signs of recent activity increases.
Algiers - 70114
Algiers zip code 70114 is up and down in the various price ranges, but the overall 13.9 month supply of homes for sale keeps it in the range of a buyers market, with the exception of the $100,000-$120,000 and the under $60,000 ranges.
Algiers Point
Algiers Point home sales continue to lag behind the rest of the West Bank, with a 22.4 month supply of homes for sale, the majority of them priced over $250,000.
English Turn
English Turn is still a buyers market with the exception of the under $400,000 price range, where there is a shortage of homes for sale. If you are an English Turn home owner who is willing to sell for less than $400,000, the odds are very good that you can do that in a fairly short time frame.
If you would like an absorption report for your Algiers neighborhood or for any other area of the West Bank of New Orleans, please contact Lisa Heindel, REALTOR®. Providing you with all of the information you need to make an educated decision is just one of the many services I offer.
Copyright 2008. Lisa Heindel, All Rights Reserved.
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[...] supply of homes for sale in Algiers Point has come down from the 22.4 months observed in the April absorption report to the current 12.2 month supply, due to an increase in recent sales in the area. It is [...]