Of the 26 contracts that were pending at the beginning of the month, only 11 of them closed in Algiers (70114) in April. I’m finding that more and more often deals are falling apart over inspection issues and lack of financing. Also, some contracts are taking longer to close since many buyers are now using FHA financing, which typically takes a little longer to complete.
Here is a quick look at the current market in Algiers (70114):
- Active listings: 105
- Average list price: $233,598
- Pending but continue to show listings: 5 (Average list price $139,760)
- Under contract listings: 19 (Average list price $144,847)
- Based on April sales, there is a 9.5 month supply of homes for sale – above the 6 month supply in a balanced market
Algiers, LA 70114 – Number of Homes Sold, April 2008
Algiers, LA 70114 – Average Home Sales Price, April 2008
The average sales price in the 70114 zip code rose to $154,136. This increase can be attributed to the small increase in sales in Algiers Point, which historically has the highest priced real estate in the zip code.
Remember, this report is for the entire 70114 zip code. For a detailed report of home sales in your Algiers neighborhood, please feel free to contact me or call me direct at (504) 616-6262. I’d be happy to keep you up to date on the changing West Bank real estate market.
Related Reading:
Algiers Point, LA: April 2008 Home Sales and Real Estate Market Update
Algiers, LA: April 2008 Real Estate Market Absorption Rates
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
Copyright 2008. Lisa Heindel, All rights reserved.
You might also like:
