What the heck is happening in Gretna? Of the 12 sales pending at the beginning of April, only 1 made it to a successful close. Most of the cancellations that I have seen lately are due to either issues that cannot be resolved after inspections or difficulty in obtaining financing for purchasers.
Take a look at the current Gretna real estate market:
- Active listings: 52
- Average list price: $169,583
- Pending but continue to show listings: 3 (Average list price $130,967)
- Open prediction listings: 1 ($210,000)
- Under contract listings: 18 (Average list price $136,668)
Gretna, LA – Homes Sold in April 2008
The single sale recorded in the City of Gretna in April was the lowest sales rate in 5 years. The bright side is that there are 22 sales pending closing, so I believe that the low sales rate may just be a matter of the timing of closings. I have noticed that it is taking longer to get to closing and no longer can sellers count on 30 days from contract to close – it is edging up closer to the 45-60 day time frame. Much of this change can be attributed to the increase in FHA sales and the additional documentation required to close them.
Gretna, LA – Average Home Prices, April 2008
The average home sale price for Gretna, LA in April was $109,000. This is truly not a significant number due to the fact that it was only 1 sale. Homes currently under contract are averaging in the mid $130s, which is slightly below the average for 2008, but on par with sales prices from the end of 2007.
Please note that this report is for the entire 70053 zip code. If you would like a detailed report for your Gretna neighborhood, please feel free to contact me or call me direct at (504) 616-6262. I’d be happy to help you keep up with the changing West Bank real estate market and how it impacts your homes value.
Related Reading:
City of Gretna, LA: April 2008 Absorption Rates
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
Copyright 2008. Lisa Heindel, All rights reserved.
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