Bellemeade: West Bank Real Estate Market Report, April 2008

It’s been quite a while since I’ve shown homes in Bellemeade, but this week I was asked about homes for sale in the area.  Why just share it with the person who asked when I can share it with everyone and we can all keep up on the market together.

Bellemeade South and Bellemeade Point

What’s the real estate market like in the southern portion of Bellemeade?  In a word…slow.  With only 2 closed sales in the last 6 months and no pending contracts, sellers in both Bellemeade South and Bellemeade Point may want to review their pricing strategies with their West Bank real estate professional and make any adjustments that may be needed.

 Active listings: 10

• High $279,000
• Low $159,000
• Average size 2,039 square feet

No pending sales/under contract listings

Sold in the last 6 months: 2

• High $186,000
• Low $140,000
• Average $163,000
• Average Days on Market 48

Bellemeade North

Bellemeade North, however, is doing quite well.  Even though it is the much larger portion of the entire Bellemeade subdivision, the inventory is half of that in Bellemeade South and Pointe, and sales are much stronger.

Active listings: 5

• High $192,500
• Low $175,000
• Average size 1,906 square feet

Under contract: 2

• High $189,900
• Low $182,900
• Average size 2,251 square feet

Sold in the last 6 months: 9

• High: $178,000
• Low: $141,000
• Average: $172,322
• Average Days on Market 148

In reviewing the absorption rates* for Bellemeade, there is a clear division between the price ranges.  With a 3 to 4 month supply of homes available in the under $180,000 price range, sellers in this price range can feel fairly comfortable that their home will sell in less than 6 months. 

*The rate at which homes are sold

Once you move up in price range to over $180,000 though, there is a 20 month supply of homes for sale – definitely a buyer’s market.  We’ll need to keep an eye on the pending sales to see if they push that average sold price up or not.

Are you interested in buying or selling a home in Bellemeade?  Contact a West Bank real estate specialist today.

Related Reading:

5 Steps to Choosing Your New Orleans West Bank Real Estate Agent

5 Steps to Buying Your New Orleans West Bank Home

5 Dos and Don’ts for West Bank Home Sellers

The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed,

Copyright 2008.  Lisa Heindel, All rights reserved.