Algiers, LA 70131: May 2008 Real Estate Absorption Report
The overall supply of homes for sale in Algiers, LA has decreased from the 14.9 months observed in April to the current 13.2 month supply. Keep in mind that a balanced real estate market has a 5-6 month supply of homes for sale…more than that indicates a buyers market for the area.
Algiers (70131) continues to suffer from lagging home sales in almost every price range and continues to have over a one year supply of homes for sale across the community. The number of homes listed for sale has remained steady with the same number of listings that we saw at this time last month.
With so much competition for buyers in the area, sellers are being forced to become more flexible in both price and terms when selling their Algiers home, particularly in the over $275,000 price range. Many of the changes to the lending market and the elimination of 100% financing are forcing buyers, especially first time buyers, to request assistance from the sellers with closing costs and other pre-paid items that are required to purchase a home. I recommend that you consult with a West Bank REALTOR® who knows and understands not only the Algiers market but also the normal concessions that owners are making in order to successfully sell their home.
Algiers, LA 70131
(including English Turn)
Data provided by Latter & Blum REALTORS® and is deemed reliable, but not guaranteed.
Remember, this report is for the entire zip code 70131. If you would like a personalized report for your home and neighborhood, please contact Lisa Heindel, REALTOR®. I’d be happy to help keep you up to date with your piece of the Algiers real estate market.
Related Reading:
Algiers, LA 70114: May 2008 Real Estate Absorption Report
Algiers Point: May 2008 Real Estate Absorption Report
Algiers, LA 70131: April 2008 Home Sales and Real Estate Market Update
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When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.
Here’s the disclaimer part: 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.
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