Gretna and Terrytown, LA: May 2008 Real Estate Absorption Report

The overall supply of homes for sale in Terrytown and Gretna has increased slightly from the 8.2 months observed in April to the current 8.6 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.

Homes priced in the under $160,000 range are selling very well and sellers in this price range can feel fairly comfortable that they can sell their homes in a relatively short period of time. This is a change from last month when the $160,000-$180,000 was also selling well. The number of homes listed for sale has remained steady with only 1 more listing than we saw at this time last month.

With the small number of sales occurring over $180,000, it is important for sellers to be aggressive in pricing their homes, while still remembering to make them “show ready” at all times. Buyers have a large number of choices and are opting for homes that they perceive to be the best value in their price range. Additionally, sellers should remain open to negotiating closing cost assistance to buyers, who are no longer able to get 100% financing. More and more often, I’m seeing these assistance requests on mid-range priced homes since buyers are having to come up with more down payment funds.

Terrytown and Gretna, LA 70056

Data provided by GSREIN and is deemed reliable, but not guaranteed.

Remember, this report is for the entire zip code 70056. 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 Gretna and Terrytown real estate market.

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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,