Algiers, LA 70131: May 2008 Home Sales and Real Estate Market Report

May 2008 Home Sales and Real Estate Market Report for Zip Code 70131

EXCLUDING English Turn Subdivision

• 21 homes sold in May 2008, compared to 32 in May 2007 and down slightly from the 22 sold in April of this year
• 210 active homes for sale in Algiers zip code 70131 (up from 202 at the start of May)
• 46 homes in Algiers are currently pending sale or under contract  (up from 38 in May)
• Based on current inventory and recent sales, there appears to be a 10 month supply of homes for sale in Algiers zip code 70131, still well above the 5-6 month supply of a balanced market

• Average home sale price in Algiers zip code 70131 was $161,927, down from $192,823 in April and also the lowest average May sales price recorded in the last 4 years
• The current average list price is $198,130
• Average days on market increased from 108 days in April to 156 days in May (5.2 months)

Algiers home sellers should take a hard look at their listing prices.  Obviously, recent sales prices are significantly lower than the current average listing prices.  This should be a signal to sellers in the area that buyers are rejecting the pricing and closing on the homes that offer the best value.  Additionally, lower average sales prices are impacting entire neighborhoods when appraisers are searching for comparable sales to use.  Keeping up to date with competing sales is critical during your marketing time and is a service that your West Bank REALTOR® should be providing on a monthly basis.

What I’ve been telling potential sellers is that if you are not the lowest priced home in your neighborhood, then it is imperative that you are offering the best value in the neighborhood.  Even homes in pristine condition are not commanding the sales prices we have historically seen.  Owners of homes that have not been updated and meticulously maintained need to be realistic about market conditions and the extended listing time that is needed to get an Algiers home sold.

For a personalized market analysis of your Algiers home, please contact Lisa Heindel, REALTOR®.  A West Bank real estate specialist, I’d be happy to explain the current Algiers real estate market and what we can do to get your home sold.

 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.