Algiers LA 70114: September 2008 Home Sales and Real Estate Market Reports

Current real estate market statistics for Algiers LA 70114 as of October 8, 2008:

72 active listings, priced from $34,900 to $590,000
Average list price is $188,040
2 listings are pending sale but continuing to show, priced from $45,000 to $149,900
12 homes are under contract, priced from $19,900 to $289,900
If only 3 listings continue to sell each month, it creates a 2 year supply of homes for sale in this part of Algiers

Algiers LA 70114 – Number of Homes Sold September 2008

Of the 13 Algiers homes under contract at the beginning of September, only 3 of them made it to a successful closing by the end of the month. Certainly some may be scheduled to close in October, but sales in the area continue to remain slower than in years past. The continuing tightening of credit criteria for borrowers has certainly contributed to the reduced number of sales, with fewer first time home buyers qualified to enter the market.

Algiers LA 70114 – Average Home Sale Prices September 2008

The average sale price in September 2008 was $119,166, but with only 3 recorded sales (and one of them for only $35,000) the average sale price is of almost no use on an area wide basis. To determine the potential value of your Algiers home, it is important to use properties in comparable neighborhoods and of comparable condition and amenities. A professional West Bank REALTOR can provide you the detailed information needed to properly price your home for today’s ultra-competitive real estate market.

Overall, the market in the 70114 zip code of Algiers is at its lowest for the last 5 years. What does this mean to home sellers in the area? Your home must be priced right, in the best condition and marketed properly to win out over the other homes in the neighborhood. For a personal consultation and marketing plan for your Algiers home, contact Lisa Heindel.