Algiers Point: October 2008 Home Sales and Real Estate Market Reports

Current real estate market statistics for Algiers Point as of 11/5/2008:

• 28 active listings, priced from $84,900 to $590,000
• 1 pending sale, continuing to show, priced at $100,000
• 2 under contract listings, priced from $213,900 to $289,000
• Based on October 2008 sales, there is a 28 month supply of homes for sale in Algiers Point

Algiers Point – Number of Homes Sold October 2008

I know that home sellers in Algiers Point have been disappointed with the number of home sales that have closed so far in 2008, with much of the blame placed on the economy.  Some have decided to stay put and take their houses off of the market, while others have dropped their prices drastically in an attempt to sell. 

If you take a look at the chart below, you will see that the number of homes being sold in the Point was dropping even before Katrina and has remained mostly stable for almost 3 years now. 

Algiers Point – Average Home Sale Price October 2008

Many of the 2008 sales that have occurred in Algiers Point have been properties in need of renovation that allowed buyers the opportunity to purchase in a historic neighborhood that they may not have been able to afford if all of the homes were in excellent condition.

The unfortunate side effect is that average sales prices have dropped to a point below the 2004 average.  Combined with an oversupply of homes for sale, price is definitely king.  The good news is that the average price trend for the year can be seen creeping up. 

Have we hit bottom?  We won’t know the answer to that question until we see consistently higher sales and that will be in hindsight.  If you don’t need to sell, then don’t jump into the fray with all of the other listings.  If you must sell, be prepared to have your house sparkle and price it right from the first day on the market.

All data provided by GSREIN and is deemed reliable, not guaranteed.

Related reading:

• Algiers Point real estate market updates
• Home Selling Tips
• Choosing a Tech Savvy REALTOR to Sell Your West Bank Home

Interested in buying in Algiers Point or selling your Algiers Point home?  Contact Lisa Heindel.  It would be my pleasure to help you with all of your West Bank real estate needs.

Copyright 2008.  Lisa Heindel and West Bank Living.  All rights reserved.