Current real estate activity in Algiers Point:
27 homes are for sale in Algiers Point (single family only)
- High list price $550,000
- Low list price $123,500
- Average list price $270,870
- Median list price $251,900
5 single family homes are under contract or pending sale, priced from $129,900 to $399,000
Based on the number of homes sold in October (1), there is a 27 month supply of homes for sale in the area
Algiers Point | Number of Homes Sold | October 2009
Home sales in Algiers Point continue to lag behind the rest of the West Bank, with only 14 single family homes sold in the community this year, compared to 29 at the same time last year (a decrease of almost 52%).
What is impacting home sales in the area? I think it is a variety of factors, but a large one is the difficulty in obtaining conventional financing for many people. Between the price range of many of the homes in the Point (higher than FHA limits) and the fact that many require updating and renovation to bring them into compliance with current codes, the most popular financing is a conventional loan. However, the lending guidelines for conventional loans have been tightened substantially in the last couple of years, making it harder for even very good credit risks to get these loans.
Algiers Point | Average Home Sale Price | October 2009
The average sale price has predictably jumped around from month to month given the small number of sales. However, the year to date average sale price of $215,757 is less than $4,000 lower than the average price in 2008.
While prices seem to be stabilizing, it’s still fairly difficult to sell a home in the Point with so few buyers in the market. Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
Related Information:
Algiers Homes for Sale
New Orleans West Bank Homes for Sale
Home Buying Tips
Home Selling Tips
If you are considering buying or selling on the West Bank of New Orleans, please contact the West Bank Living Team. With dedicated listing/marketing and buyer agents, we are prepared to assist you with any of your real estate needs.
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