Current real estate activity in Algiers LA 70114 (including Algiers Point):
115 homes are for sale
- High list price $425,000
- Low list price $13,000
- Average list price $146,748
- Median list price $119,900
8 homes are pending sale or under contract, priced from $30,000 to $399,000
Based on the number of homes sold in November (6), there is a 19.2 month supply of homes for sale in the 70114 zip code
Algiers LA 70114 | Number of Homes Sold | November 2009
It’s pretty obvious that home sales in the 70114 zip code of Algiers are suffering. Year to date, there have been 67 successful single family home sales, compared to 108 at the same time last year.
There are, in my opinion, a couple of reasons for this:
- Sales in Algiers Point have dropped to a very low level
- The condition of many of the properties being sold makes them attractive only to investors. Given the difficulty in obtaining financing (higher down payments, shorter time for repayment) for investment properties, the majority of the buyers of these homes are dealing with cash. Typically, a cash investor is looking at the lower end of the inventory, so the homes that sit in the middle are languishing on the market.
Algiers LA 70114 | Average Home Sale Prices | November 2009
There was a spike in November of the home sale prices, mostly due to a couple of higher end homes selling We aren’t seeing too much of that, so it has a greater impact on the averages. Year to date, the average home sale price is at $117,680, down 10.5% from 2008. The combined drops in both the number of sales and the average sale prices present an opportunity for buyers in the area.
Even within the zip code, there are pockets of areas that are performing both better and/or worse than the averages. Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
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Need more information about buying or selling a home on the West Bank of New Orleans? For professional buyer and seller representation, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.
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