Gretna, LA 70053 : May 2008 Real Estate Absorption Report
May 16, 2008 by lisa
Filed under Blog, City of Gretna, Market Updates
Here is the mid-month review of real estate absorption rates in the City of Gretna.
Gretna, LA 70053
The overall supply of homes for sale in the City of Gretna has increased from the 9.8 months observed in April to the current 11.13 month supply. Keep in mind that a balanced real estate market has a 5-6 month supply of homes for sale…more than that indicates a buyers market for the area.
Homes priced in the $100,000-$120,000 range are still selling well. The fact that there are homes still on the market for less than $100,000 is generally an indicator of their condition. Investors are willing to buy properties in even the poorest condition, but the price must be right. Don’t expect market values for a home that will only appeal to this segment of the buying population.
Working with some buyers lately, I know that several of these homes are overpriced based on recent, comparable sales. A buyer’s market is not the time to “test the waters” with your home. If you need to sell, your home needs to be properly prepared and priced from the moment it hits the market or you’ll be lost in the crowd of other overpriced homes for sale.
Data provided by Latter & Blum REALTORS® and is deemed reliable, but not guaranteed.
Remember, this report is for the entire City of Gretna (zip code 70053). If you would like a personalized report for your home and neighborhood, please contact Lisa Heindel, REALTOR®. I’d be happy to help keep you up to date with your piece of the Gretna real estate market.
Related Reading:
City of Gretna, LA: 70053 April 2008 Home Sales and Real Estate Market Report
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
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.
City of Gretna, LA: 70053 April 2008 Home Sales and Real Estate Market Report
May 2, 2008 by lisa
Filed under Blog, City of Gretna, Market Updates
What the heck is happening in Gretna? Of the 12 sales pending at the beginning of April, only 1 made it to a successful close. Most of the cancellations that I have seen lately are due to either issues that cannot be resolved after inspections or difficulty in obtaining financing for purchasers.
Take a look at the current Gretna real estate market:
- Active listings: 52
- Average list price: $169,583
- Pending but continue to show listings: 3 (Average list price $130,967)
- Open prediction listings: 1 ($210,000)
- Under contract listings: 18 (Average list price $136,668)
Gretna, LA - Homes Sold in April 2008
The single sale recorded in the City of Gretna in April was the lowest sales rate in 5 years. The bright side is that there are 22 sales pending closing, so I believe that the low sales rate may just be a matter of the timing of closings. I have noticed that it is taking longer to get to closing and no longer can sellers count on 30 days from contract to close - it is edging up closer to the 45-60 day time frame. Much of this change can be attributed to the increase in FHA sales and the additional documentation required to close them.
Gretna, LA - Average Home Prices, April 2008
The average home sale price for Gretna, LA in April was $109,000. This is truly not a significant number due to the fact that it was only 1 sale. Homes currently under contract are averaging in the mid $130s, which is slightly below the average for 2008, but on par with sales prices from the end of 2007.
Please note that this report is for the entire 70053 zip code. If you would like a detailed report for your Gretna neighborhood, please feel free to contact me or call me direct at (504) 616-6262. I’d be happy to help you keep up with the changing West Bank real estate market and how it impacts your homes value.
Related Reading:
City of Gretna, LA: April 2008 Absorption Rates
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
Copyright 2008. Lisa Heindel, All rights reserved.
City of Gretna, LA: April 2008 Absorption Rates
April 23, 2008 by lisa
Filed under Blog, City of Gretna, Market Updates
A quick look at the current absorption rates for Gretna, LA shows an improving market in several price ranges. Homes in the $120,000-$180,000 and the $225,000-$250,000 are all showing an almost perfectly balanced market of 5-6 months supply of available properties for sale. This is great news for Gretna home sellers in these price ranges!
Surprisingly, the lower end homes are not moving as quickly, but this is mostly due to fact that condition continues to be a huge factor in home sales and the condition of properties in these price ranges is typically less than average.
City of Gretna - 70053
As of 4/22/2008
Remember, the spring selling season on the New Orleans West Bank begins to slow around the beginning of June, at the start of hurricane season. Before your home goes on the market, be sure to find a West Bank REALTOR® that gives you all of the information you need to prepare and properly price your home for today’s real estate market.
Related reading:
Gretna, LA 70053: March 2008 Home Sales and Real Estate Market Update
Selling Your Home Is A Business - Run It Like One!
Spring Home Selling Tip #1 - Curb Appeal
Spring Home Selling Tip #2 - Clean, Clean, Clean
Spring Home Selling Tip #3 - Clear the Clutter
Spring Selling Tip #4 - Neutralize
Gretna, LA 70053: March 2008 Home Sales and Real Estate Market Update
April 6, 2008 by lisa
Filed under Blog, City of Gretna, Market Updates
Here are the current (as of 4/5/2008) Gretna real estate market statistics:
- 57 active listings, priced from $35,000 to $279,000
- 1 pending listing (contract accepted, but still being shown), priced at $169,900
- 1 open predication listing (contract accepted, but waiting on purchaser’s home to sell) priced at $210,000
- 11 under contract listings, priced from $70,000 to $247,500
Gretna, LA Home Sales - Number Sold
The number of homes sold in the City of Gretna in the first quarter of 2008 was down over 30% from the same time last year.
Average days on market for homes sold in March 2008 was 69, compared to 26 at the same time last year.
Gretna, LA Home Sales - Average Sale Price
The average sales price in Gretna for March 2008 was $153,667, approximately $30,000 less than the average sale in March of 2007. Large month to month variances are to be expected with the small number of sales taking place.
The first quarter average sales price of $160,535 is about $9,000 higher than the average sale price in the first quarter of 2007.
If you would like a more detailed report of home sales in your neighborhood or subdivision, please contact Lisa Heindel, REALTOR® for a personalized report.
Whether you are interested in selling your Gretna home or just keeping up with how the market affects your West Bank home’s value, I’ll be happy to keep you informed.
Gretna and Terrytown, LA: Absorption Reports for March, 2008
March 12, 2008 by lisa
Filed under Blog, City of Gretna, Gretna and Terrytown, Market Updates
The spring selling season has begun. Do you know what your competition in the West Bank real estate market is? Here is a quick look at sales for the last 90 days in the various price ranges in Gretna and Terrytown.
City of Gretna (70053)
The city of Gretna is doing quite well in the current market! There are a couple of price ranges that have an oversupply of homes for sale, but overall home sellers in Gretna can expect a fairly average time on market for their properties. A balanced real estate market has about a 6 month supply of homes, while Gretna has a 7.7 month supply. Not bad compared to most of the other West Bank markets.
Terrytown and Unincorporated Gretna (70056)
With an 8.5 month supply of homes for sale, Terrytown and unincorporated Gretna are still performing better than most West Bank areas. Again, there are a few price ranges that are not doing as well as others, but overall the market is looking pretty solid in this part of West Jefferson Parish, especially in the under $180,000 ranges.
Related Reading:
Gretna and Terrytown, LA: February 2008 Home Sale Market Reports
What does the market look like in your neighborhood? Drop me a line at lisa@lisaheindelsells.com and I’ll be happy to put together an absorption report for your individual neighborhood or subdivision.
Copyright 2008. Lisa Heindel, All rights reserved.
