Terrytown and Gretna LA 70056 | 2009 Real Estate Year in Review
January 8, 2010 by Lisa Heindel
Filed under Gretna and Terrytown, Market Updates
Current real estate activity in Terrytown and Gretna:
165 homes are for sale in the 70056 zip code
- High list price $899,000
- Low list price $24,900
- Average list price $206,892
- Median list price $169,900
37 homes are under contract or pending sale, priced from $53,000 to $425,000
Based on December sales (14), there is a 8.5 month supply of homes for sale in Terrytown and Gretna
Terrytown and Gretna LA 70056 | Number of Homes Sold | December 2009
Good news for Terrytown and Gretna! The number of homes sold in the city increased from 2008 to 2009. Granted, it’s a small increase, but it’s a step towards stemming the tide of dropping sales in the area.
In 2009, sales in Gretna and Terrytown made up 15.7% of the West Bank real estate market, with 224 of the 1,429 homes sold in the area.
How Does Terrytown compare to the rest of the West Bank?
| Terrytown/Gretna 70056 | West Bank | |
| Active listings | 165 | 1,132 |
| Average list price | $206,892 | $192,467 |
| Average days on market (actives) | 157 | 141 |
| Homes sold in 2008 | 224 | 1,429 |
| Average days on market (solds) | 96 | 141 |
The average days on market for homes sold in rose again in 2009, ending the year at 96. Remember, this is just an average. The Terrytown/Gretna home on the market the longest in 2009 sold in 491 days – that’s over one year on the market – while the fastest sale was in only 1 day.
Terrytown and Gretna LA 70056 | Average Home Sale Prices | December 2009
The increase in the number of sales is offset by the drop in prices with another year of falling prices in Terrytown. The bright side (hey, there’s always a bright side) is that prices are on par with pre-Katrina values in the area.
Home sale prices in Terrytown continue to be just above the West Bank average, but my concern is the average listing prices and how sellers are deciding on a number. Your homes value depends on how your particular neighborhood is performing and should be priced accordingly. Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
| Terrytown/Gretna | West Bank | |
| 2009 Average sale price | $158,928 | $156,546 |
| Average listing price | $206,892 | $192,467 |
Other items of note:
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FHA continues to be the most popular financing choice in Terrytown/Gretna, with conventional financing coming in 2nd
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44% of sellers provided some type of closing cost assistance to the buyers, so not only are prices down, but there are a significant number of sellers offering concessions to get their homes sold. Be sure that your agent has provided you with the details of home sales in your neighborhood to know the whole story.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
- Related Reading:
- Terrytown and Gretna homes for sale
- New Orleans West Bank homes for sale
- Home buying tips
- Home selling tips
For more information about home buying or selling in Terrytown and Gretna or a relocation to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Terrytown and Gretna LA 70056 | November 2009 Home Sales and Real Estate Market Reports
December 30, 2009 by Lisa Heindel
Filed under Gretna and Terrytown, Market Updates
Current real estate activity in Terrytown and Gretna LA 70056:
161 homes are for sale
- High list price $899,000
- Low list price $24,900
- Average list price $210,333
- Median list price $169,900
39 homes are under contract or pending sales, priced from $53,000 to $425,000
Based on November sales (30), there is a 18.6 month supply of homes for sale in the area
Terrytown and Gretna | Number of Homes Sold | November 2009
The last couple of months have seen a substantial increase in the number of homes sold in Terrytown and Gretna, bringing the year to date number of sales to 210. Looking at the average number of homes sold each month in 2009, I would project that this year will surpass 2008 – one of the only areas on the West Bank that will record an increase in sales.
Most buyers (45.7%) are using FHA financing to purchase Terrytown homes, which means they are not purchasing homes that require substantial repairs. This is important for sellers to know when deciding what they are willing to do to prepare their homes for sale.
Terrytown and Gretna | Average Home Sale Prices | November 2009
Although the number of sales in the 70056 zip code is increasing, the average sale prices are about 5% below those of 2008. The good news is that prices are above those in 2005, our last really “normal” market on the West Bank. As is the case in every area, some communities are performing better/worse than others.
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, not guaranteed
Terrytown and Gretna Homes for Sale
New Orleans West Bank Homes for Sale
Home buying tips
Home selling tips
For more information about buying or selling a West Bank home, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs, and have a little fun while doing it!
Terrytown and Gretna LA 70056 | October 2009 Home Sales and Real Estate Market Reports
November 20, 2009 by Lisa Heindel
Filed under Gretna and Terrytown, Market Updates
Current real estate activity in Terrytown and Gretna LA:
170 homes for sale
- High list price $999,000
- Low list price $24,900
- Average list price $217,709
- Median list price $169,700
48 homes are under contract or pending sale, priced from $35,900 to $400,000
Based on the number of homes sold in October (26), there is a 6.5 month supply of homes for sale in the area (a fairly balanced real estate market)
Terrytown and Gretna LA 70056 | Number of Homes Sold | October 2009
October marked the most active month of the year in Terrytown and Gretna home sales. I’m sure that much of this increase was due to the uncertainty about whether or not the first time home buyer’s tax credit would be extended (which it has). First Time Home Buyer Tax Credit Extended and Expanded
Year to date, there have been 180 homes sold in the 70056 zip code, compared to 190 at the same time last year. It seems that while the number of sales has been dropping for the last couple of years, we are finally beginning to see some stabilization in the market.
Terrytown and Gretna LA 70056 | Average Home Sale Price | October 2009
The 2009 average home sale price at the end of October was $158,775, a decrease of 6% from the 2008 average, but slightly above the 2005 average. Since 2005 was the last market that was not impacted by either Katrina or the economy, it’s a good barometer for “normal” and normal has been hard to find lately.
Unless you purchased your home in the last couple of years, it’s a good bet that you have not lost any of the equity in your home. Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
All information is provided by GSREIN and is deemed reliable, but not guaranteed
You might also be interested in:
Terrytown and Gretna homes for sale
New Orleans West Bank Homes for Sale
Home Buying Tips
Home Selling Tips
The West Bank Living Team would be more than happy to assist you with any of your real estate needs. Feel free to call us or drop us a line with any of your questions or concerns.
Terrytown and Gretna LA 70056 | September 2009 Home Sales and Real Estate Market Reports
October 16, 2009 by Lisa Heindel
Filed under Gretna and Terrytown, Market Updates
Current real estate activity in Terrytown and Gretna LA 70056:
167 homes are for sale
- High list price $1,390,000
- Low list price $16,900
- Average list price $209,418
- Median list price $165,000
67 homes are under contract or pending sale, with an average list price of $172,469
Based on the number of homes sold in September (15), there is an 11.13 month supply of homes for sale
Terrytown and Gretna LA | Number of Homes Sold | September 2009
Although they are down about 9% from this time last year, the number of home sales in Terrytown and Gretna is holding fairly steady from month to month.
While the media focus has been on the first time home buyer tax credit and FHA loans, amazingly enough there were no FHA loans that closed in Terrytown in September.
| Type of Financing Used | Number of homes sold |
| Conventional loans | 6 |
| Cash | 7 |
| VA loans | 2 |
Terrytown and Gretna LA | Average Home Sale Price | September 2009
The bad news is that average home sale prices are down 5% from last year – and that’s really not so bad when compared to some of the other West Bank neighborhoods that have been hit hard.
The good news is that unless you purchased your home in 2006-2008, you more than likely have built equity in it, just not at the same rate we saw in the early 2000s.
Homes that are priced right and in excellent condition continue to attract the most attention and sell faster than homes that need a little TLC.
All data provided by GSREIN and is deemed reliable, but not guaranteed
Terrytown and Gretna LA homes for sale
Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
Questions? Contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.
Terrytown and Gretna LA 70056 | August 2009 Home Sales and Real Estate Market Reports
September 23, 2009 by Lisa Heindel
Filed under Gretna and Terrytown, Market Updates
Current real estate activity in Terrytown and Gretna LA:
177 homes for sale
- High list price $1,390,000
- Low list price $35,000
- Average list price $219,646
- Median list price $169,000
53 homes are under contract/pending sale, listed from $16,900 to $549,000
Based on the number of homes sold in August (16), there is a 11 month supply of homes for sale
Terrytown and Gretna LA | Number of Homes Sold | August 2009
Home sales in Terrytown and Gretna continue to remain steady, with 16 homes sold in August and 137 homes sold so far this year. Good news…sales for May through August 2008 surpassed the number of homes sold in the same months last year! The 70056 zip code is one of the rare communities experiencing this increase, so buyers would be well advised to make a decision before prices start doing the same thing.
Terrytown and Gretna LA | Average Home Sale Price | August 2009
Year to date, the average home sale price in Terrytown and Gretna is $157,692, down 6.6% from 2008 prices and almost on par with 2005 prices (our last “normal” real estate market on the West Bank).
More qualified buyers seem to be purchasing in the area, with 9 of the sales (56%) using either cash or conventional financing.
44% of sellers are still providing help with closing costs to the buyers, with an average of $4,694 in assistance being given to purchasers who are a little short of cash to make a deal work.
All data is provided by GSREIN and is deemed reliable, but not guaranteed.
Are you considering buying or selling a home in Terrytown or Gretna? You might be interested in this information as well:
Search Terrytown and Gretna homes for sale
Terrytown/Gretna market reports
Home Buying Tips
Home Selling Tips
Contact the West Bank Living Team for more information about New Orleans West Bank real estate.
