Terrytown and Gretna, LA 70056: June 2008 Real Estate Absorption Rates
June 21, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
Here is a quick look at the current real estate market in Terrytown and Gretna, LA.
- A balanced real estate market has on average a 5-6 month supply of homes for sale. Typically, over 6 months of inventory indicates a buyers market.
- The under $160,000 price ranges are doing very well in Terrytown and Gretna, indicating a current sellers market in these popular price ranges.
- The overall supply of homes for sale in Gretna and Terrytown edged up slightly for the third month in a row, hitting 8.9 months as of 6/18/2008.
- There is an oversupply of homes for sale in the $225,000-$250,000 range, so home sellers who fall into this category should be prepared for a possible extended marketing time. Owners of homes in the over $300,000 price range might want to consider staging their homes to better position themselves in this tough category.
Real Estate Absorption Rates for Terrytown and Gretna as of 6/18/2008
If you are considering selling your home in Gretna or Terrytown, it’s critical to be aware of the current market environment and to understand what competition you are facing. For local, expert advice when selling your New Orleans West Bank home, please contact Lisa Heindel, REALTOR®. I’d be happy to help you properly prepare and price your home for our current, challenging real estate market.
Related Reading:
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
Make Your Home the Star of the Neighborhood - Stage It!
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.
Terrytown and Gretna, LA: May 2008 Home Sales and Real Estate Market Report
June 3, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
May 2008 Home Sales in Terrytown and Gretna, LA (70056)
- 182 homes for sale, priced from $69,900 to $1,200,000
- 33 homes pending sale or under contract, priced from $17,000 to $449,000
- 19 homes sold in May 2008, down from 24 sold in April 2008, priced from $99,000 to $309,900
- Based on current sales rates, there is 9.6 month supply of homes for sale in Terrytown and unincorporated Gretna
- The average sale price in Terrytown and unincorporated Gretna for May 2008 was $152,289, down from $181,023 in April 2008
- The year to date average sale price is $165,948
- The current average list price is $235,013
- The average days on market for homes sold in May 2008 was 90
If you are interested in selling your Terrytown or Gretna home, be sure you use the services of an experienced West Bank REALTOR® to help you properly price and prepare your home for sale. For a personalized market analysis of your West Bank home, please contact Lisa Heindel.
Related Reading:
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.
Gretna and Terrytown, LA: May 2008 Real Estate Absorption Report
May 16, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
The overall supply of homes for sale in Terrytown and Gretna has increased slightly from the 8.2 months observed in April to the current 8.6 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 under $160,000 range are selling very well and sellers in this price range can feel fairly comfortable that they can sell their homes in a relatively short period of time. This is a change from last month when the $160,000-$180,000 was also selling well. The number of homes listed for sale has remained steady with only 1 more listing than we saw at this time last month.
With the small number of sales occurring over $180,000, it is important for sellers to be aggressive in pricing their homes, while still remembering to make them “show ready” at all times. Buyers have a large number of choices and are opting for homes that they perceive to be the best value in their price range. Additionally, sellers should remain open to negotiating closing cost assistance to buyers, who are no longer able to get 100% financing. More and more often, I’m seeing these assistance requests on mid-range priced homes since buyers are having to come up with more down payment funds.
Terrytown and Gretna, LA 70056
Data provided by Latter & Blum REALTORS® and is deemed reliable, but not guaranteed.
Remember, this report is for the entire zip code 70056. 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 and Terrytown real estate market.
Related Reading:
Gretna and Terrytown, LA: 70056 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.
Bellemeade: West Bank Real Estate Market Report, April 2008
May 14, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
It’s been quite a while since I’ve shown homes in Bellemeade, but this week I was asked about homes for sale in the area. Why just share it with the person who asked when I can share it with everyone and we can all keep up on the market together.
Bellemeade South and Bellemeade Point
What’s the real estate market like in the southern portion of Bellemeade? In a word…slow. With only 2 closed sales in the last 6 months and no pending contracts, sellers in both Bellemeade South and Bellemeade Point may want to review their pricing strategies with their West Bank real estate professional and make any adjustments that may be needed.
Active listings: 10
- High $279,000
- Low $159,000
- Average size 2,039 square feet
No pending sales/under contract listings
Sold in the last 6 months: 2
- High $186,000
- Low $140,000
- Average $163,000
- Average Days on Market 48
Bellemeade North
Bellemeade North, however, is doing quite well. Even though it is the much larger portion of the entire Bellemeade subdivision, the inventory is half of that in Bellemeade South and Pointe, and sales are much stronger.
Active listings: 5
- High $192,500
- Low $175,000
- Average size 1,906 square feet
Under contract: 2
- High $189,900
- Low $182,900
- Average size 2,251 square feet
Sold in the last 6 months: 9
- High: $178,000
- Low: $141,000
- Average: $172,322
- Average Days on Market 148
In reviewing the absorption rates* for Bellemeade, there is a clear division between the price ranges. With a 3 to 4 month supply of homes available in the under $180,000 price range, sellers in this price range can feel fairly comfortable that their home will sell in less than 6 months.
*The rate at which homes are sold
Once you move up in price range to over $180,000 though, there is a 20 month supply of homes for sale - definitely a buyer’s market. We’ll need to keep an eye on the pending sales to see if they push that average sold price up or not.
Are you interested in buying or selling a home in Bellemeade? Contact a West Bank real estate specialist today.
Related Reading:
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
5 Steps to Buying Your New Orleans West Bank Home
5 Dos and Don’ts for West Bank Home Sellers
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.
Gretna and Terrytown, LA: 70056 April 2008 Home Sales and Real Estate Market Report
May 2, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
Current market statistics for Terrytown and unincorporated Gretna (as of 5/1/2008):
- Active listings: 182
- Average list price: $231,882
- Pending but continue to show listings: 3 (Average list price $126,267)
- Under contract listings: 27 (Average list price $182,226)
Gretna and Terrytown, LA - Number of Homes Sold, April 2008
The number of homes sold in Gretna and Terrytown (zip code 70056) increased from 17 in March 2008 to 24 in April 2008, the highest number of sales since August, 2007. Based on April sales information, there is a 7.58 month supply of homes for sale in the area - just above a balanced market level of 6 months and another indicator that the West Bank real estate market is attempting to stabilize.
Gretna and Terrytown, LA - Average Home Sale Price, April 2008
The average sale price jumped substantially from March to April, ending the month at $181,023, the highest yet for 2008 and higher than the average for the same time in 2007. Average sales prices in Gretna and Terrytown have continued to increase each year since 2004, when the average was only $135,221.
Remember, this report is for the entire 70056 zip code. If you would like a detailed report of home sales in your Gretna or Terrytown neighborhood, feel free to contact me or call me direct at (504) 616-6262. I’d be happy to help you stay on top of the changing West Bank real estate market.
Related Reading:
Terrytown and Gretna, LA: April 2008 Real Estate Absorption Rates
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
Copyright 2008. Lisa Heindel, All rights reserved.
