Algiers LA 70131 | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers LA 70131 (excluding English Turn):
173 homes are for sale in Algiers 70131
- High list price $895,000
- Low list price $37,900
- Average list price $183,380
- Median list price $155,000
28 homes are under contract or pending sale, priced from $40,000 to $429,000
Based on the number of December sales (13), there is a 13.3 month supply of homes for sale in the area
Algiers LA 70131 | Number of Homes Sold | December 2009
2009 home sales in Algiers fell just short of those in 2008, ending the year with 208 successful sales. This is the second year of severely reduced home sales in the area and it’s reflected in the average days on market (see chart below).
I wish I had a crystal ball for why Algiers is performing so poorly, but I don’t. What I am hearing from home buyers is a combination of schools, taxes, insurance and the poor perception of the City of New Orleans are pushing them to nearby areas in Plaquemines Parish or Jefferson Parish.
Days on market (the length of time it takes a home to sell) has been on the increase in Algiers for the last several years, ending 2009 at 137 days. Remember, this is just an average.
- The home on the market the longest sold in 935 days.
- The home on the market the shortest period of time sold in 1 day.
Algiers LA 70131 | Average Home Sale Prices | December 2009
Home prices in Algiers remained fairly steady through most of 2009, ending the year with an average sale price of $155,362. This is a 4.9% decline from the 2008 average, putting home values below those of a pre-Katrina market. While we were hopeful at the beginning of the year that we would begin to see a recovery in the Algiers market, it’s not happening yet.
- The most expensive home sold in Algiers in 2009 was a 7 bedroom, 4.5 bath home in Lakewood Estates that sold for $519,000 in November, 2009.
- The least expensive home sold in Algiers in 2009 was a 3 bedroom, 1 bath home that sold for $8,000 in February, 2009. (This particular property was purchased by the seller at a tax sale)
FHA is the most popular financing choice of Algiers home buyers, with 39% opting to use that type of loan for their home purchase. Of note is that 41% of home sellers in Algiers provided some type of closing cost assistance to buyers when selling their home. It’s important to be sure that you know all of the details about comparable sales in your area when pricing your home to sell.
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
Related Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating 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!
Algiers Point | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under Algiers Point, Market Updates
Current real estate activity in Algiers Point:
29 homes are for sale in the Point
- High list price $425,000
- Low list price $140,000
- Average list price $275,293
- Median list price $275,000
3 homes are under contract or pending sale, priced from $123,500 to $399,000
Based on the number of December sales (1), there is a 29 month supply of homes for sale in the area
Algiers Point | Number of Home Sales | December 2009
The number of homes sold in Algiers Point dropped from 35 in 2008 to 20 in 2009. This is less than half of the number of homes being sold in the neighborhood prior to Katrina, and represents one of the hardest areas on the West Bank to sell a home in. It’s important to note that these are single family homes only – doubles and other multi-family homes will be addressed in a separate report of sale in the area.
Interestingly enough, as sales have declined so have the average days on market. Given that we have also seen a decrease in selling prices, it appears that the bargains are moving off of the market quickly while the majority of the inventory is just languishing.
- The home on the market the longest in 2009 sold in 231 days, while the home on the market the shortest period of time sold in just 1 day.
Algiers Point | Average Home Sale Prices | December 2009
Average home sale prices in Algiers Point declined by 6.7% from 2008 to 2009, ending the year at $205,105.
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The most expensive home sold in the Point was a 5 bedroom, 5.5 bathroom Victorian that sold for $450,000 in September, 2009.
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The least expensive home sold in the Point was a 2 bedroom, 1 bath shotgun in need of renovations that sold for $70,000 in February, 2009.
FHA loans led the pack in financing options in 2009 with 35% of buyers opting to finance their home purchase that way. Conventional loans came in second at 30%, followed by cash at 25%.
25% of home sellers in the Point provided some type of closing cost assistance to the purchasers in 2009, so sellers should be sure to get all of the details of comparable properties when pricing your home.
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
Related Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating 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!
Algiers LA 70114 | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers LA 70114:
121 homes are for sale in Algiers 70114
- High list price $599,000
- Low list price $13,000
- Average list price $147,446
- Median list price $119,900
16 homes are under contract or pending sale, priced from $28,000 to $399,000
Based on December 2009 sales (6), there is a 20 month supply of homes for sale in the area
Algiers LA 70114 | Number of Homes Sold | December 2009
After a brief uptick in 2008, the number of home sales in the 70114 zip code of Algiers dropped almost 37% in 2009, ending the year with 73 homes sold. Much of this can be attributed to declining sales in Algiers Point, which has been hard hit by the changes in the West Bank real estate market.
Interestingly, the days on market for homes sold in the area has remained flat for the last 3 years. When priced right for the neighborhood and condition, homes are selling in an average of 102 days.
- The home on the market the longest in 2009 sold in 463 days.
- The home on the market the shortest period of time in 2009 sold in 1 day.
Algiers LA 70114 | Average Home Sale Prices | December 2009
Prices in the 70114 zip code of Algiers continue to decline, dropping over 10% from 2008 to 2009. Besides the impact of fewer high end sales in the Point, there are a good number of homes in need of restoration or renovation that are being purchased for cash by investors or buyers who have the time and money to put into a fixer-upper.
This section of Algiers is the only area on the West Bank that is seeing cash as the primary purchasing tool. FHA is right behind with 34% of the market. Of note is that 30% of home sellers provided some type of closing cost assistance to the purchasers in 2009, so be sure that your agent is providing you with all of the details on comparable sales in your neighborhood.
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
Related Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating 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!
English Turn | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under English Turn, Market Updates
Current real estate activity in the English Turn subdivision in New Orleans, LA:
The are 30 homes for sale in English Turn
- High list price $1,995,000
- Low list price $400,000
- Average list price $682,897
- Median list price $549,000
3 homes are under contract or pending sale, priced from $395,000 to $599,000
Based on the number of homes sold in December (2), there is a 15 month supply of homes for sale in the English Turn subdivision
English Turn | Number of Homes Sold | December 2009
English Turn ended 2009 with the exact same number of homes sold as in 2008. While home sales are substantially below the 2005-2007 period, it’s encouraging to see some stabilization in the one of the high end West Bank real estate markets.
How long is it taking to sell English Turn homes?
The days on market for English Turn has taken a dramatic increase in the last couple of years. Remember, this is (1) only an average and (2) only for homes that have actually sold. Some homes in the area have been on the market for an extended period of time without selling yet.
- The longest time for an English Turn home to sell in 2009 was in 776 days.
- The fastest sale time for an English Turn home to sell in 2009 was in 1 day.
English Turn | Average Home Sale Prices | December 2009
Home prices in English Turn have been all over the board this year, with the lower end of the luxury price range selling at a much better rate. This has resulted in a massive drop in average sale prices in the neighborhood, ending 2009 at $492,938.
- The most expensive home sold in 2009 in English Turn was a 6 bedroom, 6.5 bath home with over 8,000 square feet of living area that sold in October, 2009 for $950,000
- The least expensive home sold in 2009 in English Turn was a 3 bedroom, 3.5 bath bank owned home that sold in June, 2009 for $320,000
Because English Turn is outside of the FHA loan limits for financing in the New Orleans area, conventional financing rules, accounting for 73% of the 2009 sales. Only 2 sellers provided any closing cost assistance to buyers in the area, both on homes that sold for less than $425,000.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Related Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating 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!
Westwego, Avondale and Bridge City LA 70094 | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under Market Updates, Westwego, Avondale and Bridge City
Current real estate activity in zip code 70094:
140 homes are for sale in Avondale, Bridge City and Westwego, LA
High list price $330,000
- Low list price $28,900
- Average list price $129,138
- Median list price $119,000
17 homes are under contract or pending sale, priced from $20,000 to $136,900
Based on the number of December sales (20), there is a 7 month supply of homes for sale in the area
Westwego, Avondale and Bridge City | Number of Homes Sold | December 2009
Home sales in the 70094 zip code have been on the rise since August 2009, and ended the year at 152, just 8 sales shy of matching the 2008 sales. Even though we are not at the numbers recorded in previous years, based on the number of sales and the average sale prices, the areas of Westwego, Avondale and Bridge City are all showing signs of a stabilizing real estate market.
While sales seem to be balancing out, it is taking longer to sell homes all over the West Bank, with the average days on market climbing over 58% to 84 days.
- The longest 2009 home sale in the 70094 zip code was in 440 days
- The shortest 2009 home sale in the 70094 zip code was in 1 day
Westwego, Avondale and Bridge City | Average Home Sale Price | December 2009
Prices in the area dropped slightly from 2008 to 2009, but by a negligible amount and are almost even with the pre-Katrina market. If you have been in your home for more than 5 years, you more than likely have experienced an increase in the value and equity in your home.
- The most expensive home sold in the 70094 zip code was a 4 bedroom, 4.5 bath home on Barbe Drive that sold for $275,000 in September, 2009.
- The least expensive home sold in the 70094 zip code was a 3 bedroom, 2 bath home in Bridge City in poor condition that sold for $10,500 in January, 2009.
As in most areas on the West Bank, FHA is the financing choice of the majority of buyers. 35% of home sellers in the Westwego area provided closing cost assistance to the purchasers of their homes in 2009. Sellers, be sure that your agent is providing all of the details about comparable sales in your neighborhood.
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 Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating 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!
