Algiers Point Home Sales and Real Estate Absorption Rates for August 2008

The following report is for the Algiers Point neighborhood only

• The overall supply of homes for sale in Algiers Point dropped again from 8.3 months in July to 5.5 months as of today, a marked improvement for the last couple of months.
• Most of this drop can be attributed to fewer homes coming on the market in Algiers Point and some sellers taking their homes off of the market, although the 90 day sales history has crept up from 8 in June to 9 in July to 12 in August.

Remember, these odds are an estimates, not a guarantee that your home will sell in this time frame.

For more details about absorption reports, read What Is A Real Estate Absorption Rate?  For local, expert advise on preparing your Algiers Point home for sale and how to price it to move in today’s West Bank real estate market, contact Lisa Heindel.

Copyright 2008.  Lisa Heindel and West Bank Living  All rights reserved.

Algiers Point LA: July 2008 Home Sales and Real Estate Market Reports

Current market activity for Algiers Point as of 8/5/2008:

• 21 active listings, priced from $82,000 to $590,000 (average list price $294,593)
• 2 under contract listings, priced from $184,900 to $359,000
• Based on July sales, there is a 10.5 month supply of homes for sale in Algiers Point, back up from last month’s estimate of 6.6 months. 

Again in July, some sellers chose to take their houses off of the market, reducing the available listings from 33 to the current 21.  I suspect that many of these sellers have decided to stay put for awhile rather be a part of the slow sales market that the Point has been experiencing for the last year. 

 

Algiers Point - Number of Single Family Home Sales July 2008

 

• The average sale price in Algiers Point in July 2008 was $253,500, up slightly from $246,000 in June.
• The year to date average sale price in the Point is $193,402

With the current average listing price at $294,593, home sellers in Algiers Point have two options:  (1) reduce their listing price further in an attempt to capture the few buyers in the area or (2) remain patient while the market continues to work itself out.

 

Algiers Point - Average Single Family Home Sales Price July 2008

 

For a detailed market analysis of your Algiers Point home, please contact Lisa Heindel, your West Bank real estate specialist.

 

Related Reading:

• Algiers Point LA- July 2008 Real Estate Absorption Report
• Previous Real Estate Market Reports for Algiers Point
• Choosing a Tech Savvy REALTOR® to Sell Your West Bank Home

All information provided by GSREIN and is deemed reliable but not guaranteed.

Algiers Point LA: July 2008 Real Estate Absorption Report

The overall inventory of homes for sale in Algiers Point has dropped from 10.7 months in June 2008 to 8.3 months today.

• The number of listings sold per month has not really increased, but some sellers have chosen to take their homes off of the market, reducing the number of active listings from 29 to 25
• Homes in the $225,000-$250,000 price range continue to sell well, while those priced over $250,000 are getting a little dusty on the market

Algiers Point Real Estate Absorption Rates as of 7/21/2008

The odds listed here are an estimate, not a guarantee that your home will sell in this time frame

Data supplied by Latter & Blum Inc REALTORS and is deemed reliable but not guaranteed

For more details about absorption reports, read What Is A Real Estate Absorption Rate?  For local, expert advise on preparing your Algiers Point home for sale and how to price it to move in today’s West Bank real estate market, contact Lisa Heindel.

Algiers Point, LA: June 2008 Home Sales and Real Estate Market Report

Algiers Point Homes for Sale As of 7/2/2008

• 33 Active listings, priced from $89,900 to $650,000
• 1 Pending listing (offered accepted, but still showing) priced at $384,500
• 4 Under contract listings, priced from $184,900 to $359,000
• Based on home sales in June, 2008, there is currently a 6.6 month supply of homes for sale.  This is the closest to a balanced market the Point has seen this year.

Number of single family home sales in Algiers Point - January through June 2008

 

Number of single family home sales in Algiers Point - 2nd Quarter 2007 through 2nd Quarter 2008

 

• Obviously, the 2nd quarter of 2008 showed a marked improvement over the last 2 quarters, when sales ground to almost a standstill.  With listing prices in Algiers Point continuing to drift downward, buyers have a terrific opportunity to get into this historic neighborhood at bargain rates.

Average Home Sales Price in Algiers Point - January through June 2008

 

• It’s important to remember that the average sale price for June is based on only 5 sales.  The smaller the number of sales, the more impact that is made on the average sale prices by each of the relatively few closed transactions.

 

Average Home Sales Price in Algiers Point - 2nd Quarter 2007 through 2nd Quarter 2008

 

 

• The 4th quarter of 2007 and the 1st quarter of 2008 were dominated by sales to investors rather than owner occupants.  More recent sales are showing (finally!) the gradual return of buyers who plan to live in the Point, rather than investors purchasing rental properties.
• It continues to be very important that home sellers in Algiers Point be priced right and in tip top condition for today’s discriminating buyers.

For a detailed market analysis of your Algiers Point home, please contact Lisa Heindel, your West Bank real estate specialist.

 

Related articles

Algiers Point, LA: June 2008 Real Estate Absorption Rates

Previous Algiers Point Real Estate Market Reports

5 Dos and Don’ts for Home Sellers

 

    

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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.

Algiers Point, LA: June 2008 Real Estate Absorption Rates

Here is a quick look at the current real estate market in Algiers Point.

• 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.
• There is a shortage of homes priced under $180,000 in the Point.
• The $200,000-$250,000 price range has shown improvement over the last couple of months
• The over $250,000 price range remains stagnant, a problem for home sellers in Algiers Point, but an opportunity for smart buyers who are interested in living in this great historic area. 

 

Real Estate Absorption Rates for Algiers Point as of 6/18/2008

 

 

 

If you are considering selling your home in Algiers Point, 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 market. 

 

Related Reading:

269 Elmira Avenue, New Orleans LA - Algiers Point Home for Sale - NEW PRICE!

139 Alix Street New Orleans, LA- New Price on New Construction in Historic Algiers Point

 

  

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