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 | November 2009 Home Sales and Real Estate Market Reports
December 18, 2009 by Lisa Heindel
Filed under Algiers, Algiers Point, Market Updates
Current real estate activity in Algiers LA 70114 (including Algiers Point):
115 homes are for sale
- High list price $425,000
- Low list price $13,000
- Average list price $146,748
- Median list price $119,900
8 homes are pending sale or under contract, priced from $30,000 to $399,000
Based on the number of homes sold in November (6), there is a 19.2 month supply of homes for sale in the 70114 zip code
Algiers LA 70114 | Number of Homes Sold | November 2009
It’s pretty obvious that home sales in the 70114 zip code of Algiers are suffering. Year to date, there have been 67 successful single family home sales, compared to 108 at the same time last year.
There are, in my opinion, a couple of reasons for this:
- Sales in Algiers Point have dropped to a very low level
- The condition of many of the properties being sold makes them attractive only to investors. Given the difficulty in obtaining financing (higher down payments, shorter time for repayment) for investment properties, the majority of the buyers of these homes are dealing with cash. Typically, a cash investor is looking at the lower end of the inventory, so the homes that sit in the middle are languishing on the market.
Algiers LA 70114 | Average Home Sale Prices | November 2009
There was a spike in November of the home sale prices, mostly due to a couple of higher end homes selling We aren’t seeing too much of that, so it has a greater impact on the averages. Year to date, the average home sale price is at $117,680, down 10.5% from 2008. The combined drops in both the number of sales and the average sale prices present an opportunity for buyers in the area.
Even within the zip code, there are pockets of areas that are performing both better and/or worse than the averages. 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
Algiers LA homes for sale
New Orleans West Bank Homes for Sale
Home buying tips
Home selling tips
Need more information about buying or selling a home on the West Bank of New Orleans? For professional buyer and seller representation, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.
Algiers Point | November 2009 Home Sale and Real Estate Market Reports
December 17, 2009 by Lisa Heindel
Filed under Algiers Point, Market Updates
Current real estate market activity for Algiers Point:
30 homes are currently for sale in the Point
- High list price $425,000
- Low list price $123,500
- Average list price $264,562
- Median list price $262,000
4 homes are under contract or pending sale, priced from $250,000 to $399,000
Based on the number of homes sold in November (4), there is a 7.5 month supply of homes for sale in the area
Algiers Point | Number of Homes Sold | November 2009
There was a spike in home sales in Algiers Point in November, bringing the year to date total to 18 successful single family sales, down from 32 at this same time last year.
What sold in November?
| Address | Original List Price | Selling Price | Beds/Baths/Condition |
| Alix St | $182,000 | $163,500 | 2/1 Very Good |
| Elmira Ave** | $143,000 | $120,000 | 3/2 Average |
| Alix St | $186,000 | $186,000 | 2/1 Excellent |
| Delaronde | $265,000 | $247,000 | 3/2 Excellent |
** Bank owned property
Obviously, the biggest challenge that the Point is facing is the record low number of buyers who are choosing to call it home. While prices have slipped (see below), the problem for sellers has become attracting interest in the historic neighborhood.
Algiers Point | Average Home Sale Price | November 2009
With so few homes selling (an average of 2 per month), the monthly average prices have jumped all over the chart. Year to date, the average single family home is selling for $207,617, down about 5.5% from 2008. We will address multi-family sales in another report at the end of the year. If you need this information sooner, please contact Lisa for a personalized market analysis.
The good news is that all of the currently pending sales are for homes priced above this year’s average sale. Odds are good that they won’t all make it to a successful closing, but at least it indicates some interest in the higher end properties that have been so difficult to sell this year.
All data provided by GSREIN and is deemed reliable, but not guaranteed
Algiers LA Homes for sale
New Orleans West Bank homes for sale
Home buying tips
Home selling tips
Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
The West Bank Living Team offers professional real estate services on the New Orleans West Bank. Contact us for information on how our dedicated buyer and seller agents can assist you with any of your real estate needs.
Algiers Point | October 2009 Home Sales and Real Estate Market Reports
November 28, 2009 by Lisa Heindel
Filed under Algiers Point, Market Updates
Current real estate activity in Algiers Point:
27 homes are for sale in Algiers Point (single family only)
- High list price $550,000
- Low list price $123,500
- Average list price $270,870
- Median list price $251,900
5 single family homes are under contract or pending sale, priced from $129,900 to $399,000
Based on the number of homes sold in October (1), there is a 27 month supply of homes for sale in the area
Algiers Point | Number of Homes Sold | October 2009
Home sales in Algiers Point continue to lag behind the rest of the West Bank, with only 14 single family homes sold in the community this year, compared to 29 at the same time last year (a decrease of almost 52%).
What is impacting home sales in the area? I think it is a variety of factors, but a large one is the difficulty in obtaining conventional financing for many people. Between the price range of many of the homes in the Point (higher than FHA limits) and the fact that many require updating and renovation to bring them into compliance with current codes, the most popular financing is a conventional loan. However, the lending guidelines for conventional loans have been tightened substantially in the last couple of years, making it harder for even very good credit risks to get these loans.
Algiers Point | Average Home Sale Price | October 2009
The average sale price has predictably jumped around from month to month given the small number of sales. However, the year to date average sale price of $215,757 is less than $4,000 lower than the average price in 2008.
While prices seem to be stabilizing, it’s still fairly difficult to sell a home in the Point with so few buyers in the market. 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 Information:
Algiers Homes for Sale
New Orleans West Bank Homes for Sale
Home Buying Tips
Home Selling Tips
If you are considering buying or selling on the West Bank of New Orleans, please contact the West Bank Living Team. With dedicated listing/marketing and buyer agents, we are prepared to assist you with any of your real estate needs.
Algiers Point | September 2009 Home Sales and Real Estate Market Reports
October 23, 2009 by Lisa Heindel
Filed under Algiers Point, Market Updates
Current real estate activity for Algiers Point:
30 homes are for sale in Algiers Point
- High list price $550,000
- Low list price $123,500
- Average list price $276,403
- Median list price $278,500
3 homes are under contract or pending sale, with an average listing price of $229,300
Based on the number of homes sold in September (2), there is a 15 month supply of homes for sale in the area
Algiers Point | Number of Single Family Home Sales | September 2009
Algiers Point has had only 13 successful single family home sales this year, compared to 28 at the same time last year – a decrease of 54% in the number of closed sales. This marks the largest decrease of any of the West Bank communities that we track.
What about financing?
The buzz this year has been all about the first time home buyer’s tax credit. Most of these first time buyers are using FHA financing to purchase their homes. Given the percentage of conventional and cash deals in the Point, there appear to be very few first time buyers moving into the area.
Algiers Point | Average Single Family Home Prices | September 2009
While there was a jump in the September average (due to one high end home selling), the year to date average home sale in Algiers Point is $225,431, up slightly from the 2008 average.
While the prices may be holding their own, the number of sales (see above) is down dramatically and apparently sellers are not getting the message. The majority of homes on the market in the Point are priced above $250,000 – the homes selling are generally not. As we move towards the end of the year, it may be time to review your pricing strategy to see if it still makes sense in today’s market.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Read more:
Home Buying Tips
Home Selling Tips
Questions about the Algiers Point real estate market? Feel free to contact the West Bank Living Team. It would be our pleasure to assist you with any of your New Orleans area real estate needs.
