19 single family homes are listed for sale

• High list price $389,000
• Low list price $65,000
• Average list price $262,205
• Median list price $259,000

3 homes are under contract/pending sale, priced from $123,500 to $229,000

There were no closed sales in July 2010

Algiers Point | Number of Homes Sold | July 2010

Although no single family homes were sold in July, the Point is still performing better than at this same point last year, when there were only 10 sales.

We’ve seen an increase in inquiries about listings in the area, but with less than 25 homes to choose from, many buyers are being forced to continue their search in the old Gretna or Uptown markets to find the architecture they are seeking if they don’t find a home they are happy with in the Point. 

Algiers Point | Average Home Sale Price | July 2010

Average single family home prices are still averaging higher than in 2009 and this may be one of the reasons for the hesitation by buyers.  With so much negative press about home values, buyers are admittedly nervous about taking on a mortgage in an area that has historically been losing value for the last few years.

Get this week’s free Algiers home value report

All data in these reports has been provided by GSREIN and is deemed reliable, but not guaranteed

For more information about buying or selling a home in Algiers Point or any other New Orleans neighborhood, please contact the West Bank Living team.

22 homes are listed for sale in the Point

• High list price $389,000
• Low list price $95,000
• Average list price $267,786
• Median list price $257,000

2 homes are under contract/pending sale, priced at $196,900 and $123,500

Based on the number of June sales (2), there is an 11 month supply of homes for sale in Algiers Point

Algiers Point | Active Listings by Price Range | June 2010

DOM = Days on Market

As of the end of June 2010, the average home sale price in Algiers Point was $225,468, compared to $205,105 in 2009, an increase of 10% in average sale prices.  Looking at the inventory by price range, the thing that jumps out is how long some of these homes have been on the market.  The Point is not an area that saw a large number of first time home buyers trying to get their tax credit, so the end of that should have no impact on sales in the area.  Shoppers in the $200-$300k range have a selection of properties to choose from right in the Point.

Algiers Point | Homes Sold by Price Range | June 2010

While the numbers may not be huge, they are a vast improvement over 2009 activity in the Point.  Buyers are finally returning to the area and those properties that are priced right and offering the amenities that buyers are looking for are starting to move off of the market.  Since the Point offers much better value than competing areas like Uptown or the Garden District, we hope that this trend will continue through the rest of the year.

More about June 2010 home sales in Algiers Point

• 50% of homes sold were bank owned (however, with only 2 sales, this statistic looks more alarming that it really is)
• 50% of sellers provided a home warranty and/or closing cost assistance to the buyers (see note above about the number of sales)
• For the first time in 2010, an FHA loan was used to purchase a home in the Point.  Typically, conventional financing is used to purchase these historic homes.

For more information about buying or selling a home in Algiers LA, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.

23 homes are for sale in Algiers Point

• High list price $389,000
• Low list price $95,000
• Average list price $273,783
• Median list price $275,000

2 homes are under contract/pending sale, priced at $123,500 and $259,000

Based on the number of homes sold in May (2), there is an 11.5 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Homes Sold | May 2010

Although the home sales in Algiers Point look like they are slow, 2010 is showing a vast improvement over 2009, with 15 homes sold so far this year, compared to 5 sold at the same time last year.

Days on market continues to rise, ending May at an average of 114 days for homes sold this year.  The average active listing has been on the market for 211 days and the average pending sale has been on the market for 277 days, so look for this number to increase when homes that have been listed for an extended period of time sell.

Algiers Point | Average Single Family Home Prices | May 2010

In addition to an increase in the number of sales, the average home prices in Algiers Point have increased as well.  Currently, the average sale price is at $232,303, an increase of 13% over the 2009 average. 

More about May 2010 home sales in Algiers Point:

• Both homes sold included a home warranty for the buyer
• 1 seller (50%) provided closing cost assistance to the purchaser
• Unlike most other areas of West Bank real estate, conventional financing rules in the Point.  Typically, this is due to the age and/or condition of the properties.

All data provided by GSREIN and is deemed reliable, but not guaranteed

23 homes are currently for sale in Algiers Point

• High list price $389,000
• Low list price $95,000
• Average list price $276,857
• Median list price $275,000

4 homes are under contract or pending sale, priced from $113,400 to $249,900

Based on the number of April sales (2), there is a 11.5 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Home Sales | April 2010

While the number of home sales in Algiers Point dropped in April, the good news is that year to date there have been 13 sales, compared to only 4 at the same time last year.  This is the best start to the year since 2006.

Get this week’s free Algiers home value report

Days on market has gone up from last year and I expect it to continue to do so since the average listing has now been on the market for 195 days.  The average pending sale was on the market for 109 days.  The disparity between the time houses are selling and the time active listings have been on the market is usually an indicator that some properties are over priced for the location, condition or amenities.

Algiers Point | Average Single Family Home Sale Prices | April 2010

Average sale prices dropped yet again in April, but year to date are still higher than both 2008 and 2009.  This appears to be due to the fact that buyers are choosing homes in better condition, instead of investors buying houses that are in need of renovation.

More about Algiers Point home sales in April 2010:

• Both of the April sellers provided closing cost assistance to the buyers
• No home warranties were provided by sellers
• Neither sale was a bank owned or foreclosure property

All data provided by GSREIN and is deemed reliable, but not guaranteed

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Multi-Family Property in Algiers Point (including doubles)

While the trend line may indicate increasing values, there have been only 3 multi-family properties sold in the Point in the last 6 months and none as of 3/31/2010.  With 23 active listings at this time, there is a lot for the buyers to choose from, making them more likely to walk away from a deal if they don’t feel like they are getting a “bargain”.

Sales of Doubles in Algiers Point

Prices of doubles in the Point have followed the same trend line over the past few years.  There are currently 16 properties listed for sale, while there have been only 2 successful sales in the last 6 months and none in 2010. 

Only 7 of the available properties are generating any rental income at this time, making it a harder sell to investors who are attempting to determine whether a property will cash flow according to their standards.  There are 14 rental listings in the Point, priced from a low of $600 per month for a one bedroom to a high of $4500 per month for a 2 bedroom single family home, so obviously determining a real rate of return is easier on properties that are already tenant occupied.

Need more information?  We’ll be happy to take a look at your property and give you an honest opinion about a probable sale price.  Just call Lisa at (504) 616-6262 or drop us an email. 

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

21 single family homes are for sale in the Point

• High list price $389,000
• Low list price $187,000
• Average list price $276,910
• Median list price $275,000

6 homes are under contract or pending sale, priced from $113,400 to $287,900

Based on the number of homes sold in March (6), there is a 3.5 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Homes Sold | March 2010

Algiers Point ended the first quarter with a total of 11 single family home sales, compared to 3 at the same time last year.  Already in 2010, the Point has sold more than 50% of the total sales recorded in 2009 – great news for sellers who watched sales dip dramatically last year.  Since the Point is not the typical first time home buyer market, I would not expect to see a drop off in sales when the tax credit ends on April 30th. 

I’m excited about the increase in the number of sales but I’m still hesitant to call it a recovery, choosing instead to spotlight it as a shifting market until we have more data in.  Potential home buyers and sellers can keep up with new listings and sales by getting this week’s free home value report.

Days on market has increased as some of the homes that have been listed for a longer time are finally selling.  I expect to see this number continue to go up since the average active listing has been on the market now for 196 days and the average home that is pending sale has been on the market for 139 days.

Algiers Point | Average Single Family Home Sale Prices | March 2010

The average sales prices have been dropping month to month in 2010, but are still almost 16% higher than in 2009.  With only 1 bank owned foreclosure sold in the area this year, the average paints a fairly accurate portrait of home values for owners in the Point.

More about March 2010 home sales in Algiers Point:

• 1 bank owned foreclosure was sold
• 33% (2) of sellers provided some sort of closing cost assistance to the buyers
• Conventional loans are the standard financing option in the Point, typically due to either the renovations needed or the age of the home presents some challenges for FHA financing because of the code requirements.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

You might also be interested in:

• Home buying tips
• Home selling tips
• Algiers Homes for sale
• West Bank Real Estate Market Statistics

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

106 single family homes are for sale

• High list price $389,000
• Low list price $29,000
• Average list price $137,762
• Median list price $112,500

23 homes are under contract or pending sale, priced from $10,000 to $287,900

Based on the number of homes sold in March (12), there is a 8.8 month supply of homes for sale in the area

Algiers LA 70114 | Number of Single Family Homes Sold | March 2010

Home sales in the 70114 zip code of Algiers took a jump in March, bringing the year to date total number of single family homes sold to 25 (compared to 14 during the first quarter of 2009).  This portion of Algiers is really a tale of two different markets – the foreclosure market and the rest of the sales – and foreclosure sales made up 58% of the home sold in this section of Algiers in March.

Days on market is still holding steady, but with the average listing already on the market for 153 days, look for this number to increase in the coming months as some older inventory is hopefully cleared out.

Algiers LA 70114 | Average Single Family Home Sale Prices | March 2010

Sale prices increased in March, bringing the year to date average to $125,158.  The increase in sales prices from 2009 to 2010 can be mostly attributed to an increase in sales in Algiers Point since the highest priced real estate in the zip code is in the historic district and a few sales in that area can have a major impact on the average.  Your

More about March sales:

• 3 homes sold were in Excellent or Very Good condition, while the remainder were in Average, Fair and Poor condition
• 33% of sellers provided some sort of closing cost assistance to the purchaser
• No home warranties were provided by sellers in March
• Because of the high percentage of foreclosures and properties in need of renovation, cash is king in the 70114 zip code, used in more than half of the sales so far in 2010.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

You might be interested in:

• Home buying tips
• Home selling tips
• Algiers Homes for sale 
• West Bank Real Estate Market Statistics

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

25 single family homes are currently for sale

• High list price $389,000
• Low list price $113,400
• Average list price $261,336
• Median list price $259,900

3 homes are under contract or pending sale, priced from $123,500 to $239,900

Based on the number of homes sold in February (2), there is a 12.5 month supply of homes for sale in the Point

Algiers Point | Number of Single Family Home Sales | February 2010

As of February 2010, there have been 5 single family homes sold in Algiers Point, compared to 2 at the same time last year.  While it’s still a fairly low number, it does represent an over 100% increase in sales for this time frame.

Days on market for sold homes in 2010 has moved up to 105. Since the average active listing has already been on the market for 171 days, we can expect that number to rise as some of the older inventory is cleared out during the year.

Algiers Point | Average Single Family Home Sale Prices | February 2010

Even though average home sale prices in Algiers Point dropped from January to February, the year to date average of $282,630 represents the highest average we have seen in the neighborhood since 2006. Given the number of calls we had on a recent listing in the Point, it appears that interest in this historic New Orleans area may be returning.

More details about home sales in Algiers Point

• Both homes sold in February were in Excellent condition
• 1 seller provided closing cost assistance to the buyer
• No home warranties were provided by the sellers
• None of the sales were foreclosures
• A look at the financing methods used by buyers in the Point indicates a return of some better qualified purchasers to the area

All data is provided by GSREIN and is deemed reliable, but not guaranteed

Related Articles:

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Home selling tips
Algiers homes for sale
West Bank Real Estate Market Statistics

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

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!

26 single family homes are for sale

• High list price $390,000
• Low list price $126,000
• Average list price $268,231
• Median list price $277,000

7 homes are under contract or pending sale, priced from $123,500 to $425,000

Based on the number of homes sold in January (3), there is a 8.7 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Home Sales | January 2010

The Point started out the year with 3 successful single family homes sales – a vast improvement over last January when there were no sales at all and the most January sales we’ve seen in the neighborhood since 2007.

Days on market took a jump to an average of 136, but since it is just for one month, we’ll have to track it over time to get a true picture of how long it is taking homes that are priced right to sell.

Algiers Point | Average Single Family Home Prices | January 2010

Finally, we are starting to see some of the move in ready and upper end homes in the Point begin to move.  January ended with an average sale price of $302,750.  Granted, with only 3 sales it’s easy to skew the numbers, but all of the homes sold were over $260k, which is well above the 2009 average.

Conventional financing was used for all of the homes sold in January.

Some more details about January sales in the Point

• All of the homes were in Very Good or Excellent condition
• None of the sales were of bank owned or foreclosure properties
• 1 (33%) seller provided closing cost assistance to the buyer
• 1 (33%) seller paid for a home warranty for the purchaser

All data is provided by GSREIN and is deemed reliable, but not guaranteed

Related Articles:

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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.

• The most expensive home sold in the Point was a 5 bedroom, 5.5 bathroom Victorian that sold for $450,000 in September, 2009.
• 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:

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West Bank Market Statistics